Dispatches from the Martha Stewart trial--Slate The judge agreed to allow testimony from two of star witness Douglas Faneuil's friends who apparently say that, in early January 2002, six months before Faneuil confessed to the government, he blabbed to friends about how he had done something wrong and had been ordered to do it. Judging from a New York Post article on the same subject, the defense will probably contend that these "confessions" stemmed from a New Year's Eve Ecstasy binge.
The Daily Trial Cafe
Today's special: Grilled Faneuil, and plum pudding
Today, the main event finally gets underway, and the atmosphere in the courtroom is beginning to resemble that of a world title boxing match. You can almost hear the announcer warming up the crowd: "In the left corner, wearing a grey jacket, grey pants, introducing the challenger, weighing in at 165 pounds, the star witness, Douglas Faneuil. In the right corner, the defending champion, weighing in at considerably more than his opponent, wearing grey pinstripes, the heavyweight champion, Robert Morvillo."
Before we get to the main event, the morning begins with another celebrity sighting, of sorts. This time it’s downtown Tina Brown, (formerly of the New Yorker, formerly of Talk magazine, now on CNBC occasionally) who comes by to politely interrupt my chat with Dominick Dunne.
"Just peeking in for the day," she chirps to Dominick over the velvet rope, while balancing twin Styrofoam cups of tea from the unglamorous 5th floor cafeteria (what, no Starbucks Tazo?). But it’s getting late; you had to arrive early to be on this side of the velvet today. So Tina won’t be joining us inside the courtroom—twin cups of tea in hand, she haggles with a security officer to see if she’s on the guest list.
It’s like a scene from the good old days at Studio 54, when everyone was sure their name was on the guest list. Tina is sent packing to Siberia, AKA the overflow room. At least they allow beverages in there. (Read more)
From: Henry Blodget Subject: A Bad Day for the Government--Slate Judge Cedarbaum ruled that the prosecution cannot use experts to support the theory that Stewart's allegedly false public statements about her ImClone trade were "material," thus hurting the government's ability to prove securities fraud; the defense further damaged the credibility of the false statement charges; and Assistant U.S. Attorney Schachter lost a blustery appeal to Judge Cedarbaum . The jury wasn't present for the telephone discussion, but it was still one of the prosecution's lowest moments of the trial.
Defense gets two big wins
1) Judge bans a key prosecution witness from testifying that Martha Stewart's statement that she is innocent somehow "fooled" investors of her own company. Thank goodness for common sense, this ruling means the first amendment is still alive. That's a big win for the defense on Count Nine, which charges Martha with securities fraud for saying she's innocent, a charge which the Judge has called "novel." We have a much less polite name for it, but are too well mannered to mention it here.
2) Judge throws out over 1 million phone records, tells prosecutors they do not show what was said in any conversations. Prosecutors tried to present a timeline of phone calls to prove a conspiracy, but admitted that they have no idea what was actually said on any of the calls! That makes proving any of the conspiracy charges against Martaha and her broker Peter Bacanovic much less likely. These ridiculous charges are now falling faster than a bad soufflé.
Progress was made on the false statement charges when it was established that Special Agent Farmer testified she did not write down any of the questions she asked Martha Stewart, only the answers! So for example. if Martha answered a question with a simple "10", Farmer would only write down "Ten." So was the question "What time is it?' or was the question "What page is that recipe on?" Without the question, the answers are not useful as evidence.
Defense team establishing reasonable doubt
Recalling a Phone Call--Newsweek
by Barney Gimbel Two years ago today. Do you remember who you talked to on the phone? If so, can you recount exactly what they said? No one at the FBI, Securities and Exchange Commission or U.S. Attorneys Office bothered to record the interviews they made in January 2002. No audiotape. No camera. Barely even handwritten notes. But when SEC lawyer Helene Glotzer took the stand Tuesday, she recounted Stewart’s testimony like it was yesterday—something experts say is almost impossible.
