We now have three articles pointing out that federal prosecutors oppose a new trial for Martha. Does anybody no all the words to "Well DUH!".
Forbes goes on to say that it is more bad news for Martha.
Clueless idiots. What did they expect the prosecutor's to do, roll over and play dead?
Got to love our media.
Well, I'm not up to addressing your issue raised about market manipulators so I'll leave that to someone else. For the other points, I'd compare it to when I talk to my customers and learn that their inventories are super low and they're screaming at me to get their products shipped 'fast-track' from our mfg'g facilities in Asia, I take that as 'insider info' to some extent. I can tell from that sort of knowledge that business is good or bad. I have bought/sold stocks based on what I hear in that manner. I don't know if that counts as 'insider' info, but the point I'm making is that what counts as 'priveledged' info is stretched quite a bit. Fund managers used to be allowed to go have private meetings with BOD's and other executives to assess the co's health and prospects for investing. That's disallowed now. Today that would be considered insider info. A few years ago it wasn't, and I'm not 100% in agreement that this change is for the better. The rules changed to make transparency better, but in reality it's made a lot of things worse. Corporations are now hesitant to give out any guidance for fear of being charged with misleading investors. So they hedge a lot nowadays.. to everybody.
<<thats the nail......congress has done what it is good at doing, screwing up. >>
And pointing the finger at Martha Stewart as a diversionary tactic instead of doing their jobs. This whole case is a waste of time- the trade was chicken
thats the nail......congress has done what it is good at doing, screwing up. Inside info left to the SEC as an undefined act has left open a huge roadway for large active investors and pools to drive down regarding inside info, and boy are the pools doing it. And those chicken licken Beltway jerks are not going to do anything unless there is a massive overall 1970's type of crash without the o&g ride that blunted that periods crash, coupled with huge leaving of self-directed capital into bonds, which in the crash case, as the markets begin to recover, will cause passage of the wrong laws for the wrong acts in the wrong way.
In the abstract, fine....you sell on a broker call advising to sell with no corrupted info. Also presumed is you did your homework and are already on the fence on that stock. As an aside, listening to brokers for buy/sell will insure moderation of wealth over the long term.
I am not whining. I get very good inside info all the time, and consistently choose not to act on it for the trade because of the risks that I (and Mar-thud) know about.
My point is every bear market must have an inside info poster group to prevent this from getting out of hand. I think a few fast dodge hedge funds should be prosecuted too, even if harassment is the true purpose.
My other point is sure I can and would love to be able to pool with a few friends and totally wreck a mid-cap poorly run stock every month or so to make easy money with the inside info flow. And if I could legally do it and if other pools could legally do it, the tax revenues out of those pools would go up too. But what would the consequences of the flow of retail funds out of self-directed and into mutuals and out of stocks do to markets and their ability to finance business? I submit there is no benefit there, and poster groups must be prosecuted even if others get away with the same.
As to the obstruction, lying to feds is just plain dumb. Any putz who accumulated wealth through any means other than starting on 3rd and calling a hit a home run knows you either tell the truth or tell/say nothing. So this stupid, arrogant, above the law, I bought the politicos, I am a queen of America kind of putz figured they could not touch her important butt.
I know the world is unfair, just look at the issue of educating children, but some non-violent misconduct has to be prosecuted.
Since I have been abstaining from frequently posting (toooooo many jerks are now polluting the board) . . . all I can say is that I don't know of anyone who places any credience on what Waksak says - including his attorney, whose signature he forged to obtain bank loans.
If you place any credibility in what Waksal says - like I said earlier - too many wierdos populating this board these days to bother with!
<<You're saying that if Sam tells his mother to sell (and she does)- she's done nothing illegal because HE didn't profit (from telling her)? (TIA) >>
Thats not what I'm saying- I said a misapropriator needed to directly benefit from the information. Sam Waksal is not a misapropriator, but an insider of ImClone. If he tells someone to sell, he has tipped them, and has violated "classic" insider trading laws.
Note that "classic" insider trading is quite different than misapropriation. A misapropriator has no direct ties to the company/stock they are trading. (Baconovic/Faneuil tipped Martha, not Waksal)