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It's called insider trading and it's illegal. If you sell stock based on information not available to the general public, you have broken the law. The law is supposed to protect your average everyday stockholder (i.e., you and me) from clowns at the top who would rip us off or let us take the fall. Martha got a tip from someone connected to the CEO of ImClone so she sold her stock before it plummeted. Average Americans lost lots of money but I guess Martha doesn't think the same rules should apply to her. Most of us don't have connections with CEOs but powerful people like Martha do, so we have to make sure they don't cheat. Interestingly enough, for some reason the judge threw out the insider trading charges against Martha. She actually was convicted for trying to cover the whole thing up ... charges like conspiracy, making false statements and obstruction of justice. Yes there are worse corporate criminals than Martha but she deserves what she's getting. Plus she'll probably go to some cushy country club jail ... a far cry from where you or I would be sent if we were convicted of a felony.
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03-09-2004, 09:34 PM
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