Martha Stewart Resigns

CNN ^

[RoughDobermann]

NEWS ALERT Martha Stewart resigns as CEO of her company after indictment on obstruction of justice and securities fraud charges. Details soon.

[dogbyte12]

From what I understand, Martha just resigned as CEO but will stay on the board. This is mainly due to the fact that she owns 60% of the stock in the company. She basically has veto rights over anything due to her stock position. Resigning as CEO really is nothing but a formality, she still has the power in the company, even as it's stock price continues to tumble.

[wizzler]

This whole thing is a frikkin shame. What a farce. Once again, the socialists win.

[heleny]

With 60%, she could even name herself back on as CEO, assuming she gets out of the obstruction of justice and securities fraud charges.

[Howlin]

If she's convicted, she can't even be on the board.

[Steven W.]

I think she got the call that it hit $60 and Waskell (sp?) was selling, so she gave the go-ahead. If his name wasn't mentioned, all would have been fine

That's not exactly true - her broker was still guilty of insider trading, regardless. All would have still been fine for her provided she then didn't conspire with her broker to try and cover everything up.

, since she had a standing order to sell at 60.

Part of her lies & cover-up; there was no standing order. According to the testimony in the indictment, the whole story was made up to try and explain / cover-up what they'd done.

[mombonn]

I think her goose is pretty much cooked.

And served on a tasteful silver platter with decorative garnishes.

[Steven W.]

she need not even be convicted - new Sarbanes / Oxley rules that SEC may prohibit her from serving is now a civil action, not requiring any criminal liability.

[TopQuark]

And the crowd goes wild with Schadenfreude!!!!!

Yeh... Sad. And scary: these people are my friends and neighbors.

"America is great because of the basic goodness of its people. And it will cease to be great when it people cease to be good."

[Senator Pardek]

Time for some real talent to step up to the plate!

[DannyTN]

She resigned from

"The company formerly known as Martha Stewart, Inc."

[prairiebreeze]

I can't summon up much sympathy for her. From what I understand it is the covering up and not cooperating that is nipping at her heels. If she genuinely didn't do anything wrong, or even a minor mistake, she would have been far ahead to admit it, take the fine and move on.

Typical liberal, she fed into her power-need and convinced herself the rules and expectations of honesty and good faith didn't have to apply to her.

Prairie

[bart99]

"That's not exactly true - her broker was still guilty of insider trading, regardless. All would have still been fine for her provided she then didn't conspire with her broker to try and cover everything up."

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Yup...... the cover-up was one of the two charges. She blew it there. BUT..... not insider trading against her. That's telling. I still think a jury would let her off. *shrug* Just my opinion.

[RedBloodedAmerican]

Thank goodness I taped all her episodes! I am already starting to have withdrawals!!

[DannyTN]

Maybe we should come up with a new name for her company.

One of my kids suggested "Too scary!"
Or how about "The harder than it looks" company.

[SMEDLEYBUTLER]

The Smoking Gun

[RedBloodedAmerican]

Like, who? Rowdee? BWAHAHAHAHA

[dennisw]

Kick her off FoodTV to make room for a barbeque show.

[wizzler]

I can't summon up much sympathy for her. From what I understand it is the covering up and not cooperating that is nipping at her heels.

Thing is, she was being pursued for something ("insider trading") that is not wrong, and that is based in terrible law. Anyone who values liberty, capitalism and the free market SHOULD have sympathy for her.

[bart99]

"I can't summon up much sympathy for her. From what I understand it is the covering up and not cooperating that is nipping at her heels."

---

Yup...... covering up, a natural reaction, is what got her. But come on, it's not like lying to a Grand Jury or being impeached - or walking away with the millions that the men walked away with from enron and worldcom. I feel for her.
Just the sympathy factor in me I guess. We ALL screw up sometimes. I don't think she intentionally tried to save a couple hundred thousand by knowing she was screwing up. But, you're right...... you can't cover it up when the Feds start talking to you.

[AGreatPer]

"And served on a tasteful silver platter with decorative garnishes."

Ok, Ok, lust has taken over here. I STILL LOVE HER.

Something about this lady that has class and a nice a@@.