Author Topic: Martha Stewart...going to JAIL  (Read 1383 times)

Offline Scott

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Martha Stewart...going to JAIL
« on: March 5, 2004, 03:15 PM »
Martha was found guilty on all 4 counts of obstruction and perjury.  I wonder how she'll decorate her cell?

Stewart Guilty

NEW YORK - Martha Stewart (news - web sites) was convicted Friday of obstructing justice and lying to the government about a superbly timed stock sale, a devastating verdict that probably means prison for the woman who epitomizes meticulous homemaking and gracious living.

The jury of eight women and four men deliberated three days before convicting Stewart of all counts against her. The charges carry up to 20 years in prison, but Stewart will most certainly get much less than that under federal sentencing guidelines.

Her ex-stockbroker Peter Bacanovic, 41, was convicted on all but one count against him, making a false statement.

The charges centered on why Stewart dumped about $228,000 worth of ImClone Systems stock on Dec. 27, 2001, just a day before it was announced that the Food and Drug Administration (news - web sites) had rejected ImClone's application for approval of a cancer drug, an announcement sent ImClone's stock plummeting.

Stewart and Bacanovic claimed they had a standing agreement to sell when the price fell below $60. But the government contended that was a phony cover story and that Stewart sold because she was tipped by her broker that ImClone CEO Sam Waksal was frantically trying to dump his own holdings.

Offline Famine

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Re: Martha Stewart...going to JAIL
« Reply #1 on: March 5, 2004, 03:50 PM »
 :P

Country club prison is nice, I hear.

Kevin
The picture kept, will remind me...

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Re: Martha Stewart...going to JAIL
« Reply #2 on: March 5, 2004, 04:10 PM »
I'm no fan but, but considering that her company is, in an instant, essentially worth squat now, plus looking at a minimum of 16 months in the pokey or up to 20(!) - she's ruined.

Is that a fair penalty for the "crime"?

Offline Reconsgt

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Re: Martha Stewart...going to JAIL
« Reply #3 on: March 5, 2004, 04:14 PM »
 I a sick and tired of corprate big wigs circumventing the system and profiting from insider info. She knew the risks and gambled that no-one would find out. She guessed wrong and now has to accept those consequences.

 Like the one juror stated
"Maybe it's a victory for the little guys who lose money in the market because of these kinds of transactions," said juror Chappell Hartridge.

Wayne Roberts or you can call me Sarge

Offline FX-7

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Re: Martha Stewart...going to JAIL
« Reply #4 on: March 5, 2004, 05:21 PM »
I wonder if she'll get to work in the prison kitchen?

Buh Bye Martha
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Offline paploo

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Re: Martha Stewart...going to JAIL
« Reply #5 on: March 5, 2004, 06:59 PM »
i am glad the b is going to jail. read the last line of the yahoo report
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Offline Force Guy

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Re: Martha Stewart...going to JAIL
« Reply #6 on: March 5, 2004, 07:31 PM »
I hope that Jeff Skilling and/or Ken "Kenny boy" Lay are next!    
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Offline DSJ™

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Re: Martha Stewart...going to JAIL
« Reply #7 on: March 5, 2004, 07:38 PM »
« Last Edit: March 5, 2004, 07:40 PM by DSJ™ »

Offline jadesfire

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Re: Martha Stewart...going to JAIL
« Reply #8 on: March 5, 2004, 07:47 PM »
Good one, Dale!!

When this first hit the news last year, I felt that they were trying to direct atthention off of the other inside trading debacles and desided she was as good as a scapegoat as any.  Then I started reading some of the evidence that was being collected and during her trial when all the evidence was presented, I realized she was as guilty as hell.  As stated above, she got caught and has to pay the price.  No pity party here for Martha or the rest of the bunch that will be going to trial soon.  
Beth

Offline Famine

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Re: Martha Stewart...going to JAIL
« Reply #9 on: March 5, 2004, 09:04 PM »
I get why it says www.marthastewart.con


Cause shes a convict!

Kevin
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Offline paploo

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Re: Martha Stewart...going to JAIL
« Reply #10 on: March 5, 2004, 10:05 PM »
surprisingly her site doesnt sell black and white striped outfits...marthas new favorite outfit
The secret of success is to know something nobody else knows-Aristotle Onasis

Offline Mainland05

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Re: Martha Stewart...going to JAIL
« Reply #11 on: March 5, 2004, 10:49 PM »
I don't really understand what she did wrong? ???
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Offline paploo

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Re: Martha Stewart...going to JAIL
« Reply #12 on: March 6, 2004, 12:05 AM »
I don't really understand what she did wrong? ???
She was investigated because of insider trading. This was because she got an a tip from her broker that iclone, a stock she owned, was having a drug denied from the FDA. This is horrible for the stock. She sold before the FDA thing was made public. This tip is called insider trading.
She was not convicted of this, but she was convicted for basically lying about it. She had her broker change her documents to say she was to sell when the stock hit 60. They lied about the whole thing...you cant do that.
The secret of success is to know something nobody else knows-Aristotle Onasis

Offline Morgbug

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Re: Martha Stewart...going to JAIL
« Reply #13 on: March 6, 2004, 01:09 AM »
A little more on that.  

The reason you can't do that is tons of regular, everyday ordinary people don't have access to that type of information.  Buying and selling stocks involves risk.  If some people can take away that risk, but others can't, it renders the system unfair.  Now there is no way to make it completely unfair.  The president of Iclone apparently knew about the rejection and started dumping stock, but hey, it is his company.  Basically a big no-no to use inside information for personal gain (or to avoid personal loss).
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Offline Boba Binks

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Re: Martha Stewart...going to JAIL
« Reply #14 on: March 6, 2004, 06:22 PM »
How come all the people that I look up to turn out to be twisted and evil?

No seriously. I do not care what she did. People do stupid things in GREED. She got caught and now she has to pay.

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