From: Henry Blodget, Slate Subject: Reasonable Doubt In the conclusion of his cross-examination of SEC attorney Helene Glotzer this morning, Richard Strassberg all but vaporized one element of the "false statement" charge against Peter Bacanovic—a statement Bacanovic allegedly made in his unsworn, unrecorded, and untranscribed interview with the SEC on Jan. 7, 2002. Later, cross-examinations by Stewart attorneys Bob Morvillo and Jack Tigue went a long way toward crippling the two similar false-statement charges against Martha Stewart. If you're going to charge someone with a felony and send him or her to prison for making such statements, it seems to me, you ought to be sure.
Martha Trial: Transcripts And Lies-- Forbes
Dan Ackman Everyone knows the child's game of telephone, where one player whispers a message in the ear of a second, who whispers in the ear of a third, and eventually the message delivered is a mangled version of the original. Defense lawyers in the obstruction of justice trial of Martha Stewart and her stockbroker Peter Bacanovic suggested that federal investigations work the same way, but with mistakes in transmission made worse by jolts of bias and ambition.
News, etc.
Conspiracy charge (count 1) and securities fraud charge (count 9) are this close to be honored with our favorite recipe of the day: pear stuffedfrench toast!
Judge: Faneuil's Friends Can Testify--Newsday Friends of the star witness in the Martha Stewart trial will be allowed to tell jurors what he confided to them just after she sold ImClone Systems stock, a judge has ruled.
CALL BLOCKING--NY Post The judge presiding over the Martha Stewart trial gave the domestic diva another break yesterday, shooting down the government's bid to prove its conspiracy charge by telling the jury about three critical phone calls.
Judge Cedarbaum questions prosecutor's case: "I hope at some point it's going to be clearer to me what you are charging. There are a lot of things in this indictment I don't know whether you are or are not charging." Judge Miriam Cedarbaum to Prosecutor Schachter
The Ghost of Waksal Past Hovers Over the Stewart Trial--NY Times When the Martha Stewart trial resumes today, there will be a lot of talk about a person colorful and compelling enough to be known by one name. No, not Martha. Sam.
Martha Stewart Trial Reeks of Anti-Diva Spite--Womens e-News Remember, she now is on trial in the courthouse where hotel owner, Leona Helmsley, the so-called "Queen of Mean" was convicted and former Philippines First Lady Imelda Marcos was acquitted. Each day during the Marcos trial, the media noted what pair of shoes she had on. And each day Martha Stewart's appearance is scrutinized with the same amount of detail. Looks like the double standard still exists
Martha Stewart's lawyers mull putting her on stand--AP With the government close to resting its case against Martha Stewart, lawyers planning her defense are faced with an excruciating decision: Should they put her on the witness stand?
$46M: THAT'S HOW MUCH TRIAL TESTIMONY'S COSTING MARTHA --NY Post Damaging testimony against Martha Stewart from rookie broker Douglas Faneuil, who referred to himself as "Baby" and her as "Ms. Martha" in an e-mail, has helped trigger a slide in her company's stock price that has so far cost the domestic diva $46 million. (Editor's note; MSO recently hit a 52 week high and was ready for a pullback, so be very careful before you take any "insde tips" from the NY Post!)
Martha to testify? Don't bet on it now --NY Daily News Without a sworn statement, stenographic minutes or taped accounts of what Stewart actually told the prosecutors, the government's case suddenly seems vulnerable. While clouds of uncertainty continue to swirl around the meeting at the U.S. attorney's office, don't expect to see Stewart on the witness stand filling in the blanks.
Martha Stewart's Lawyers Score Legal Victory on Testimony --NY Times Lawyers for Martha Stewart scored a victory yesterday when the judge in Ms. Stewart's criminal trial said she would not allow the jury to hear testimony from Wall Street analysts and other experts about whether public statements she made influenced investors in her company.
