Ann: Acquisition of St Andrew's Insurance and Trading Update, page-30

Very fair point - directors and management buy/sell for very different reasons. Some of the key people in FIG have been carrying a lot of personal debt based on what they've put into the business, and the ability to retire that debt through shares sales is sometimes more important than absolute return. Other situations such as paying out a divorce (I've seen that multiple times) or something as simple as finally being able to buy a house because all their money has been invested. FIG is TERRIBLE with their PR, I don't know who does it, but they need replacing.