Down on their luck

Nothing is more upsetting than the spectacle of an imperial chairman selling stock to “satisfy personal commitments” when the company they oversee is going through its biggest crisis in years.

We don’t know why Tabcorp’s Paula Dwyer sold a third of her ownership stake in March (after the stock lost half its value), but it doesn’t fill us with confidence.

Tabcorp’s board and management own hardly any shares as it is. Cumulatively, they hold around $4.2 million worth of stock, yet were paid $7.3 million