Lear (LEA) CEO Makes Bet On Auto Maker Bailout
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Lear Corp. (NYSE: LEA) is seeing more insider buying. Today, it was disclosed that Chairman/CEO, Robert E. Rossiter bought another 100,000 shares on 11/11 at $1.40, bringing his stake to 406,879 shares. He bought 225,000 shares on 11/7.
In addition, Officer Louis Salvatore bought 34,500 shares on 11/11 at $1.42-$1.44.
Shares of Lear are down nearly 80% over the last month.
This is a clear bet on the survival of the auto-parts maker, which has been in question related to the cash crunch at GM (NYSE: GM), Ford (NYSE: F) and Chrysler. Rossiter likely sees a government bailout of the automakers.
In addition, Officer Louis Salvatore bought 34,500 shares on 11/11 at $1.42-$1.44.
Shares of Lear are down nearly 80% over the last month.
This is a clear bet on the survival of the auto-parts maker, which has been in question related to the cash crunch at GM (NYSE: GM), Ford (NYSE: F) and Chrysler. Rossiter likely sees a government bailout of the automakers.
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