13 thoughts on “Morals and Business”

  1. Competition? Kill or be killed? Statistics can lie. Pray, go to church & worship God, then let the chips fall where they may. Gordon Gekko IS the man!!! I’m just saying…people get hurt every day.

    “Do the best you can, where you are, with what you’ve got”. -anonymous

  2. Martha should not be in that list. They had nothing on her, so they concocted this “obstruction of justice” charge because she was not forthcoming in delivering evidence that did not exist.

    It was a BS charge that she declined to challenge because it was easier and cheaper for her to do a couple months in jail.

  3. “The government’s star witness in the case, Douglas Faneuil, Bacanovic’s former assistant, testified that his boss ordered him to pass the inside tip about ImClone to Stewart.”

  4. What is more likely, that Stewart got lucky and dumped her ImClone shares the day before the FDA denied the company’s drug approval,


    that Stewart was acting on insider information seeing as how Stewart and the ImClone CEO (Waksal) were both using the same broker (Bacanovic)?

    Regardless, everyone went to jail except for Faneuil because he was the only one willing to testify to the truth — I see nothing wrong with that.

  5. What is likely is that SOMEONE was going to sell the day before. That someone HAPPENED to be Stewart.

    So, to avoid jail time, he pulled out the last person to make a sizeable sale prior to the news, and she was his goat.

  6. Didn’t watch it yet, but the comments get me to thinking about Congress acting on stock information and making a killing. Yet I see their ugly mugs on the news on a weekly basis and not wearing stripes 🙁

  7. Jack) So Stewart just happened to sell ImClone shares the day before the stock tanked (when the FDA denied the drug approval). And she just happened to share the same broker as the ImClone CEO. And she just happened to get the inside tip immediately before she just happened to sell the stocks she was going to sell anyway?


    Stacey) Yes, isn’t it interesting that Congress can do exactly this, and it is perfectly legal for them to do it (trade stocks based on their secret policy making decisions before the news becomes public). Those congress-critters should be wearing stripes.

  8. BG, how many wealthy people use that same broker? He had, as I recall, quite a large business. People were buying and selling ImClone all the time — that’s why people have stock brokers.

    So SOMEONE was very likely to be selling the day before the announcement. If it had been Joe Shlabotnik, you would be saying the exactly same thing: “So Shlabotnik just happened to sellImClone shares the day before the stock tanked?”

    It was going to be someone, BG — it just happened to be Stewart.

  9. “Jurors said the most compelling testimony came from Stewart’s assistant, Ann Armstrong, who testified that Stewart sat down at Armstrong’s desk to change a message from her broker, Peter Bacanovic, that informed her that he thought the ImClone stock price would start falling. “She ultimately gave the testimony that was going to bring Martha down,” said juror Chappell Hartridge.”

    “Many jurors said they were stunned by longtime Stewart friend Mariana Pasternak’s testimony that Stewart had told her she knew that ImClone CEO Sam Waksal was selling his stock. Pasternak testified she remembered Stewart saying, “Isn’t it nice to have brokers who tell you those things?” although she backed off that claim on cross-examination.”

    I guess those two people framed Stewart as well.

  10. The message, which was delivered Dec. 27, 2001, initially was, “Peter Bacanovic thinks ImClone is going to start trading downward.” Armstrong testified that she was present when Stewart gained access to a computerized log a month later and changed a typed entry to read, “Peter Bacanovic re: ImClone.” “I was standing behind her” when the message log was changed, Armstrong said.

    But Stewart then “told me to put it back the way it was,” Armstrong added, according to published reports.


    So, no-one should act on the advice of his broker?

    That’s all she did.

Comments are closed.