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KingCharlemagne

(7,908 posts)

47. There are some mornings when I wake up to find egg on my face, and this is surely one. Thanks

Sun Dec 14, 2014, 11:29 AM

Dec 2014

for the detailed review which shows that you are far closer to the truth than I ever should have hoped to get. (I think Stewart may have technically been charged with securities fraud, but the judge in her case threw out that charge, saying that no jury could ever convict beyond a reasonable doubt.) I was right in one respect, that the "allegation" was that Stewart's broker Bacanovic had tipped her to the impending collapse in ImClone (a tip for which the broker presumably received no compensation directly).

At all events, you are 100% correct. Stewart was convicted only of lying to federal investigators, not of securities fraud.

The case is reviewed in detail at the link below, reading of which bears directly on matters contained within this OP:

http://en.wikipedia.org/wiki/ImClone_stock_trading_case

Thanks again for taking the time to respond in such detail. (Now wiping egg off face

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Highlight:

Corruption Is Now Officially Legal in the U.S., ''But Must Be Done Right'' [View all] Octafish Dec 2014 OP

Rogue corporatocracy ............. marmar Dec 2014 #1

Three GOP judges don't make a country club. Octafish Dec 2014 #33

That array of clowns must come from before 2005. tclambert Dec 2014 #38

In case you didn't notice... 99Forever Dec 2014 #2

What would Goldman think of that? Octafish Dec 2014 #27

Thanks for the link... 99Forever Dec 2014 #28

In a totally corrupted capitalist government fasttense Dec 2014 #3

Which is why I believe RoccoR5955 Dec 2014 #11

Yes, I've started to think this way, as well. When people lose out closeupready Dec 2014 #50

WTF? blackspade Dec 2014 #4

People in the know have been doing that all along, LuvNewcastle Dec 2014 #5

I'd like to get some attorneys' takes on this, as IANAL. It would seem that KingCharlemagne Dec 2014 #6

I'm an attorney and I'd say no go. What duty does the person with inside info have to you? Shrike47 Dec 2014 #22

OK, but if your investment 'win' (or capital gain) comes at the expense of my KingCharlemagne Dec 2014 #26

I agree with you. And as far as I know, it's called 'insider trading' and has sabrina 1 Dec 2014 #44

There are some mornings when I wake up to find egg on my face, and this is surely one. Thanks KingCharlemagne Dec 2014 #47

She was being investigated for "insider" trading but that's not what got her prosecuted/sentenced.. 2banon Dec 2014 #45

As Sabrina1 points out immediately upthread, Stewart was a donor to Democrats. Her prosecution a KingCharlemagne Dec 2014 #48

Thanks for the reminder on the specifics.. 2banon Dec 2014 #49

I lost all respect when she tried to blame her secretary, as I recall, closeupready Dec 2014 #51

like i said, I didn't have a high regard for her before that happened. 2banon Dec 2014 #53

Unmarked cash in an envelope is so old school. Autumn Dec 2014 #7

but still really really effective. (nt) ret5hd Dec 2014 #35

It's in our faces now... woo me with science Dec 2014 #8

Yes it is. As long as the media doesn't report on it, it isn't happening. Enthusiast Dec 2014 #17

Bribery has been legal for a while here in the US too. RoccoR5955 Dec 2014 #9

its the only way PowerToThePeople Dec 2014 #10

K&R. I didn't notice that insider trading is now legal. Overseas Dec 2014 #12

Makes that Martha Stewart jail stint libodem Dec 2014 #14

I immediately thought of her, too -- and her alleged $30K transaction. pnwmom Dec 2014 #21

Yep libodem Dec 2014 #37

Genuine Overload. 7wo7rees Dec 2014 #13

Unending flurries of blows from every direction seemingly daily. TheKentuckian Dec 2014 #29

Corruption is not only legal in the U.S., it's greatly admired by many citizens. nt ladjf Dec 2014 #15

K&R! This post deserves hundreds of recommendations! Enthusiast Dec 2014 #16

Bet they already had a clandestine futures market set up for this.... Spitfire of ATJ Dec 2014 #18

and the rich keep getting richer shanti Dec 2014 #19

I wonder if the movie, "Altar-Boys of Wall-Street", is out? Johnny Rash Dec 2014 #20

Right, like you are going to pay him directly zeemike Dec 2014 #23

My Daughter watoos Dec 2014 #24

The rot just keeps getting worse. At some point we will be forced to take drastic action. EEO Dec 2014 #25

Collectively, The American People Are Not Desperate Enough - Maybe Some Day cantbeserious Dec 2014 #31

The plutocracy never sleeps. Rex Dec 2014 #30

What a billionaire makes an hour. Octafish Dec 2014 #32

One hour in any one of their shoes and I'd be more than set for life. JEB Dec 2014 #39

K&R. Please post this as a separate thread and send me a private mail notifying me that you JDPriestly Dec 2014 #42

K & R !!! WillyT Dec 2014 #34

I take a different view: The law is the law, no matter what the courts say. True Blue Door Dec 2014 #36

K&R This is just beyond ridiculous. raouldukelives Dec 2014 #40

The stock market is a fixed game. The winners win by cheating in many cases. JDPriestly Dec 2014 #41

Which is why I keep scratching my head..... DeSwiss Dec 2014 #43

14 Defining Characteristics of Fascism blkmusclmachine Dec 2014 #46

kick woo me with science Dec 2014 #52