Word: stewart
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...next day, and ImClone shares promptly dropped 16%. The prescient ImClone sales immediately caught the attention of compliance officers at Merrill Lynch, who on Dec. 31 asked Bacanovic about it. He said it had something to do with tax-loss selling. Later he changed his story, saying he and Stewart had a pre-existing agreement to sell the stock if it dipped to $60, which it did that day. "On Monday, Dec. 31, he said nothing, nothing about any $60 price agreement," assistant U.S. Attorney Michael Schachter argued in his summation. "Four days after the sale, Peter Bacanovic didn...
...Stewart was in a tough spot when the allegations first surfaced. She was the highly visible CEO and namesake of her publicly traded company, and if she said nothing, she risked having her name sullied, her stock trashed and shareholder suits filed. Yet speaking up was worse. Her statements could be used against her in court. Indeed, the whole case flowed from her ill-advised explanation to investigators that she had a stop-loss order at $60. "She and her lawyers violated the first rule of criminal defense, 'Don't talk to the cops,'" says Manhattan criminal-defense attorney Gerald...
...Still, Stewart and Bacanovic had a story, and they were sticking to it. And so was Bacanovic's assistant, the 28-year-old Faneuil. At least until the feds got him isolated from his confederates and, as they famously do, squeezed this little fish until he gave up somebody bigger. At trial, Faneuil provided what seemed to be damning testimony about being part of the cover-up. After all, he had arranged Stewart's ImClone trades...
...cross-examination, the defense zeroed in on Faneuil, tarring him as a liar who smoked pot and had tried the drug ecstasy. That might have been a tactical error. Jurors said after the trial that the most damaging testimony came from Stewart's assistant, Ann Armstrong, who sobbed on the stand before describing how Stewart at one point altered part of a phone log showing she had heard from Bacanovic on the day in question. Armstrong convinced the jurors that Faneuil was believable. "That was one of the strongest things that showed there was some kind of cover-up," said...
...final courtroom gaffe, it seems, was the presence of celebrity friends--among them Rosie O'Donnell and Bill Cosby--who sat behind Stewart in a show of support. "If anything, we may have taken it as a little bit of an insult," Hartridge said...