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Saturday, June 07, 2003

Stamfords Advocate: Authorities Have Pushed Stewart Case ғPossibly Beyond Point of Reason

Stamfords The Advocate, in an editorial in SundayҒs edition, says federal authorities have pushed the Martha Stewart case awfully hard Ӗ and in one regard, possibly beyond the point of reason.

ԓIf you make billions teaching people to be considerate hosts, thoughtful friends and attentive parents, then you should expect a little additional scrutiny in the personal integrity department, the newspaper said.

It then cited Stewart’s insider-trading indictments and said the ԓfirestorm over the federal action is hardly surprising.

ԓWith that understood, we think the authorities have pushed this case awfully hard—and in one regard, possibly beyond the point of reason.

The editorial said StewartԒs sale of ImClone stock helped her avoid a $45,000 loss and added:

That’s peanuts compared to hundreds of millions in losses covered up on the company books at WorldCom, and a pittance when you consider the multibillion-dollar losses resulting from the accounting scandal at Enron.

ԓYet those top executives have yet to be charged with anything, while Ms. Stewart was the subject of a very public investigation for more than a year.

If convicted, she faces a maximum penalty of 30 years in prison and a $2 million fine. You have to wonder if the government’s priorities are straight.

ӔOne of the charges in particular seems to be a stretch. Prosecutors claim that Ms. Stewart effectively misled shareholders of her own company, Martha Stewart Omnimedia, when she lied to investigators about the circumstances surrounding the ImClone sale, because her fate is central to that of her signature company.

It’s a tough connection to make, and only time will tell whether the government is successful. Ms. Stewart has pleaded not guilty to all charges, and the case is headed to court.Ӕ

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Posted 06/07/03 at 09:06 PM  Permalink



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