RE: Martha Stewart and her Merrill Lynch Broker

From: gts (gts_2000@yahoo.com)
Date: Thu Jun 05 2003 - 14:46:38 MDT

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    Lee Daniel Crocker wrote:

    > I see no compelling reason for legislation in this matter. If
    > stock markets that contractually restrict insider trading are
    > better than those that don't, then they'll succeed in the
    > marketplace. If they don't, then the legislation is counterproductive.

    Yes.

    Stewart is facing criminal charges and looking at possible prison time for
    doing what any intelligent person might have done under the same
    circumstances (excluding her alleged obstruction of justice after the fact,
    which I don't condone).

    Her broker says: "Hey Martha, Sam Waksal is selling his ImClone. Looks like
    the drug isn't going to be approved."

    Martha thinks to herself: "Hmm, who better than Sam knows best when to sell
    ImClone?"

    She then instructs her broker to sell her shares also.

    Bam. Sorry Martha but that makes you a criminal in the United States. Go
    Directly To Prison. Do not Pass Go. Do Not Collect $200.

    -gts

     

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