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DRUDGE: Martha Stewart On The Rack- Broker Assistant Spills the Beans
Dridge Report ^ | 8/5/02 | Matt Drudge

Posted on 08/05/2002 6:52:56 PM PDT by 11th Earl of Mar

MARTHA ON THE RACK: BROKER ASSISTANT TELLS INVESTIGATORS HOW STOCK STORY WAS CONCOCTED!

An explanation for Martha Stewart's sale of nearly 4,000 ImClone shares on Dec. 27 was concocted after the fact -- prosecutors have been told, the NEW YORK TIMES is planning to report on Tuesday... Developing...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bighouse; concocted; itsagoodthing; marthstewart
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To: 11th Earl of Mar
This will be interesting to follow. I don't think Martha will come out unscathed.
81 posted on 08/05/2002 10:40:30 PM PDT by Salvation
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To: Tuco-bad
Well now dopey, as long as one isn't a relative, no one gets indicted if there is no quid pro quo - you moron!!!

The quid pro quo in this case is that she avoided the loss that the Greater Fools who bought her holdings took.

In order for it to be crime, however, the Feds have to prove she had inside information and knew it was inside information. They'll get their evidence for that by squeezing those two Merrill twerps until they squeal. In the absence of exculpatory evidence (e.g., some shred of proof that a stop order existed), I'd say it doesn't look so good for poor Martha.

82 posted on 08/05/2002 11:06:29 PM PDT by cynwoody
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To: 1rudeboy
Indicted? No. Fined? Yes. (If the story is true then the Feds have her dead to rights).

Oh she might agree to a fine, but Martha will never be indicted for inside trading (obstruction of justice maybe).

83 posted on 08/06/2002 3:37:45 AM PDT by Tuco-bad
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To: Skip Ripley
The arguments you're making aren't even rational. It must be so painful for your mother to look at you knowing that she won't be able to take care of you forever....

Maybe your mother passed on her low intelligence to you?

84 posted on 08/06/2002 3:40:22 AM PDT by Tuco-bad
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To: Alissa
"Martha is a friend of Bill and Hillary - she's safe. Friends take care of friends -"

With the Clintons, they only take care of "friends" until or unless they need to throw their body(ies) in front of them to catch bullets for 'em. Plenty of jail cells are populated by those who considered themselves to be "friends" of Bill 'n' Hil.

85 posted on 08/06/2002 3:46:35 AM PDT by RightOnline
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To: Alissa
......not to mention graves........
86 posted on 08/06/2002 3:47:21 AM PDT by RightOnline
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To: cynwoody
In order for it to be crime, however, the Feds have to prove she had inside information and knew it was inside information. They'll get their evidence for that by squeezing those two Merrill twerps until they squeal. In the absence of exculpatory evidence (e.g., some shred of proof that a stop order existed), I'd say it doesn't look so good for poor Martha.

When all the smoke clears, we will see that Martha is NOT indicted for inside trading (perhaps indicted for obstruction of justice).

87 posted on 08/06/2002 3:47:32 AM PDT by Tuco-bad
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To: sarasmom
The pure and sweet marthastewart myth of "anyone can do it if they really care about their homelife " woman is the only dragon I need slain.

I am mildly ashamed of how avidly I am enjoying her demise as the perfect homemaker.

Everything about my home maintenance is the exact opposite of that Martha Stewart pretty placemat stuff. But, now that the glee has settled, I have a slightly different outlook.

First of all, she really did make a let of homemakers feel good about themselves as they fullfilled their second grade fantasies for doing really good projects. And her "anyone can do it" attitude was kind of a positive message about life.

A lot of women (like my neighbors, whom I adore, but not when they're talking about pretty placemats or whatever) all of a sudden have noticed the stock market which they were ignoring because the assumed their husbands were keeping the money safe there. You think maybe the attention of the "Marthas" to the declining stock market has some families pulling their money out?

Her political contributions and support were large, to Democratic candidates. Coincidence?

Not that it wouldn't be great for those cutesy projects to be prison activities.