WINNING RECIPE --NY Post The judge presiding over the Martha Stewart trial yesterday dealt a savage blow to the prosecution's attempt to prove she committed securities fraud, the most serious charge against her.
Martha Stewart leaves court with her daughter, Alexis, and dodges photographers as she looks over and says hi to the ladies from Seattle who flew in to support her..
Peter Bacanovic is all smiles as he exits the courthouse Friday with attorneys Richard M. Strassberg and David J. Apfel of NY law firm Goodwin Procter as supporters shouted "Go, Peter ,Go!"
The Ladies from Seattle fly in to Save Martha!
Linda Blaney and Kathy Hermann flew in from Seattle to support Martha Stewart this week. They brought with them a banner made from Martha Stewart Everyday bedding, which was signed by dozens of people fed up with this case. Linda told reporters that she thinks all Americans should be concerned about a case in which Martha Stewart faces 10 years in jail and a $1 million fine just for saying she is innocent. They returned to Seattle, but promised to come back if necessary.
Martha Stewart gives a big smile to fans who flew all the way from Seattle to show their support today. The banner was made from her very own Martha Stewart Everyday bedding, and was signed by supporters from both coasts. Fans will be at the courthouse again at 8:30 am and 5:00 pm when the trial resumes Friday. (see photos)
Daily summary
Best line of the day: "That must have been some plum pudding" Andrea Peyser, NY Post
Plum pudding Part II Ann Armstrong, Martha Stewart’s assistant, completes testimony. She testified Martha changed the phone message regarding ImClone from Peter Bacanovic, and then immediately told her to change it back. Defense attorney Morvillo established there was no conspiracy to change or withhold any information, blunting a key charge.
The dog ate my homework A key prosecution witness, SEC attorney Helene Glotzer, who is also involved in the civil case against Martha Stewart, testified that in two years of investigation and thousands of conversations, she had taken no notes during any key meetings. That includes those first meetings with both Doug Faneuil and Peter Bacanovic on January 2002. She is instead relying on her memory of events, Bacanovic attorney
Strassberg revealed key contradictions regarding her testimony about who Faneuil’s said he spoke with on December 27th about the stock trade. Strassberg later argued he should be able to use transcripts and audio recordings to prove her memory is faulty and to impeach the witness.
Glue gun alert: The jurors are beginning to bond, chatting during breaks and long sidebars.
Done and Dunne: The biggest case about a single stock sale grew so tedious by the afternoon that Dominick Dunne was seen slipping out around 3:30. Or maybe he just wanted to visit the Dennis Kozlowski trial next door, to see what a real corporate crime case looks like.
Hallway chatter: Faneuil’s testimony revealed multiple conspiracy theories, even in the"gifts" (aka raises and perks) he received from his supervisor Julie Monaghan. Robert Morvillo did a masterful job of revealing this apparent paranoia, which was probably an extension of what Faneuil described as a schizophrenic office environment. Watch for the Freudian themes in closing arguments
"I thanked her for the plum pudding she sent home," Armstrong said through sobs. U.S. District Judge Miriam Goldman Cedarbaum called a five-minute recess, then adjourned the trial for the day.
Martha Stewart leaves court with her mother, Martha Kostyra
Doug Faneuil graces the cover of the NY Post with a picture from his past he could never have guessed would one day be available on every newsstand in New York, and today it can be had for just a quarter. He’s dressed in a black tank top, cut off to expose the abs. He’s making a big muscle, and there is a big tattoo of a dragon on his biceps.
I’m sipping the morning Venti at Starbucks, wondering if this kind of PR hurts or, in the twisted Janet Jackson times we live in, helps the prosecution. And it hits me; that’s Rosie the Riveter!
By a strange coincidence that only happens in real life, today the star witness in the Martha Stewart trial is pictured on every newsstand doing the same pose as our Save Martha Rosie the Riveter.
Another good omen? I put the two images side by side on the homepage and head for the courthouse. The line is already out the door.
