Comment on No matter how hard he tries, Elon Musk will never be as cool or as respected as Martha Stewart.
givesomefucks@lemmy.world 3 weeks agoNope:
Martha Stewart, the founder of Martha Stewart Living Omnimedia, also became embroiled in the scandal after it emerged that her broker, Peter Bacanovic, tipped her off that ImClone was about to drop. In response, Stewart sold about $230,000 in ImClone shares on December 27, 2001, a day before the announcement of the FDA decision
onslaught545@lemmy.zip 3 weeks ago
That still seems like it’s more on the broker than her
givesomefucks@lemmy.world 3 weeks ago
It’s not one or the other.
If her broker said:
Then she wouldn’t have broken any laws.
But he said he had insider knowledge that it would drop. And he really did have insider knowledge and it did…
Like, you realize she has literally the best lawyers can buy, is a rich and connected white person…
And she still went to jail. Why are you just insisting she’s not guilty?
onslaught545@lemmy.zip 3 weeks ago
I never insisted on anything. All I said was the provided excerpt doesn’t really further the claim she was involved.
It’s not at all uncommon for a financial advisor to call up a client and advise them to sell because they think a stock is going to drop. It’s also not uncommon for them to frame things as a sure thing.
The comment I responded to didn’t state that he told her why she should sell.
Sanctus@lemmy.world 3 weeks ago
Idk, she should have known the minute she got the hot tip it was insider trading and just waited until the announcement to sell. She wouldnt have noticed the 40k.