|posted by lotsocats
I'm not surprised either, but I continue to be irritated that they picked her to prosecute when corporate executives who have ruined the lives of thousands of people don't even get looked at for more than a moment. I may be wrong, but I just can't see where what Martha Stewart did deserves all of the attention and potential punishment she will receive!
I pretty much agree with this, but I'm glad to see that at least they're starting to prosecute white collar crime in a criminal fashion.
What bothers me the most about the Martha Stewart case is stuff I never heard on the news (though it may have been mentioned at some point, I did not follow the story closely).
I know the firm where Martha Stewart began her career on Wall Street. She was a broker. The firm was caught back then committing illegal trading activities (especially as relates to new issues and investment banking deals, and it was a very small firm then - still is small) and that firm was banned then (until today) from participating in new issues.
Also, she was on the Board of the New York Stock Exchange.
So what bothers me the most about her is that she knew it was wrong. And she can maintain her innocence according to the letter of the law all she wants, but morally what she did was not right, whether technically illegal or not. She was trading the stock of a situation she was close to, and with 40,000 publicly traded securities, why trade that one? Why even risk it? She was already a multi-millionaire. It was stupid, unnecessary, and she knew better.
Gary and I do not trade the securities of the companies we work with. We manage some money for my parents, and we just avoid the situation. There are plenty of stocks out there to chose from, and it's not worth the risk. If you're close to a company and could even accidentally find yourself "insider trading" (even though that charge was dropped), just avoid it! And with her background, she knew the rules and laws. That's what pisses me off.