Bloomberg reports that the head of a famously God-fearing airline is getting the Martha Stewart treatment by the Securities and Exchange Commission. Alaska Air CEO Bill Ayer sat on the board of Puget Energy in 2008, the same year one of Alaska's biggest investors, the NY-based hedge fund Donald Smith & Co., made lucrative, well-timed bets on the utility just before it was bought out. Apparently that raised some eyebrows at the SEC.
The Bloomberg story cites two unnamed sources in confirming the investigation into Ayer's allegedly unchristian activities.
According to the report, in early 2008, Donald Smith & Co. doubled its investment in the publicly-traded Puget Energy. In April of that year, the utility announced that a group of private investors would buy it out, and the stock price jumped by as much as 21 percent. And by the end of the year, the utility had been taken off the stock exchange.
"I never provided any material non-public information about Puget Energy to Donald Smith & Co., or anyone else," Ayer said in an e-mail to Bloomberg.
Let's hope not, because I'm pretty sure letting a major investor in on hot, inside news so as to make a killing in the stock market just isn't something Jesus would do.