Commentary: Wanted: A Good Cop For Europe's Bourses

Nina Brink ought never to forget that this is the Information Age. Asked in early March about her stake in World Online International Inc., a Dutch Internet service provider at which she is CEO, Brink replied, "I don't want to answer." That was arrogant--and costly. A week after World Online was floated on Mar. 17 in Amsterdam, investors learned that Brink had sold a good chunk of her shares three months earlier--at a bargain price, no less. World Online's shares fell fast: If the founder was a seller, why should outsiders buy in? The stock now goes for less than half its $42 offering price.

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