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Posted on 02/22/2005 11:15:47 PM PST by t_skoz
Sirius shares fall on news of SEC probe
THE ASSOCIATED PRESS
NEW YORK -- Shares of Sirius Satellite Radio Inc. fell Tuesday after news came out over the weekend that a regular guest on Howard Stern's radio show would testify in a probe of trading in Sirius shares, which rose sharply last fall after Stern said he was signing a deal with the growing satellite radio company.
New York-based Sirius shares fell 28 cents, or nearly 5 percent, to $5.59 in midday trading Tuesday on the Nasdaq Stock Market. Financial markets were closed Monday for the Presidents Day holiday.
Chaunce Hayden said he received a subpoena last week ordering him to appear before investigators from the Securities and Exchange Commission in New York to discuss trading in Sirius shares.
Hayden, who writes gossip and celebrity news for Steppin' Out magazine, had publicly predicted that Stern would take his show to Sirius, making the comments about two weeks before Stern announced that he was doing so. Hayden said he never owned Sirius stock and based his prediction on his own reporting and not any inside information.
Patrick Reilly, a spokesman for Sirius, said: "We have no reason to believe this matter involves Sirius or any actions of its officers, directors or employees. Neither Sirius nor any of its officers, directors or employees have received a subpoena in this matter."
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This has the feel of a political witchhunt. For years, people railed against the Xlinton's using the IRS as personal attack dogs on FR. Creating an enemy of Stern, and this entire situation, as info has been presented so far, will make him even more so to the administration, is a horrible mistake.
This is series! Hugh!
Howard Stern is pathetic. His humor is crass and low-brow, his in-studio goons are idiotic barflies, and he does terrible interviews.
If it's a female guest, he will beg her to strip like some loser begging an off-duty stripper with a $1 bill. If it's a guy they bring in some used up drug addict groupie skank to take her top off.
Howard gives us longhairs a bad name. I'd rather he just fade away like 80's metal, but this is almost as good. Watching him squirm while he cries 'Bush' is so much more entertaining than his show.
This guy Stern is a depraved freakazoid....he made his meat exploting the First Amendment, breaking obscenity laws with impunity, then screaming about his "rights." Now let's see what "rights" he has to break securities laws.
The administration doesn't care about Stern.
"Hoo Hoo, I invented witchhunts, Robin."
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