In March of 2004, Martha Stewart was convicted of obstructing justice and lying to the government about superbly timed stock sale. The charges centered on why Stewart dumped $228,000.00 of ImClone Systems stock on December 27, 2001, just a day before it was announced that the Federal Drug and Administration (FDA) had rejected ImClone's application for approval of a cancer drug. The rejection sent ImClone's stock plummeting. Anyway,the story goes that her stock broker heard that the CEO of the company was looking to dump his stock, he alerted Ms Stewart, and she said to sell. She ended up saving over $51,000.00 by the sell. (This was obtained from AP via Fox News.)
So, why are we discussing Martha Stewart now since her ordeal was seven years ago? Did you miss the point that she was convicted of lying to the government about her stock trades? The CEO of ImClone was convicted of insider trading. James B Comey, the US Attorney for the Southern District of New York was quoted as saying that lying to the FBI and the SEC will not be tolerated. Ms Stewart was not convicted of insider trading.
CONGRESSIONAL INSIDER TRADING
We are talking about Martha Stewart today, because of the 60 Minute show this past weekend that discovered all the insider trading that our elected officials and all of the lobbyists in Washington are doing.......legally. Because they own the reigns of the law and they exempt themselves from the same laws they say we have to obey! These Occupy Wall Streeters have the wrong target: They should be marching on Nancy Pelosi and the others in D.C. who have made millions from insider trading.
The person being interviewed by Steve Kroft was Peter Schweizer, who wrote a book about the corruption in D.C., titled "Throw Them All Out". We all need to read this book and contact our representatives in D.C. and put a stop to all this garbage. What do you think? Although with less than 6% of the eligible voters in Texas voting in this past election, how far do you think we will get? Get involved, everybody! We are loosing our country!
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