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Thread: 401Ks
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09-02-10, 11:41 PM #22Re: 401Ks
It was her friend, who was the big boss.
http://economics.about.com/cs/financ...er_trading.htm
Martha Stewart has been in the news for several months because the U.S. Securities and Exchange Commission believes that Martha Stewart was told by her friend Sam Waksal that his company ImClone’s cancer drug had been rejected by the Food and Drug Administration before this information was made public. This rejection was a huge blow to his company and the price of its stock went down dramatically. However, Martha Stewart wasn’t financially hurt because she had her broker sell her 4000 shares before this news was made public. If this is true, and it should be noted it hasn’t been proven yet, then Martha Stewart is guilty of insider trading.
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