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Martha Stewart
guilty on all counts
AP/MSNBC
| March 5, 2004
| unknown
Posted on 03/05/2004 1:37:06 PM PST by Bonaparte
Updated: 4:01 p.m. ET March 05, 2004 NEW YORK - Martha Stewart 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. In a statement, Stewart said she would appeal the verdict.
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TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: conviction; crime; insider; martha; marthastewart; stewart; stocks
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To: wingnuts'nbolts
No, she was not head of the SEC. She had a seat on the NYSE. But your point still holds.
To: Bonaparte
Bill Cosby didn't work.
To: DCPatriot
You need to take a vacation from the Beltway.
To: AmericaUnited
That is the same with all the big wigs recently. They were loaded but that extra 40k was just worth it.
To: NotchJohnson
"Bill Cosby didn't work."Yep. Neither did Rosie or Brian Dennehy or Baba Wahwah. If Martha didn't want to visit Club Fed, all she had to do was buy airfare to france. American criminals are extradition proof over there.
To: Bonaparte
The real crime is that the government spends all that time and money to prosecute her and in the end she will probably end up on probation or she'll have to stay at the Waldorf and do some public service.
To: seawolf101
If the government did not prosecute such offenses as Stewart's and Bacanovic's, stockbrokers and traders would have no incentive to curb their larcenous impulses. Most investors would pull out of the market and it would die. Is that what you want?
To: Bonaparte
That would be fun to watch
To: seawolf101
"...and in the end she will probably end up on probation or she'll have to stay at the Waldorf and do some public service."Things like this have a ripple effect. To Stewart, it must feel like a tsunami is engulfing her. MS Living Omnipedia took a whopping 23% loss at closing today. Do you realize how much money was lost there and how much earnings she will fail to realize because of this conviction? Her mere indictment cost her millions. Of course, there are the fines she will have to pay. And the inevitable shareholders' suits (the lawyers are lining up and taking numbers for that one as we speak).
So Stewart will suffer for this. Don't doubt that for one minute.
As far as the sentence itself goes, all I can say is that, in this world, you settle for what you can get. Something is always better than nothing.
To: AmericaUnited
What is so pathetic about this is that a women who owned a business empire worth tens of millions of dollars, got all excited because $87,000 worth of some penny stock she owned was going go for a dive. Maybe this is the first time she was caught, which might explain where the other tens of millions came from.
To: Bonaparte
So Stewart will suffer for this. LOL, sure.
I'd love to be worth what she will be worth after this is all over.
To: TruthShallSetYouFree
"The law says that if you receive inside information, and you know it is inside information, you may not act on it."
Actually, the law is a bit more complex than that; you must violate a legal or fiduciary duty of some kind to be guilty of insider trading. In one case a psychiatrist found out about a merger from his patient, the wife of the CEO. The government felt he had violated his medical confidentiality duty, so he was forced to pay a fine.
Question: If her Imclone stock sale was "insider trading", then why was Martha Stewart not charged with insider trading?
Answer: It wasn't legally considered insider trading.
So Martha has just been convicted of covering up a crime she didn't commit. Apparently that is possible, because I just saw it happen! Time will tell if the conviction will stick. Judge Cederbaum's refusal to let Martha's lawyer point out to the jury that she was not accused of insider trading is at least questionable on appeal.
72
posted on
03/05/2004 4:05:28 PM PST
by
doug9732
To: Bonaparte
I'd like to see some Worldcom and Enron heads rolling.
73
posted on
03/05/2004 4:07:58 PM PST
by
Ben Chad
To: Bonaparte
Convicted of a felony, huh? One less vote for Kerry.
To: bogdanPolska12
"That would be fun to watch."Yes, it would be...
To: bogdanPolska12
Another?...
To: Bonaparte
What bothers me is not that they prosecute her. But that people like her and OJ Simpson and Ivan Boesky and Mike Milken can buy their way out of doing hard time.
To: chiefqc
"...yea and everyone should fell sorry for poor martha, the same one who carried a 5000.00 purse into the court with her...Perhaps she can use the purse to cover up her handcuffs when the cops take her for her "perp walk" to prison!
78
posted on
03/05/2004 4:16:03 PM PST
by
albee
To: bogdanPolska12
Just one more. I don't want to get carried away...
To: Bonaparte
That is a good one. Good one really good one. Well now it seems there will be ne cable channel Martha kitchen from jail fully life. :}}}}}}}}}}}
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