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#164650 - 02/27/04 04:39 PM New hot topic (maybe...)
deppfan Offline
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All over the map.
Federal judge dismisses securities fraud charge against Martha Stewart.

Thoughts.....?
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#164651 - 02/27/04 04:43 PM Re: New hot topic (maybe...)
P*Q Offline

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I hadn't heard that, hmmmmmm. I'm not sure what I think. She was probably guilty but there must not have been enough evidence to know for sure.

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#164652 - 02/27/04 04:49 PM Re: New hot topic (maybe...)
D2Xs Offline
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When was the last time you saw a celeb. go to prison? Unless it is for murder (sometimes) they never get jail time. Sad state of affairs when the wealthy have more rights than everyone else.
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#164653 - 02/27/04 04:51 PM Re: New hot topic (maybe...)
E.E.G.B Offline
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YAAAAAY!!!!! Leave Queen Martha alone!!!!! There are plenty of people who do worse things every day and walk away scot free, this was a total witch hunt (and I use the term advisedly) from the get-go. ALL HAIL THE QUEEN.
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#164654 - 02/27/04 05:05 PM Re: New hot topic (maybe...)
Retired DQ Offline
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From the NYTimes, FYI:

NEW YORK (AP) -- A federal judge on Friday threw out the most serious charge against Martha Stewart, securities fraud, just before her trial goes to a jury.

The charge accused Stewart of deceiving investors in her company, Martha Stewart Living Omnimedia, by lying about her sale of ImClone Systems stock.

"Here, the evidence and inferences the government presents are simply too weak to support a finding beyond a reasonable doubt of criminal intent," the judge wrote.

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U.S. District Judge Miriam Goldman Cedarbaum left intact four other charges against the celebrity homemaker -- conspiracy, obstruction of justice, and two counts of lying to investigators.

The securities fraud count carried a maximum prison term of 10 years. Each of the remaining four counts against Stewart carries a maximum prison sentence of five years.

The judge declined to throw out any of the five charges against Stewart's former stockbroker, Peter Bacanovic.

Cedarbaum issued her decision in a 23-page ruling just as lawyers began meeting with her to hammer out instructions she will give the jury when it begins deliberations next week.

Closing arguments in the trial are scheduled to begin Monday, with deliberations expected to begin Wednesday.

Stewart and Bacanovic are accused of lying to investigators about why Stewart sold 3,928 shares of ImClone stock on Dec. 27, 2001, just before it dropped on a negative government review of the ImClone cancer drug Erbitux.

The securities fraud count accused Stewart of trying to prop up the stock price of her company six months later by issuing false public statements about why she sold ImClone stock. Stewart at the time stood to lose $30 million for every dollar the stock dropped.
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#164655 - 02/27/04 05:40 PM Re: New hot topic (maybe...)
Jokerman Offline
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The securities fraud charge was premised on the assumption that when Stewart told the public she was innocent regarding her ImClone sale, she was doing so in order to inflate (or maintain) the price of shares of Omnimedia (her company). The feds had never pursued a charge using this logic before, and one can argue its legitimacy either way. (I've argued enough for the month.) But it's not too surprising that the judge threw it out.

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#164656 - 02/27/04 05:44 PM Re: New hot topic (maybe...)
Queen Mum Offline
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You know, she might not have sold if someone hadn't contacted her and told her to sell. So I figure someone else is guilty of insider know-all.

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#164657 - 02/27/04 05:49 PM Re: New hot topic (maybe...)
D2Xs Offline
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She is not the only one involved that is for sure. She is just the biggest name so she gets all the headlines. You could look at it another way too. Even though she has not been convicted yet she has suffered millions in losses because of the whole thing. So if you think she is guilty then justice has been served to a point unless you believe she deserves jail time?
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#164658 - 02/27/04 07:16 PM Re: New hot topic (maybe...)
RUNSWITHSCISSORS Offline
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The only ones that stand to gain anything is this whole affair are the attorneys.

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#164659 - 02/27/04 07:32 PM Re: New hot topic (maybe...)
LoisLane Offline
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Quote:

The only ones that stand to gain anything is this whole affair are the attorneys.




A M E N !!!!
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#164660 - 02/27/04 07:33 PM Re: New hot topic (maybe...)
zaibatsu Offline
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Quote:

The securities fraud charge was premised on the assumption that when Stewart told the public she was innocent regarding her ImClone sale, she was doing so in order to inflate (or maintain) the price of shares of Omnimedia (her company). The feds had never pursued a charge using this logic before, and one can argue its legitimacy either way. (I've argued enough for the month.) But it's not too surprising that the judge threw it out.