I like Doug Faneuil, he comes off much like a young Matthew Broderick on the stand. He has a deadpan manner when answering tough questions that can catch an attorney on the attack off guard.
But it seems to be just a veil, for he also seems to suffer from thin skin syndrome when it comes to dealing with others, especially others with authority over him. In one e-mail, he writes "I have never, ever been treated so rudely by a stranger on the telephone." But that "stranger" was also his number one client . Doug, it's business, not personal.
Faneuil has testified he was afraid of, even intimidated by his boss Peter Bacanovic. But he also sent Peter funny e-mails involving unnatural relationships with a farm animal. (Read more)
Martha's assistant: She never asked me to do anything improper
Martha Stewart's assistant Ann Armstrong testified today that in January of 2002, Martha did alter a phone log related to her ImClone trade, and then immediately made her change it back to the original message. She also said Martha never asked her to do anything improper, and clearly wanted the message restored to the original version. Armstrong was much more composed on the stand today, and there was no more mention of Martha's plum puddings. Armstrong's testimony backs up defense attorney Robert Morvillo’s position that Martha did not obstruct justice and in fact provided all information requested by investigators. Ann Armstrong completed her testimony and was excused.
Weekly summary in a nutshell:
An unlicensed assistant broker named Douglas Faneuil, who did not particularly like his boss' most important client, one Martha Stewart, a kid who had recently bragged that he "put Ms. Martha in her place," who sometimes used cocaine, marijuana and ecstasy, who calls himself "Baby," a junior employee with 6 months of experience whom Martha was evidently not fond of, gives Martha an inside tip about the Waksal family selling their shares. Martha Stewart then takes the advice of a kid she had never met, did not like, and who had recently snapped at her, a person she had never taken advice from before and whom she had spoken to a grand total of five times, and decides to sell the remaining few ImClone shares that she hadn't already sold off at a higher price just months before. And instead of telling the government that it was this junior broker that gave her the information, she makes up a story that essentially protects this kid from prosecution, and puts the burden on herself and her broker Peter Bacanovic to prove the sale was legal. Is this all making sense now?
Morvillo On a Roll
Martha's attorney dices and dices Faneuil's conflicting testimony
In a masterful line of questioning that made Faneuil's story look like leftover swiss cheese, Bob Morvillo picked apart the morsels of Faneuil's banquet piece by piece until only the crumbs of his tale remained. Morvillo demonstrated that Faneuil's selective memory and coaching by the prosecution enables him to recall in detail conversations he had with Martha Stewart on December 27, 2001, but virtually nothing else that day. He does not recall any conversations with other customers or other transactions, but claimed to recall his conversation with Martha Stewart "word for word." When pressed by Morvillo if he "can recall the exact words in the order they were stated by both you or her?" Faneuil responded, "Mostly."
Once taken off of his prepared "script" Faneuil was unprepared to explain what really happened that fateful morning. He admitted he was never asked by anyone to commit or cover-up a crime. He also testified that he never told his boss or anyone else at Merrill Lynch that he was concerned that the Waksals were committing insider trading, but did nothing to verify his vague suspicions that something wasn't kosher. He also proceeded to sell Martha's shares. Morvillo asked, 'So that was the second time in one day that you were involved in insider sales? Were you deliberately assisting two clients in violating insider trading laws??' Faneuil responded, "I was just doing my job, I was being a client associate."
Even when speaking with his boss Peter, Faneuil expressed no concern that anything was wrong. Faneuil had 30 conversations that morning with Waksal's accountant, and never once asked him if the transactions were proper. Morvillo portrayed Faneuil as a witness with a constantly shifting story, a witness with a very good motive to cooperate with the government, to avoid jail. In pointing to who would help decide Faneuil's fate, Morvillo pointed to assistant attorney general James Comey, saying "He's sitting at the right hand of John Ashcroft, right?' to the sounds of courtroom laughter. Questioning continues...
