While reading up on the Ca energy crisis I stumbled upon a blurb which I hadnt heard before. Both Rove and Libby sold their Enron stock a few months before Ken Lay divested. Rove sold between $100,000 and $250,000. This was obviously traded on inside information. What is particularly disgusting is that this was at the time when Lay was telling Enron employees to buy more Enron stock. There was never any SEC investigation.But the SEC did go after Martha Stewart, a Democratic fundraiser.
Another example of the well documented anti-doily bias of the liberal media. No, actually, on second thought, it's a sound business decision. Anyone could tell you that Karl Rove and Scooter Libby are evil - that's old news. That doesn't sell papers / increase ratings. Now, "Martha Stewart is an evil profit-mongering b..... bad person" will sell some papers!
In this case I'd say ...no. A few days or even weeks prior and I'd say yes, insider info. But a few months? No, they were just astute enough to see the writing on the wall and know eventually Lay would go down. Of course, knowing the man personally, they knew what he was up to and that it wouldn't last. But that's hardly insider trading. Just dishonor among thieves.
I feel a little dirty for saying this, but I agree with Godiva on this one. Wait: that came out wrong. I fully agree with Godiva and feel dirty in that I don't think they did anything illegal in this case. The question I would ask is, "did the stock go up or down AFTER they sold?" If it went up, they were probably kicking themselves for getting out when they did. But - in the case of Martha - if the stock immediately dropped then I would be suspicious. To me, it sounds as though even the Devil's advocate has risk avoidance levels.
<div class='quotetop'>QUOTE(TonyPSchaefer @ Jul 26 2007, 08:11 AM) [snapback]485337[/snapback]</div> It makes you feel dirty to question the accusations of an insider trading conspiracy theory for which there is no evidence presented other than “This was obviously traded on inside information� <_<
<div class='quotetop'>QUOTE(05_SilverPri @ Jul 26 2007, 08:21 AM) [snapback]485347[/snapback]</div> I read it here on the internet, so I'm sure it's true... and mojo wouldn't just make something like that up. <_<
<div class='quotetop'>QUOTE(TonyPSchaefer @ Jul 26 2007, 08:11 AM) [snapback]485337[/snapback]</div> He was very lucky to get out when he did. [attachmentid=10161][attachmentid=10162]
