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elkid
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Joined: 18 Nov 2002
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Location: hiding out in Philly
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 Posted: 03/05/04 - 16:39 Post subject: THIS JUST IN! courtesy of PackerBacker
Martha Stewart Convicted of All Counts
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. The jury of eight women and four men deliberated three days before convicting Stewart of all counts against her. The charges carry up to 20 years in prison, but Stewart will almost certainly get much less than that under federal sentencing guidelines. Her ex-stockbroker, Peter Bacanovic, 41, was convicted on all but one count against him, filing a false document.
Stewart, 62, grimaced as each count against her was read. Her eyes appeared to widen slightly. Her daughter, Alexis Stewart, was in tears. Sentencing was set for June 17. Stewart left the courtroom with a somber expression. She did not speak to anyone at the defense table before going to a holding room away from the media. She and her ex-broker must report to a probation office within a week for processing.
The charges centered on why Stewart dumped about $228,000 worth of ImClone Systems stock on Dec. 27, 2001, just a day before it was announced that the Food and Drug Administration (news - web sites) had rejected ImClone's application for approval of a cancer drug, an announcement that sent ImClone's stock plummeting. Stewart and Bacanovic claimed they had a standing agreement to sell when the price fell below $60. But the government contended that was a phony cover story and that Stewart sold because she was tipped by her broker that ImClone CEO Sam Waksal was frantically trying to dump his own holdings.
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ShannonG
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Posted: 03/05/04 - 16:42 Post subject:
Just another sign that there is a God 
Why does this woman annoy me so much?
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airehead
Oompa Loofah
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Joined: 12 Nov 2002
Posts: 18788
Location: Between here and eternity...
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Posted: 03/05/04 - 16:44 Post subject:
In some ways it still seems like a witch hunt. She is not one of my favorite people, but something about this whole situation smells funny.
I read an article that stated that she ended up losing more money than the value of the stocks she had dumped. Had she held on to them, apparently, she would have made a nice chunk of change because of an FDA verdict.
But, if you are guilty then you should pay the piper.
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Molly600
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Posted: 03/05/04 - 16:47 Post subject:
| airehead wrote: | In some ways it still seems like a witch hunt. She is not one of my favorite people, but something about this whole situation smells funny.
I read an article that stated that she ended up losing more money than the value of the stocks she had dumped. Had she held on to them, apparently, she would have made a nice chunk of change because of an FDA verdict.
But, if you are guilty then you should pay the piper. |
I really agree with all that. I have thought all along that they went after her because of who she is and because for whatever reason a lot of people do not like her.
But, if she did it and is guilty then that's her own fault, and the jury obviously thought that.
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gretriever
Hipster Doofus
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Joined: 16 Jul 2003
Posts: 19385
Location: A moving target in a firing range.
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Posted: 03/05/04 - 20:59 Post subject:
But she will make the cells in her facility more inviting and warm.
"You can learn something new every day." 
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Gogirlgo
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Joined: 25 Jul 2002
Posts: 4777
Location: No deal, stalker.
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Posted: 03/08/04 - 11:11 Post subject:
| Molly600 wrote: | | airehead wrote: | In some ways it still seems like a witch hunt. She is not one of my favorite people, but something about this whole situation smells funny.
I read an article that stated that she ended up losing more money than the value of the stocks she had dumped. Had she held on to them, apparently, she would have made a nice chunk of change because of an FDA verdict.
But, if you are guilty then you should pay the piper. |
I really agree with all that. I have thought all along that they went after her because of who she is and because for whatever reason a lot of people do not like her.
But, if she did it and is guilty then that's her own fault, and the jury obviously thought that. |
I wondered too if she wasn't getting extra-bad attention b/c of who she is but then I remembered that she used to be a stockbroker and thus there was no excuse for breaking the rules, she definitely knew better.
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PackerBacker
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Posted: 03/08/04 - 11:55 Post subject:
| Gogirlgo wrote: | | Molly600 wrote: | | airehead wrote: | In some ways it still seems like a witch hunt. She is not one of my favorite people, but something about this whole situation smells funny.
I read an article that stated that she ended up losing more money than the value of the stocks she had dumped. Had she held on to them, apparently, she would have made a nice chunk of change because of an FDA verdict.
But, if you are guilty then you should pay the piper. |
I really agree with all that. I have thought all along that they went after her because of who she is and because for whatever reason a lot of people do not like her.
But, if she did it and is guilty then that's her own fault, and the jury obviously thought that. |
I wondered too if she wasn't getting extra-bad attention b/c of who she is but then I remembered that she used to be a stockbroker and thus there was no excuse for breaking the rules, she definitely knew better. |
My concern is that she was not charged or prosecuted for violating any securities rules or laws. She was only charged, and convicted, of lying about why she sold her stock. Had she not lied, then there would have been no prosecution or conviction.
So, the next time a police officer pulls you over for speeding and you say, "But officer, I was only driving 55 mph" you too could be prosecuted in Federal Court for obstruction of justice (or whatever MS was convicted of). I am a bit concerned with this precedent based on how aggressive the Bush administration has been in other areas.
Or maybe I am just think the sky is always falling.
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copteacher
Adjunct
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Joined: 08 Jun 2002
Posts: 20588
Location: Teaching in the Halls of Justice
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Posted: 03/08/04 - 11:57 Post subject:
this case is more about get whitey than anything else.
She lied to prosecuters. Duh that happens all the time.
She is a victim of Enron and Worldcomm.
she should pay a fine and that is it.
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purple hayes
Frightened Inmate #2
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Joined: 14 May 2002
Posts: 14462
Location: ON YOUR LEFT!
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Posted: 03/08/04 - 12:00 Post subject:
| rtpd113 wrote: | | this case is more about get whitey than anything else. |
Somebody's always got to play the race card.
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robp
Pyromaniac
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Joined: 26 Jul 2002
Posts: 16242
Location: Waiting in line at the beer store...
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Posted: 03/08/04 - 12:14 Post subject:
| purple hayes wrote: | | rtpd113 wrote: | | this case is more about get whitey than anything else. |
Somebody's always got to play the race card. |
It's probably more about get the white collar than anything else. I think that if she's guilty she should serve time. Slapping a big fine on her certainly isn't going to punish someone of her wealth. Although a big fine and some humiliating community service requirements might work very well.
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