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Friday, July 16, 2004

Poor Martha Stewart

She was sentenced today to five months in the slammer, five months of home confinment, and two years probation. My thoughts: She lied to federal prosecutors. When you lie to the feds and get caught, there are consequences. She should have known better than to dump her stock in Imclone after getting tipped about the FDA approval(or lack thereof) for their drug they were developing. She used to be a stockbroker herself, so to claim there was some sort of stop loss sell order when there wasn't one was bogus. I'm a stockbroker/commodity broker myself. Believe me, every non-discretionary order from a client has to be written on a ticket and saved for future audits by the NASD and NFA. Most brokers also tape record the order with the client so there is no confusion. She and her broker didn't have anything to back up their claim that there was a good until canceled(GTC) sell stop for her account. It's only cheating if you get caught and Martha you got caught. Just shut up and pay your dues. I'm sure you will be showing all the other inmates how much potential there is to each and every cell to decorate.


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