The whole thing stunk the minute they made this accusation!
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#164661 - 02/27/04 07:34 PM Re: New hot topic (maybe...)
zaibatsu Offline
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Quote:

Quote:

The only ones that stand to gain anything is this whole affair are the attorneys.




A M E N !!!!




Wait, what did I gain from it? Where do I claim my gain?
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#164662 - 02/27/04 07:45 PM Re: New hot topic (maybe...)
RUNSWITHSCISSORS Offline
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You were too slow on the draw, Z! The line starts here...

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#164663 - 02/27/04 08:00 PM Re: New hot topic (maybe...)
Jokerman Offline
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Quote:

I figure someone else is guilty of insider know-all.




ImClone CEO Waksal has already been convicted.

Quote:

Even though she has not been convicted yet she has suffered millions in losses because of the whole thing.




Omnimedia stock is actually at a 52-week high today. Sure, she's incurred a lot of legal fees, but I don't think that constitutes justice.

Quote:

The whole thing stunk the minute they made this accusation!




I don't disagree with the prosecution's attempt to convict on a securities charge. Stewart was formerly a securities broker. She KNEW, better than most, that it was inappropriate to act on the information. Knowledge of her guilt caused her to lie to investigators (a charge on which I bet she'll be convicted), and why DID she lie to the public? The prosecution may be aggressive, but I don't think it's been excessive. I'm obviously no expert, so take my opinion for what you will.

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#164664 - 02/27/04 09:30 PM Re: New hot topic (maybe...)
DawgFan Offline
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Quote:

ImClone CEO Waksal has already been convicted.





Is that "Waksal", or "Waskal"?
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#164665 - 02/27/04 10:28 PM Re: New hot topic (maybe...)
zaibatsu Offline
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Quote:

Quote:

ImClone CEO Waksal has already been convicted.





Is that "Waksal", or "Waskal"?




Definitely Waskal!
Last edited by Andy Z; 03/05/04 09:11 PM.
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#164666 - 03/05/04 08:19 PM Martha Stewart
Jokerman Offline
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Stewart guilty on four of five counts (all except the securities fraud charge already thrown out, as I understand it).

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#164667 - 03/05/04 08:19 PM Martha Stewart
Jokerman Offline
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(Duplicate post.)
Last edited by jokerman; 03/05/04 08:21 PM.
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#164668 - 03/05/04 09:48 PM Re: Martha Stewart
D2Xs Offline
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The big question now is....will she receive jail time. I think she should but I also think she won't. But you never know. Here's hoping.
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#164669 - 03/05/04 09:54 PM Re: Martha Stewart
Bartman Offline
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Sentencing is scheduled for June. Expect an appeal.

Interesting that her stock shot up to 17 from just over 14 before the announcement, then promptly fell back to 14 again. Evidently it wasn't what the investors were expecting.
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#164670 - 03/05/04 10:00 PM Re: New hot topic (maybe...)
Anonymous
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Quote:

There are plenty of people who do worse things every day and walk away scot free.




Hogwash! That does not make her any less guilty. I get tired of that argument.

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#164671 - 03/05/04 10:02 PM Re: Martha Stewart
E.E.G.B Offline
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And in the meantime all the rich old white men who share insider knowledge EVERY FREAKIN' DAY on the golf course shake their heads and tsk their tongues and go make their millions while nobody says BOO to them. Creeps. Freakin' witch hunt. No more Christmas specials, bah humbug.
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#164672 - 03/05/04 10:07 PM Re: Martha Stewart
DawgFan Offline
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Well, I wouldn't call it a witch hunt since it was Martha, and a couple of others. What happened in Salem was a witch hunt. In my opinion, Martha made her own bed here. Being the famous person that she is, she ought to have known that her actions would create a media firestorm. Even though what you say about the "rich old white men" may be true, EGB, those men do not have the high visibility that Martha does.
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#164673 - 03/05/04 10:10 PM Re: Martha Stewart
D2Xs Offline
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It's coming around for the guys too. Look at all the CEO's getting in real serious trouble lately. They have them lined up to get into court. It's about time something real is done. Martha broke the law too.
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#164674 - 03/05/04 10:23 PM Re: Martha Stewart
Jokerman Offline
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Quote:

And in the meantime all the rich old white men . . . nobody says BOO to them.




ahem. . .see the reference to Mr. Waksal, above.

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