This is the world of Martha Stewart and Americans had their first glimpse of it in 1982 with the publication of her first book "Entertaining." (Read more)
Judge Cedarbaum says case against Martha is strong--NY Daily News Good thing for the defense that the judge in the Martha Stewart trial isn't on the jury. Manhattan Federal Judge Miriam Goldman Cedarbaum declared the prosecution's case is supported by "very, very strong circumstantial evidence." Cedarbaum made the surprising statement last week while meeting with lawyers at her bench, away from the jurors in a session known as a sidebar, a transcript shows.
Editor's note: After witnessing all of the inconsistencies and admitted lies in the star witness' testimony this week, we believe that after the jury sees all of the evidence, a "strong circumstantial case" may prove to have been enough to put Martha Stewart on trial, but not put her in jail. The inconsistencies are mounting daily, and will make proving the case beyond a reasonable doubt a long shot. Faneuil himself has provided the very reasonable doubt that will help Save Martha…
Defense gets star witnesses goat!
Douglas Faneuil testified that it took a full six months for him to come forward about Martha Stewart's ImClone trade because he says he was "afraid" of his boss Peter Bacanovic. But later, Bacanovic's defense attorney David Apfel broke up the courtroom when he asked about an e-mail Faneuil sent to Bacanovic featuring a man having sex with a goat. The prosecution objected, and the judge prevented to evidence from being entered or shown to the jury. Given today's painfully slow pace, that would have been the high point of the day.
In another development, Faneuil testified he had discussed the issue of Martha's stock sale with Bacanovic 10-20 times, but there was never any witness to any of their conversations.
Excerpts from John Small's upcoming book, Saving Martha...
cover story: Star witness bombshell..PANIC CALLS TO MARTHA..."my God, get her on the phone." Evidently, Douglas Faneuils dramatic flair the previous day is working. Well, at least the NY Post seems to love it. The same is not true of Peter Bacanovic's defense, who will later ask Faneuil if he took any acting lessons to prepare for the trial. But no amount of drama training can prepare Douglas for what awaits him on the stand this day.
Martha Stewart arrives in court at 9:25am, she looks happy, smiling, and very in control. She’s dressed in black, but her mood is anything but dark today. She seems to be getting the hang of this trial thing. Someone had better watch out, because you know what happens when Martha gets good at doing things. (Read more)
Read Judge Cedarbaum's ruling which limits what Martha Stewart's lawyers are allowed to present to the jury (PDF-Jan. 26, 2004)
News, etc.
"It is sad that Martha Stewart has been targeted and brought down. The big shame is that real corporate criminals have not been brought to justice." Carol Mosely Braun, on HBO's Real Time with Bill Maher
"She is being targeted because she's a rich successful businesswoman, and we as a society feel we have to control those kinds of people" Andrew Sullivan, on HBO's Real Time with Bill Maher
Attorney to strike back for Stewart--The Times ROBERT MORVILLO, the dishevelled but celebrated attorney for Martha Stewart, will today begin an attempt to undermine the testimony of Douglas Faneuil
Pasta puttanesca in hand, Martha soldiers on--MetroWest Remember that prosecutors are not trying to prove that Martha Stewart engaged in insider trading. Instead - and I dare you to wrap your brain around this - the government alleges that when it initially thought Martha may have engaged in insider trading she made a false statement by claiming that she had not engaged in insider trading
Hasn't poor Martha been punished enough? Tribune Review What is one to make of the case of Martha Stewart? In testimony this past week, Stewart was reported merely to have asked a broker's assistant what Waksal was doing. On being told, she decided to sell, too. Is that insider trading, or just astute powers of deduction?
Martha Stewart feels the strain as the 'idiot' gives his evidence--The Guardian Martha Stewart was standing to leave her securities fraud trial on Thursday when her daughter, Alexis, reached over to remove an errant strand of hair from her mother's face. At least Martha had three days of respite to look forward to before proceedings resume tomorrow. By the way she looked, she needed it.
