Martha Stewart Guilty

Discussion in 'Politics, Religion, Social Issues' started by wdlove, Mar 5, 2004.

  1. wdlove macrumors P6

    wdlove

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    #1
    Martha Stewart was convicted of obstruction of justice, conspiracy and lying to investigators about a December 2001 stock sale Friday, handing the government its biggest trading prosecution since Michael Milken was locked up in 1990 and opening the door to prison time for the famous entrepreneur.

    Stewart, 62, was convicted on two counts each of conspiracy to obstruct justice and making false statements about her Dec. 27, 2001, sale of 3,928 shares of ImClone Systems, shares that cratered one day later on news of an FDA setback. Her trial focused public attention on the use of privileged information in stock trading and is the latest dose of justice in a long list of executive scandals that have plagued U.S. financial markets for three years.

    Will be sentenced June 17th.
     
  2. eyelikeart Moderator emeritus

    eyelikeart

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    #2
    Why the sad face? She broke the law & got caught.

    What's worse about this case is the people who had their careers ruined because of her greedy needs.
     
  3. Savage Henry macrumors 65816

    Savage Henry

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    #3
    I'd be interested to see how much her celebrity status can buy her out of the potential 5 yr sentence on each count and the $1/4m fine.


    But then shortly after that I'd probably lose that interest and go a read a book or something. :eek:
     
  4. jxyama macrumors 68040

    jxyama

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    #4
    i hope this case won't be an exception in white collar criminals being brought to justice...

    convicting enron/tyco/worldcom/etc/etc CEOs won't have as much publicity potential but those frauds did far more damages to many more people.
     
  5. 1macker1 macrumors 65816

    1macker1

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    #5
    Damn, it's pretty bad having to go to jail as is, but to think that your a billionare that's going to jail for trying to save 22,000 bucks is just a terrible feeling. This is where greed will lead you.

    I don't think she'll get the max sentence for all her charges. This should be a lesson learned. I for one thought she was going to get off.
     
  6. eyelikeart Moderator emeritus

    eyelikeart

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    #6
    It may be the start of showing that high power people CAN be put to justice, just like anyone. I'm curious to see future legal cases against celebrities & such after this.
     
  7. hugemullens macrumors 6502a

    hugemullens

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    #7
    yay for posting in the right spot!!! :D Its going to be interesting to see how long she gets put away. It'll sound cold but i hope its a long time. I never want to have a job where i find out that all my pension, all my investments are gone because the higher ups wasted it. Hopefully this sends a message.
     
  8. wdlove thread starter macrumors P6

    wdlove

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    #8
    It is sad the her life is ruined. The big problem is that others do similar things and get off. Two political figures come to mind.
     
  9. rainman::|:| macrumors 603

    rainman::|:|

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    #9
    take the moral high ground, but if you guys were in the same position, you'd probably dabble in insider trading too. It's not like it's a sinister thing to do, just unfair to other shareholders. I do feel for her, strangely. she's worked hard and been neurotic (and evil) to get what she wants, and now it all collapses. it's the end of an american icon, anyway...

    paul
     
  10. cr2sh macrumors 68030

    cr2sh

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    #10
    Don't know if you guys are seeing what I'm seeing.. but I thought I'd point it out.

    They'll throw the book at her, she's going away for a while. She's the example that's being made.
     

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  11. Juventuz macrumors 6502a

    Juventuz

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    #11
    I get a kick out of how many people equate this to the Enron or WorldCom scanddals. They're comparing apples to oranges.

    Martha got caught trying to save some money. This stuff happens ALL the time and people get away with it. Martha was a high profile case and that's why they went after her the way they did. This is a case of them specifically going after her because she's famous. If were some other person they would have faced a steep fine, and MAYBE some probation. Nothing more.
     
  12. eyelikeart Moderator emeritus

    eyelikeart

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    #12
    Yeah, but a line must get drawn somewhere. While I don't want to see her ruined, I think it's important to understand that these things happen, AND people can/will be punished. I think the reason it happens a lot more than we realize is because there's no enforcement where it's needed. This is also affected by the fact that a lot of it isn't seen.

    Martha will be the precedent set for these types of cases involving celebrities & high profile figures. It sucks for her, but that's the price paid. She knew what she was doing was wrong, so I feel no sympathy for her.
     
  13. jxyama macrumors 68040

    jxyama

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    #13
    i wasn't exactly equating the two... i just grouped them under white collar crimes...
     
  14. wdlove thread starter macrumors P6

    wdlove

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    #14
    I don't know how everyone else feels. Martha has been found guilty of multiple felonies, her company, finances, and life are ruined. She should be fined. But I don't think it will really serve any purpose to put her into prison. I do think she should have to do a lot of community service. The reason is that she is not any danger to society.
     
  15. 1macker1 macrumors 65816

    1macker1

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    #15
    She isn't a danger to sociey physically, but she could ruin the life saving of a lot of people. See Enron for details. I think they should lock her up.
     
