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These Executives Are Spendthrifts: They Can't Stop Buying Shares in Their Own Company

The insiders just keep buying at Freeport-McMoRan Inc. (NYSE: FCX).

As we told you in the Aug. 29 Private Briefingweekend report, both corporate insiders and a "knowledgeable outsider" have been snapping up shares of the moribund mining company.

Gerald J. Ford - an independent director at Freeport-McMoRan, a billionaire investor and chairman of Texas financial-services firm Hilltop Holdings Inc. (NYSE: HTH) - spent $9.94 million to buy 1 million shares. And corporate raider-turned-activist investor Carl Icahn revealed that he'd bought 88 million shares - an 8.5% stake that makes him Freeport-McMoRan's single-largest shareholder.

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