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 ...
This is Chaunce's web sitehttp://www.steppinoutmagazine.com/
Make up your own mind. Plus, why would anyone defend such an annoying moron and his agressively idiotic vegan wife who uses her notoriety to push crackpot environmental and dietary fads?
I suppose they can.
Just as I thought. You made accusations you couldn't back up.
Oh? DOM IMUS IS A SCAMMER:
The facts regarding how many kids, and the cost per kid, on Imus's ranch have been thoroughly discussed right here on FR.
The ranch hosts kids less than 20% of the year, and then only a small number. 80% of the time it is Imus's vacation house, hobby ranch, parking place for his idiot brother and other assorted relatives, and a brand he uses for shilling the various harebrained ideas his wife and brother come up with.
The Imus Ranch spends more than $20,000 per kid in attendance on an ongoing basis, exclusive of the $25,000,000 raised to build the ranch. And you don't think that's a fraud?
Those are the basis for my statements. Do YOU have anything that would support your position that the Imus ranch is a normal, honest charity?
Yeah, YOU don't have anything that says he should be charged.
Fortunately, hate and envy are not crimes
This could be series...I mean sirius.
Running a fraudlulent charity that sucked in $25 million to get running, and that skims $1 million or more per year off trading on the misfortunes of kids is a much bigger crime than Stern or one of his staff blabbing about the Sirius deal. Numbers like that put Je$$e Jackson in the shade.
Keep defening your buddy Imus and his vegan anti-gun wife (nevermind the hypocrisy of Imus running around New York City armed). I'm enjoying researching this fraud. Maybe we'll have another pajamahadeen trophy on the wall before this is over.
Speak for yourself, and good luck!
Oh, and I believe he has a permit to carry.
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