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Essay / Research Paper Abstract
This 4-page paper discusses Martha Stewart and ImClone, and determines if Stewart deserved her conviction and jail time. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTmartstew.doc
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listed below. Citation styles constantly change, and these examples may not contain the most recent updates. MARTHA STEWART: INSIDE TRADER OR SCAPEGOAT? Research
Compiled by 10/2010 Please
When it was revealed in late 2001 that Martha Stewart had sold approximately $230,000 in ImClone shares the day before its price dropped sharply on the heels of a
Food and Drug Administration announcement that it was withholding approval from one of its drugs, the grande dame of home economists ended up imprisoned. She was cited for lying about
a stock sale and obstruction of justice. However, what was somewhat lopsided about his particular case was that the ImClone executives who also sold their stock based on inside information
were not sentenced (with the exception of company founder Sam Waksal). Stewart served her time and has returned to the mainstream to
resume her duties. But the question still remains as to whether she actually deserved to be punished, or whether she was a public scapegoat, to show that the Securities and
Exchange Commission were actually doing something to go after dishonest shareholders. First, we need to remember the context during which all of this
was happening. The early 2000s were a time during which accounting scandals were rife - in fact, around the time of the ImClone situation, energy trader Enron had just imploded,
taking with it billions of dollars and ruining employees and shareholders. The SEC was examining other companies for fraud as well, with WorldCom, Tyco and Adelphia in its sights. The
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