MARTHA HAS TO TESTIFY: PUNDITS--NY Post Martha Stewart has no choice but to testify at her sensational trial, veteran defense lawyers said yesterday - but sources in her camp say hopes are rising that she'll be able to stay out of the witness box .
Stewart Defense Is Backed Into a Corner--The Street When trial resumes Monday, Martha Stewart's attorney, Robert Morvillo, must figure out a way to buff up his client's reputation after the government's star witness, Douglas Faneuil, sullied it with a string of emails that portrayed her unflatteringly in testimony Thursday.
Which Martha? NY Magazine There’s the victim, and the schemer, the Connecticut white lady, and the career girl. So who is she? Tell us, and you’ll tell us who you are.
Beware Of Doug At Martha Stewart Trial --The Hartford Courant Is Douglas Faneuil a rat fink? In Java's opinion, Faneuil isn't fit to shellac Stewart's pine cones.
Why times more trying for Stewart than Lay --Houston Chronicle
Today, Martha Stewart is making headlines all by herself, her criminal trial a staple of the nightly news programs. Ken Lay, meanwhile, remains safely ensconced in his multimillion-dollar Houston condominium. More than two years after Enron declared bankruptcy, he still hasn't been charged with wrongdoing.
Tough Week For Martha--AP
The trial is expected to run well into March. Morvillo will begin trying to attack Faneuil's credibility on Monday, when he gets his first chance to cross-examine the witness.
The Star Witness Delivers --Slate by Henry Blodget
Now we know why the defense has tried so hard to discredit Douglas Faneuil: Despite his glaring weaknesses (as the jury has now heard ad infinitum , he is an "admitted liar" and an "admitted criminal"), he is a superb witness.
Martha's trial is dish of the day--The Guardian
Whatever the jury's verdict, its ramifications will be substantial. Either way, it feels a vain hope that the trial will leave the markets a cleaner place.
Martha’s Big Day--The Morning News The city loves a big trial, especially when a big name is under the spotlight. Our favorite artist Danny Gregory spent a day at Martha Stewart’s public trial and sent us some drawings from the courthouse.
Then: Martha Stewart leaves court on Feb 2nd after Rosie O'Donnell came downtown to lend her support and speak out against this tempest in a cuisinart...
Now; Martha shields herself from the elements as she exits under stormy conditions on Feb.3rd, after star witness Douglas Faneuil took the stand...
The Daily Trial Cafe
February 3rd: Faneuil takes the stand
Excerpts from John Small's upcoming book, Saving Martha...
As a drenching cold rain begins to fall outside, inside things are getting toasty. The humidity from the rainfall is permeating the courtroom, and the benches are packed with reporters as the star witness finally enters the courtroom.
Douglas Faneuil takes the stand at 3:25 PM, and tells the courtroom that he had told a lie. It is a dramatic moment as the packed house awaits the testimony that could determine the outcome of the trial. And having to admit you told a lie is not usually the best of introductions.
Dressed in a conservative gray suit, Faneuil looks like a young Matthew Broderick. He is very soft spoken at first, prompting calls from attorneys for him to speak up. He tells the "I told a lie" in exchange for taking things of value. He is testifying in exchange for his freedom. He faces a year in jail and a $100,000 fine . He has pled guilty, and awaits sentencing.
"The rest of your life you'll be known as the guy that tried to take down Martha Stewart. You should have passed on this gig." Rosie to prosecutor Michael Schachter
Rosie O'Donnell informs and entertains the NY media outside Supreme Court in Lower Manhattan on Monday. Rosie came downtown to have lunch with and to support Martha Stewart, saying this is an unfair prosecution. Rosie said she does not believe the case would have gone to trial if Martha Stewart were not a woman.
The media is having one big field day reporting on Martha's Hermes Birkin handbag, which has been reported to cost anywhere from $6,000 to $85,000. Why do they care? This is called "pulling an Imelda Marcos", labeling someone based on what they
buy or wear. The difference here is that Martha earned her billion dollars and should be able to spend it any way she pleases. Or do we want her to wear a burka in to court while carrying her Birkin bag?
