Podcast on Martha Stewart's Legal Trouble
Is the US really as pro-business as everyone says? It sure doesn't seem that way after talking to our two guests. Today, we are in the studio with law professors Joan Heminway and Ellen Podgor (by phone), who have a new book coming out entitled, Martha Stewart's Legal Troubles.
They use the Martha Stewart case as a jumping-off point to talk about white collar crime, the buisness environment, and whether overcriminalization is hurting the US economy, and the problems with the Sarbanes-Oxley Act. Oh, and we talk about Christmas cookies.You can listen directly -- no downloading needed -- by going here and clicking on the gray Flash player. You can download the file by clicking right here, and you can get a lo-fi version suitable for dialup, cellphones, etc. by going here and selecting the "lo-fi" version. And, of course, you can always subscribe via iTunes so that you'll never miss an episode. Plus, don't miss our show archives at GlennandHelenShow.com!
This podcast is sponsored by Volvo at volvocars.us.
posted by Helen at 11:42 AM
9 Comments:
I'd rather see pictures of you than Martha Stewart any day, Dr Helen.
Glenn:
You are absolutely right, if they want to get you, you are toast. When you finish your study on the matter, put me on the list to be your first buyer.
To All:
There is an interesting editorial on this in today's (12-21) Wall Street Journal by Michael S. Malone. He points out that many larger companies are now lining up to oppose changes in SarbOx because the cost of compliance prevents start-up companies from entering the public markets. Why take the chance of failing because of the compliance costs, or worse, going to jail, because you broke a rule, when you can just sell out to Google?
For myself, I usually syndicate 2 or 3 real estate investment deals a year. In 2005 I did none, I spent the whole year reviewing our operations to make sure we weren't breaking any laws. This was great for the lawyers and accountants, but not very profitable for me. But at least I have more peace of mind.
I thought we had a bill of rights to protect us from over zealous prosecutors?
We do, but like all rights and freedoms, someone will find a way to take them away from you unless you fight to keep them. That is one thing that will never change.
I never paid much attention to the Martha Stewart case. (Swells in another world).However, when Eliot-the-little DA decided to run for Governer, then it occured to me that this had been one big "Dog & Pony Show" right from the beginning.
If Eliot had really cared about "JUSTICE" and "FAIRNESS" and all the other "Goody, Goody Two-shoes Political BS", he'd have indicted the little governement type who gave the intital "head's up" to the owner of the company, who then passed it along to his family and friends. Eliot is Self serving. Gee, another one.
Helen,
I'm a faithful listener to the Glenn and Helen podcasts--keep up the good work!!
Regarding Martha Stewart--I don't think she was targeted because she was a woman or a Democrat. I think it's extremely important to realize that Martha was on the board of directors of the New York Stock Exchange until she stepped down during the investigation.
(Supporting link here).
If prosecutors think a board member of the NYSE is guilty of insider trading, it seems to me that pursuing a case may well be the right thing to do.
Tom
Tom is right, she was a Director of the NYSE and a holder of a (probably expired)Series 7 securities license, the license you need to be a stock broker. As such, there was a case to be made that she should have been held to a higher standard.
On the other hand, I still believe that had she not been famous, and for whatever reason created such a love-hate relationship with her audience, she would not have been targeted for such scrutiny and would not have gone to jail.
Martha was a victim of bad timing (adelphia, worldcom, enron etc), and high profile. Regarding pixel's comment, there was never the slightest evidence any "government type" did anything wrong. There was no heads up, per se.
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