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Bach sold additional $3 million before 360 warranty extension

It was reported last month that Robbie Bach, current head of Microsoft's Entertainment and Devices unit (which contains both the Xbox and Zune), sold millions in stock during the months leading up to the July announcement that the Xbox 360 warranty had been extended to three years. It was initially reported that Bach sold $6.2 million in stock between May 2nd and the July announcement. Announced today by Dow Jones (via CNN), it looks like Bach actually sold an additional $3 million that went unreported due to "an administrative error."

Microsoft still maintains that the stock transactions, including the recently uncovered $3 million, were in no way related to the warranty announcement. Furthermore, a Microsoft spokesperson claims that the company has "followed the procedures required of late-filers and is now in full compliance." It's worth noting that Microsoft's stock value saw little change after the warranty announcement -- which incurred a loss of over $1 billion to the company -- so Microsoft's claims about Bach's transactions still hold water for the moment.

[Via Joystiq]

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Reader Comments

(Page 1)

1. So is he being accused of the same thing Martha Stewart did?

That would suck.

Posted at 5:12PM on Aug 14th 2007 by JBurton90

2. Or Enron, from what I understood of it.

The thing is there's very little to really back this up with anything that couldn't also be labeled as "coincidental". It's impossible to say and, furthermore, you'd think more people would be involved in it if it was considered some major issue.

Posted at 5:16PM on Aug 14th 2007 by Tony

3. I think you miss typed a link. The Warrenty is in the period.

Posted at 5:17PM on Aug 14th 2007 by Emily

4. What's the point of being an exec at a multi-billion dollar company if you can't participate in a little harmless insider trading?

it's a victimless crime !

Posted at 5:23PM on Aug 14th 2007 by xenocidic

5. (...like punching someone in the dark)

Posted at 5:24PM on Aug 14th 2007 by xenocidic

6. I've already looked into this and it's a joke. Why is X3F posting this trash? Leave it up to IGN and GameSpot to hype this up like it means anything.

Posted at 6:01PM on Aug 14th 2007 by UNSCleric

7. The cats at the SEC must be licking their chops on this one.

Posted at 6:59PM on Aug 14th 2007 by JimyD

8. http://www.alexa.com/data/details/traffic_details?site0=http%3A%2F%2Fwww.blu-raydisc.com%2F&site1=http%3A%2F%2Fwww.thelookandsoundofperfect.com%2F&site2=www.blu-ray.com&site3=www.sonypictures.com%2Fhomevideo%2Fbluray%2F&site4=&y=r&z=3&h=300&w=610&range=3m&size=Medium&url=spock.com

Posted at 7:01PM on Aug 14th 2007 by massive_98

9. Are you kidding me there is a major possiblity that hes not the only one doing a little bit of selling. if i knew about that w3 arrenty before it happened and i had a piece of MS in my back pocket i would of made quite a bit of change of it. what is 6 million or 3 million to microsoft anyway. 2 tears in a bucket fuck it!

Posted at 7:01PM on Aug 14th 2007 by MYPS3KilledMy360

10. My guess is that he had expiring stock options and he could either sell them and get the $3M or he could let them expire and get $0. What would you do? While I do not LOVE microsoft the 360 is by far the best thing on the market and im hoping they are not dumb enough to commit insider trading... this whole bit is non-news...

Posted at 7:23PM on Aug 14th 2007 by BDB

11. @9 So if tons of people were selling all of this, wouldn't we know about all of these other major players that did it beyond Bach? He's the only one that's ever been brought up.

Posted at 7:36PM on Aug 14th 2007 by Tony

12. Yo, few weeks ago a video was put up here showing this game that looked like an elderscrolls game in both 3rd and 1rst person views. I remember something being said about the developers asking people not to show the leaked video but can't remember what game it was, any1 remember?

Posted at 7:56PM on Aug 14th 2007 by ccc

13. I work in the securities industry, and let me say this wreaks of insider trading. Bad form.

Posted at 8:51PM on Aug 14th 2007 by clavian

14. Not a surprise that Richard is going to let this story be the headline story throughout the entire evening until tomorrow. Why do you work for Xbox360fanboy, just for the money I'm assuming?

Posted at 9:21PM on Aug 14th 2007 by UNSCleric

15. when did execs get so dumb?
if your going to start dumping stock, you need to make frequent smaller trades over the period of a few months, then relatively, even if a big dump is made, it looks less fishy. Common people, white collar crime 101.

sure, you might make a bit less money, but it keeps your ass out of jail.

Posted at 9:40PM on Aug 14th 2007 by Grant

16. Richard, can I get your e-mail please? Possibility of an interesting blog post.

[email protected]

Posted at 11:54PM on Aug 14th 2007 by Josh

17. @16
http://www.xbox360fanboy.com/tips/

Posted at 8:32AM on Aug 15th 2007 by xenocidic

18. @ 12 project offset maybe??

Posted at 10:39AM on Aug 15th 2007 by Faraz Mahmood

19. Anyone ever think that this guy just has a gambling problem and needs to liquidate some assets to payoff a Las Vegas bookie? Did you guys think of that?

:oP

Posted at 10:41AM on Aug 15th 2007 by Stephen

20. @18
Yes thanx

Posted at 10:56AM on Aug 15th 2007 by ccc

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