"I think General Motors Board and legal were involved too. It happens from the top to the bottom."
Yup, that's an incontestable statement. As I've posted in the past, I've tracked when board books go ~OUTT to BOD and are received next day via FedEx. You can absolutely time the movement (up or down) and volume of a stock based on the receipt of the board books by directors. The more substantial the 'news' in the board book, the greater the magnitude of the response when the books are received by directors.
In some cases (and against legal advice!) some companies will accommodate the pleas of directors who are 'away' on travel or have some other (often invented) reason that they cannot receive a hardcopy of the board book and they get emailed a softcopy (foolish!!) in advance of the other directors. You can often time the moves in an issue to the exact hour that a softcopy is emailed to a director. It's uncanny.
I have also witnessed directors at a board meeting taking a break, going outdoors into the parking lot or anywhere discreet, and placing calls on their cellphones that I have overheard as they leak non-public confidential information (including financial results) they just learned at the board meeting. You can then watch the stock move as the brief break ends and the meeting resumes. Again, uncanny and nott the exception, the rule.
It's nott even subtle. The real value of being a director is nott the pay or the stock options/RSUs - it's the instantaneous access to information that one can then monetize - if nott for their own accounts, then for buddies who are directors on other companies that repay the favors when they have their BOD meetings and receive their board books for the other companies.
It's an incestuous game of indirect self-dealing by one hand washing the other.
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