Posted on 02/19/2005 2:04:50 AM PST by Liz
The SEC has launched an insider-trading probe of shock jock Howard Stern's deal to join Sirius Satellite Radio.
In the two weeks running up to the blockbuster announcement last October, Sirius stock soared nearly 40 percent........the feds want to determine if someone who knew the deal was coming started buying up stock in anticipation of shares skyrocketing when the news got out.
When Sirius made the surprise announcement, the stock jumped another 15 percent.
Yesterday, New York gossip journalist Chaunce Hayden, a frequent guest on the Stern show, received a subpoena from the SEC.
He was told he needs to appear before the SEC on Wednesday to answer questions about what he heard in Stern's studio around the time of the Oct. 6 announcement that Stern was leaving free radio for Sirius.
The subpoena is seeking information about "trading in securities of Sirius Satellite Radio," according to a copy obtained by The Post.
Stern, extremely frustrated by an ongoing battle with the FCC over his show's content, was lured to Sirius with a five-year, $500 million package for him and his team. It's unclear exactly what Stern's cut of that is, but he currently earns some $31 million a year, Forbes has estimated, and the Sirius deal is believed to top that.
The deal was hailed by some at the time as one of the most important in media history because it instantly legitimized the upstart satellite radio industry.
However, Stern has used his show to constantly plug Sirius, infuriating Infinity bosses and spurring speculation he may leave and join Sirius earlier than planned.
Sirius followed the Stern announcement in November by naming former Viacom honcho Mel Karmazin as its CEO.
Shares of Sirius initially shot up about 20 percent at the time of the Karmazin announcement.
(Excerpt) Read more at nypost.com ...
bttt
Stern: a Star in Sirius trouble...
Howard Stern is boring at best. Who cares?
Busted. There is a quaint little chateau at a federal prison in West Virginia opening up soon.
Only people who commited the crime- - - and the DA, for now
LOL!
I hope he brings a coupla soaps-on-a-rope with him.......bending over when you drop the soap in those communal prison showers is a bit (ahem) risky.
Cute, real cute.
Howard Stern is an idiot at best. But do you think tossing him in jail will solve the ills in this country? Jailing Ted Kennedy would be a better start.
I don't care what your name is, if you commited a crime, then yeah, send his ass to jail. Especially insider trading.
Stern will just use this as a means to blast the Bush administration again.
I mean really, now.......does this scumbag have any credibility whatsoever?
In case you don't know: "stern" is the German word for 'star.'
>>>Howard Stern is boring at best. Who cares?
I'm overwrought with indifference. Stern is the turd in the punchbowl of life.
Hell no! But I just know he'll take the route and blame the Bush administration for "sic'in' the SEC on him" or some such nonsense. LOL
Now that, must have been an industry in trouble, if a no talent - low life like Stern brings Legitimacy...
Semper Fi
Sure hope my man the I-Man isn't caught up in this.
You know, I used to listen to him when i was younger. Stern was funny at first, I only liked that he had a foul mouth and the "raunchy" chixs that would want to be on his show. I really do think he's an idiot. He only gets paid to be dumb as he is, if he had more brains like us he would be able to get a real job..
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.