Moody's CEO McDaniels Lacks Credibility

Moody’s (MCO) smoking gun. In the what were you thinking category; New York Times DealBook reports today :

“Moody’s chief executive, Raymond W. McDaniel, exercised options on 100,000 shares that were promptly sold on March 18, the day the company received the Wells notice. The delay in disclosing the information only served to fuel suspicions that his transactions took advantage of inside information”

Not only has Raymond McDaniel ruined his credibility his actions make him look like a thief running from the scene. Warren Buffett has also been selling. What will Raymond say about the whole sordid mess?

Disclosure: No position in this stock