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Congressional Staffers>Martha Stewart

October 17, 2010

So, we all remember Martha Stewart’s whole “OMG I’M GOING TO JAIL” fiasco, right? If not, lemme refresh your memories.

Martha Stewart; Queen of DIY. Queen of cooking. Homemaker extraordinaire. The woman who everyone wishes was in their lives if for no other reason than her wicked cool abilities to make even the most BORING things in life relatively interesting.

In the early 2000s (2K4, I think), Martha Stewart was sentenced to five months in PRISON and two years probation. She was also fined something to the tune of 30 GRAND. Her crime? Lying about some stocks she was involved in. I remember her being given the minimum sentence the Judge could possibly impose; but Martha had to pay the maximum fine. that’s kind of irrelevant, but keep with me. After she was released; Martha had to serve five months of home confinement. At least now she has some street cred.

Martha: I cheated no one
Source: CNN Money

Bacanovic was accused of ordering his assistant to tell Stewart that the CEO of ImClone Systems was selling all his company stock ahead of the Food and Drug Administration’s rejection of the firm’s new cancer drug, causing the stock price to plunge.

Stewart sold nearly 4,000 shares, and later argued she and Bacanovic had an agreement that he would sell her shares once the price dipped below $60 a share.

Full Story Here

“Why the hell are you rambling about Martha freakin’ Stewart, DangerB?”

Well, I’ll tell ya. I’m rambling about her to provide just another example of the double standards between American Citizens and our elected officials and their cronies.

Congressional Staffers Gain From Trading in Stocks
Source: The Wall Street Journal

 

Click to enlarge graph. It's pretty sick.

 

At least 72 aides on both sides of the aisle traded shares of companies that their bosses help oversee, according to a Wall Street Journal analysis of more than 3,000 disclosure forms covering trading activity by Capitol Hill staffers for 2008 and 2009.

The Journal analysis showed that an aide to a Republican member of the Senate Banking Committee bought Bank of America Corp. stock before results of last year’s government stress tests eased investor concerns about the health of the banking industry. A top aide to the House Speaker profited by trading shares of Freddie Mac and Fannie Mae in a brokerage account with her husband two days before the government authorized emergency funding for the companies. Another aide to Republican lawmakers interested in energy issues, among other things, profited by trading in several renewable-energy firms.

Read the rest HERE

Un-fucking-believable. Well… no. Nothing is really unbelievable these days.

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