88 posted on 08/06/2002 4:05:16 AM PDT by grania
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To: 11th Earl of Mar
CONFESS!
CONFESS!
Cardinal Biggles, fetch......THE RACK!
89 posted on 08/06/2002 4:11:07 AM PDT by Saturnalia
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To: 11th Earl of Mar
She shouldn’t go to jail for doing what every other person on earth would do being in her situation, but… to exonerate her is to open a can of worms. There gotta be a third option.
90 posted on 08/06/2002 8:00:27 AM PDT by grasshopper
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To: grasshopper
There gotta be a third option.

She will agree to civil fines and penalties, including that she will never again be an executive with a publicly traded company.
91 posted on 08/06/2002 8:04:43 AM PDT by BikerNYC
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To: grasshopper
She shouldn’t go to jail for doing what every other person on earth would do being in her situation, but… to exonerate her is to open a can of worms.

Sounds like the impeachment debate... "Everybody lies about sex... You can't throw Clinton out of office for protecting his family, just like everybody else would do... So lets pass a non-binding resolution telling Bill he's a bad boy."

92 posted on 08/06/2002 8:51:15 AM PDT by 11th Earl of Mar
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To: 11th Earl of Mar
This story was pulled from Breaking News...Why is that?

In all seriousness, because the story adds nothing new. Ok, so Waskal didn't directly tip Martha. Waskal sold and his broker tipped Martha, maybe with Waskal's knowledge, maybe without. It's a distinction without a difference -- it was obvious from the very beginning that there was no sell order of any kind and furthermore that everybody involved knew it. Note that the stock dropped for like ten minutes today and immediately came right back up.

This pretense of doubt and uncertainty by all the parties has grown tiresome. It'd be nice to go straight to the plea bargain and be done with it, but we still must sleepwalk through weeks of Congressional harrumphing, Sunday-morning shouting-and-interrupting contests, and dire SEC pronouncements first.

93 posted on 08/06/2002 8:55:02 AM PDT by jiggyboy
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To: 11th Earl of Mar
If you new you were going to lose a good chunk of your own money in a couple of days unless you take an action, and you wouldn’t do anything, then post #56 may apply.
94 posted on 08/06/2002 9:05:38 AM PDT by grasshopper
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To: grasshopper
new=knew
95 posted on 08/06/2002 9:09:52 AM PDT by grasshopper
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To: jiggyboy
There is nothing in your post I disagree with. My problem is with the "moderators" who pull the days biggest stories from Breaking News and leave up day old stories about who is hosting Crossfire and how many hotel rooms are left in Las Vegas for the Freeper meeting.
96 posted on 08/06/2002 9:13:40 AM PDT by 11th Earl of Mar
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To: grasshopper
My problem with her transaction is this. In order for her to 'protect herself' and 'do what any other person would do' she had to sell stock to someone else.

My wife's parents are retired and are living on their investments. They have been hurt by the stock market.

If it was MY loved ones who bought Martha's stock after she learned it was worthless, I would be plenty pissed.

She, a former stock broker who knows the law, sold worthless stock to unsuspecting people.

And the "everybody does it" argument does not fly here. [Sounds like Morty Seinfeld, "Everybody steals batteries."] Neither does the argument that it was such a "small amount" compared to her net worth. Rich shoplifters should be treated the same as poor ones.


Regardless, she sold stock to someone else who did not know the price was going through the floor.
97 posted on 08/06/2002 9:23:48 AM PDT by 11th Earl of Mar
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To: 11th Earl of Mar
This is one of the ethical problems of the stock market: one person's gain is another person's loss -- especially when the market goes south.
I have to agree with you that not 'everybody does it.' I know personally a few people who would refrain from selling a worthless stock to unsuspecting buyers.

I have not invested myself a penny in the market, that’s why I don’t know any better.
Sorry 'bout your in-laws.

98 posted on 08/06/2002 9:41:23 AM PDT by grasshopper
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To: sarasmom
I am mildly ashamed of how avidly I am enjoying her demise as the perfect homemaker.

It's called, "Schadenfreude" (pronounced SHAH-den-Froi-duh). Leave it to the Germans to coin a word for taking pleasure in others' misfortune.

I must also confess the guilty pleasure of indulging in the same Schadenfreude.

99 posted on 08/06/2002 2:22:44 PM PDT by VoiceOfBruck
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To: VoiceOfBruck
Thanks! I always learn something new here.
100 posted on 08/06/2002 5:12:42 PM PDT by sarasmom
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