Witness backs up (Martha) Stewart's story

[gulliver]

Business manager says Bacanovic discussed $60 sell order in November.
February 23, 2004: 5:20 PM EST

NEW YORK (CNN/Money) - Under questioning from defense lawyer David Apfel, Martha Stewart's business manager backed up Stewart's and former broker Peter Bacanovic's story that they had an agreement to sell ImClone stock at $60.

Jeremiah Gutman, former lawyer for key prosecution witness Douglas Faneuil, describes his meeting with Faneuil, who appeared emotional.

Heidi Deluca said that in a November 8, 2001 conversation former broker Peter Bacanovic told her "felt he would set a floor price of $60 or $61 just in case the stock continued to fall, as a safeguard," and that he planned to talk to Stewart about it. This is the first testimony that has supported the explanation Stewart and Bacanovic gave for her sale of ImClone shares the day before the stock plummeted.

http://money.cnn.com/2004/02/23/news/companies/martha/index.htm?cnn=yes

[mandyky]

1. I've always felt MS was a scapegoat

to divert from Enron and more serious charges and investigations. I dislike Martha intensely from a gut level, but she was hung out by the DOJ on bogus stuff.

[sendero]

2. Same here...

... I find her incredibly annoying - and once even got a "letter to the editor" published in a major magazine dissing her opinion.

But if I were on the jury there would be some serious "nullification" going on, no matter what the evidence was. The charges are ridiculous and I hope the jury farts in the general direction of the prosecution, who is wasting our time and money on this non-event.

[yellowcanine]

3. no nullification needed, only reasonable doubt

Burden of proof is on the prosecutor. Insider trading cases are difficult to prove and these cases should not be brought unless prosecutors have an iron-clad case. As much as I think there may have been some insider trading going on with MS - it sounds as if her defense just may have established reasonable doubt - which is all they need to do. I predict an outright aquittal or a hung jury. In either case MS wins because I doubt the state will retry in case of a hung jury. Looks too much like a witch hunt, which is mainly what it is anyway, imo.

[On the Road]

6. My Ex-Brother-in-Law,

who works on Wall Street, made the following comment when Martha was arrested:

"That's what happens when you only give money to one party."

Tech stocks usually move BEFORE a big annoucement. Most of that is insider trading -- billions upon billions a year. And Martha's $40k trade is the one that gets singled out? Please.

[Frances]

4. agree

[murielm99]

5. Did Martha defraud stock holders

and screw people out of their pensions? Did she bring down a major corporation, manipulate energy prices, or any of that?

No, but Kenny boy did, and he has not been charged with anything.

Try to imagine Martha in Trump's place on his TV show, The Apprentice. Imagine her saying, "You're fired."

People would laugh.

Martha is a Dem, and a woman. Neither are allowed to be successful. If she is guilty, fine her big-time, and make her do community service. Then, put the real criminals on trial: Bush, Cheney, Rove, Rummy, Kenny boy, Rush, etc., etc., etc.