People are getting awfully suspicious of whether the Chairman of Sallie Mae knew that the stock was going to tank when Bush’s budget came out. These writers point out that Chairman Lord saved himself over a million bucks by selling this stock just days before its largest drop in 14 years.

The Chronicle of Education also tells us that our legislators are going to look into the matter. From The Chronicle:

Did the chairman of Sallie Mae profit on a leak from the Bush administration?

That’s the question two prominent Democrats in Congress, Rep. George Miller, of California, and Rep. Barney Frank, of Massachusetts, are asking.

Responding to a report in The Washington Post that Sallie Mae’s chairman, Albert L. Lord, sold 400,000 shares of his company’s stock just three days before President Bush released a budget proposing sharp cuts in lender subsidies, the two lawmakers have asked Mr. Lord, the White House, and the Education Department to share records of their communications since November 1.

The 400,000 shares sold for some $18.3-million, and the stock price fell sharply after the Bush budget was released.

In a news release, Sallie Mae said the shares Mr. Lord sold represented less than 5 percent of his stock holdings.