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Non-Tech : Martha Stewart -- Scourge or Scapegoat -- Ignore unavailable to you. Want to Upgrade?

To: SalemsHex who wrote (91)	3/6/2004 2:27:14 AM
From: Jeffrey S. Mitchell	Read Replies (1) \| Respond to of 165

The NY Times has a good story on this called "Another Wall St. Case of Conflict Between Doing Right by a Client and Doing Right (see: nytimes.com. Bacanovic probably made a decision, albeit an illegal one, that brokers make all the time to well-heeled clients: give them a heads-up on impending news or risk losing the account when their client gets caught holding the bag and switches to a broker who chooses to be more forthcoming-- under the usual guise of "who's gonna know"? So, yes, this sort of thing needed to stop. And, yes, the Martha Stewart case should help it stop... well, at least for a little while. To really halt this sort of thing, the SEC would have to be continually vigilant. But there only so many things an already strained resource can be vigilant about. No one is saying the Stewart case isn't emblematic of a problem; it's that if your true goal is to save people's 401Ks from crooks, focus on the Enrons and Worldcoms of the world (not to mention the zillions of penny stock manipulators). - Jeff