We say Save Martha's handbag too, and if you journalists can't afford an expensive one, try our Save Martha tote, it's tres chic...and only $16.99. We'd like to get one for Fox5 reporterHelen Lucaitis who has been keeping an eye on Martha's Birkin each day in court. Help save Martha's handbag and let's end all this bag envy. Here's how you can help: send Ms. Lucaitis our budget edition of the bag to tide her over until she can get the Cadillac version. Her address is: Helen Lucaitis, c/o Fox 5 News, 205 East 67th Street, New York, New York 10021 Send it Now!
The judge has clamped down on leaks in the case, but we have obtained this special eyechart which jurors must read before they are allowed to sit on the case. Its more of an intelligence test than an eyechart, but evidently they really are looking for jurors who will not be blind to the facts in the case. Click on the chart to take the test now...
David Letterman, again:"Martha Stewart was in court today, did you see that? Afterwards, something weird happened. Martha got on top of the roof of her car and did a dance for her fans and showed them how to make pesto." No, she definitley did not. (tell Dave to zip it)
Courthouse Gossip Roundup Martha takes time out to chat with court officers...A GLIMPSE OF THE REAL MARTHA via Cindy Adams, NY Post...Martha had a facial over the weekend at the Mario Badescu salon...Peter Bacanovic dining with good friends at the apartment of Nan and Tommy Kempner, via Page Six...Martha's nice handbag may soon need an agent of it's own, with Fox5 News Helen Lucaitis swearing she saw the notorious bag from Day 1 under Martha's chair on Day 2...Writer Dominic Dunne swearing he's not writing a book about the case, but will attend the trial every day anyway...we can't wait to read the book...
Picture of the Week...
Stacie Brewster of Newport Beach, CA with her two girls, Caroline (2 years) and Samantha (10 months) in their homemade Save Martha tees...
Paris will never be the same... SaveMartha Beats Paris Hilton!
SaveMartha's John Small made page 3 of the NY Daily News, and Page 10 of the NY Post, while Paris Hilton was relegated to pages 25 and 13. This proves you don't have to sleep with someone in order to beat Paris, you just have to freeze you a-- off in the cold in a chefs hat while yelling "Save Martha!" If Paris wants to join us, we will be at the courthouse, and a designer fur-lined chef's hat will be waiting...
Today, the main event finally gets underway, and the atmosphere in the courtroom is beginning to resemble that of a world title boxing match. You can almost hear the announcer warming up the crowd: "In the left corner, wearing a grey jacket, grey pants, introducing the challenger, weighing in at 165 pounds, the star witness, Douglas Faneuil. In the right corner, the defending champion, weighing in at considerably more than his opponent, wearing grey pinstripes, the heavyweight champion, Robert Morvillo."
From: Henry Blodget
Best line of the day: "That must have been some plum pudding" Andrea Peyser, NY Post
An unlicensed assistant broker named Douglas Faneuil, who did not particularly like his boss' most important client, one Martha Stewart, a kid who had recently bragged that he "put Ms. Martha in her place," who sometimes used cocaine, marijuana and ecstasy, who calls himself "Baby," a junior employee with 6 months of experience whom Martha was evidently not fond of, gives Martha an inside tip about the Waksal family selling their shares. Martha Stewart then takes the advice of a kid she had never met, did not like, and who had recently snapped at her, a person she had never taken advice from before and whom she had spoken to a grand total of five times, and decides to sell the remaining few ImClone shares that she hadn't already sold off at a higher price just months before. And instead of telling the government that it was this junior broker that gave her the information, she makes up a story that essentially protects this kid from prosecution, and puts the burden on herself and her broker Peter Bacanovic to prove the sale was legal. Is this all making sense now?
Entertaining: The Book that Started it All, by Andrew Ritchie