  16. mactastic macrumors 68040

    mactastic

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    #16
    Funny that they nailed MS so fast yet haven't been able to indict Kenny boy yet. The Justice Department works in mysterious ways.
     
  17. pooky macrumors 6502

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    #17
    So it's fair for the random thug who steals $50 from a 7-11 to go to jail, but not fair for someone who, through moral ambiguity, lies, and disregard for the well being of others steals several thousand dollars. Sounds like business as usual in the U.S. to me, but it makes me a tad ill.
     
  18. Les Kern macrumors 68040

    Les Kern

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    #18
    His day, I think, will soon come. A hefty fine for Martha will please me personally, BUT If Martha gets a year or so in jail or is let off, Ken Lay, Ebbers, Skilling and that bunch should be hung, shot, given lethal injections and pissed on.*
    Martha was a bit greedy and maybe had a sense of being above the law. The Big boys of Enron, Tyco and WorldCom DESTROYED lives... TENS of thousands lost ALL of their pension and 401(k) money which they will NEVER recover. Meanwhile, Ken Lay sits in his Florida mansion worth TEN times as much as he did just 3 short years ago. Put that F***er in jail NOW, and take every penny he has. Did you know that just one year before the "fallout" Ebbers was worth 3 million, and today he's worth 40 million? These folks brought harm to countless honest folk. They may or may not rot in hell, but they are evil; offering nothing to our society or culture... so we can make hell for them right here on Earth.

    * Actually, I don't believe in the death penalty... but that's another forum!
     
  19. Stelliform macrumors 68000

    Stelliform

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    #19
    Who is Kenny Boy?

    Edit: Never mind, Someone posted it as I was reading and replying...
     
  20. Awimoway macrumors 65816

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    #20
    It always seems unfair when someone you know (personally or through mass media) who does not have the aura of a lawbreaker gets caught breaking laws. Denial is tempting. Blaming someone else, like the media or the government, is also tempting. I am sorry Martha's career is ruined, but she did do it to herself. She should have known better. Actually, she probably did know better. She should have done better.
     
  21. Awimoway macrumors 65816

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    #21
    Kay Lay, Enron CEO
     
  22. Les Kern macrumors 68040

    Les Kern

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    #22
    Makes me ill too.
    20% of the black males in California are in jail or on parole. Most because of the 3rd strike law. They may have smoked some weed: wham - 15 years.
    White males are 7 times more likely to use drugs, but black males are 4 times more likely to go to prison.
    Money and color are power. Until we change it and make the laws fair for all, we are nothing better than a fascist state run by aristocrats... like Bush. Like Ashcroft. Like Cheney.
    This country makes me so damn mad. (If you're thinking of flaming me, saying something like "Then go live somewhere else", you obviously don't get it. Oh, and you can blow me while you're at it, idiot)

    Can you tell I'm off my Paxil?! :)
     
  23. mactastic macrumors 68040

    mactastic

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    #23
    That term comes from the nickname GWB gave him. Yep they were close enough for the president to nickname the guy.
     
  24. D*I*S_Frontman macrumors 6502

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    #24
    Martha will get what she deserves...

    When reading these posts, I would like to remind everyone that the reason Martha got slammed today was NOT for insider trading. It was for lying to investigators and conspiring to cover up the transaction. The whole story is full of interesting irony:

    1) She gets the tip to sell the Imclone stock because they were not going to get approval for a new cancer drug. IRONY: They recently GOT the approval after all.

    2) Martha sells the stock and saves about $46,000 by ditching it early. IRONY: She loses hundreds of millions, places her company in peril, and has to serve time in the pen. Had she cooperated, she would have been handled reasonably, maybe even walking if she agreed to rat out the REAL insider info guy. Even if she just shut her mouth and pleaded the 5th when questioned by the feds, the worst consequence she could have expected would be to pay the cash back with perhaps a slap-on-the-wrists fine to boot. No protracted legal drama (imagine the legal fees!), and zero jail time. Everyone forgets about it within three months and she keeps her company and her hundreds of millions. Now she wears the brand "convicted felon."

    3) Martha used to be a stockbroker before becoming the "domestic diva." IRONY: She should have heeded her own instincts to pot petunias instead of horse-trading speculative stocks. Her intimate knowledge of the market and the operations of trading proved to be her undoing.


    Don't feel too bad for ol' Martha. Her arrogance to actually lie and cover up something as minor as this stupid trade is why she is where she is. In the US, you do not have to help the government make their case against you--but you sure as Hades can't falsify records and lie to investigators and expect to get away with it. In her haughty pride she considered herself above the law. Big mistake.
     
  25. coopdog macrumors 6502a

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    #25
    Anyone else would have been led away in handcuffs. Why not her? What a bitch. But really, jail for something like this is stupid. 5 ****ing years? Wouldn't paying back the money+fine+community service be a much better use of everyone's time?! I would love to see the pictures of MS cleaning up parks with her spring Europian cleaning broom made with African Swallow feathers in her k-Mart signature 350 stitch fine cotton jumpsuit. :p
     

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