The House Education & Labor Committee released information that representatives from student loan giant Sallie Mae met with the Office of Management & Budget in December 2006, less than two months before President Bush’s budget called for a significant cut in support for student loans that caused a significant drop in the company’s shares.  Three days before the President announced the budget proposal, Sallie Mae’s chairman sold 400,000 shares, about 1/3 of his holdings, over a two-day period (Form 4 here).  If the sale had taken place after the budget announcement, it would have resulted in about $1.4 million less in proceeds.  A Washington Post article (here) notes that a Sallie Mae representative asserted that the transaction was coincidental and there was no prior notice of what the budget proposal entailed; the chairman was not involved in the meeting with OMB.  Sallie Mae is being taken private in a $25 billion transaction, and has been subject to heavy criticism from Democrats on Capitol Hill.  The Post article notes that the SEC is looking into the trades. (ph)