TIME TO GET CONTRITE
Martha Stewart was found guilty on 4 counts of conspiring and lying to the government during the investigation of her illegal sales of stock in Imclone Corporation. In the aftermath of the verdict, her arrogance was unbelievable. It is clear to the public and the jurors in this case, that she did something wrong and then lied about it. Martha Stewart committed these crimes with full and complete understanding of the consequences and with the knowledge of the rules & regulations of the stock market system.
You see, Martha Stewart wasn't your everyday, run of the mill CEO. She was at one point in her illustrious career a licensed stock broker. In order to obtain that dubious distinction, and license, one must take a 40 hour course and pass a 4 hour exam. It is known in the industry as Series 7, and if passed allows a person to become a stock broker and get all the spoils that come along with it. An important part of the course and the exam are the concentrated on the rules & regulations regarding insider trading. Martha knew what she was doing was wrong when she did it and afterwards when she lied about doing it.
In addition to the fact that she was a stock broker, with the knowledge that comes along with it, Martha was a sitting Board member of the New York Stock Exchange. I do not know what it takes to become a NYSE board member, but I have to believe it requires a pledge of honesty and integrity, along with a committment to be truthful when giving any type of testimony under oath, especially when it is with the Self Regulatory Organization that governs the NYSE.
Martha knew what she was doing and she deserves to be punished for what she did. She clearly thought she was above it all and was not subject to the rules & regulations that govern fair market activity. She risked her reputation, carrer, and $400,000,000.00 fortune for a mere $240,000.00 of speculative (if she were to lose her entire Imclone investment). She lost that gamble and deserves what is now happening to her. It is very unfortunate that her company employees are going to suffer as well, yet as the decorating diva, she had no regard for their trust either. In hindsight, it was probably never deserved.
Martha Stewart, in her statement after the verdict said, "I am obviously distressed by the jury's verdict but I continue to take comfort in knowing that I have done nothing wrong and that I have the enduring support of my family and friends. "I will appeal the verdict and continue to fight to clear my name. I believe in the fairness of the judicial system and remain confident that I will ultimately prevail." She is still unwilling to admit that she lied and tried to game the system. Her next book will be called..."How to Decorate 12' by 8", and she will write it from inside a Federal Penetentiary. Maybe when she gets out she will tell her adoring fans the truth.
