How to go to jail
Picture this: You're an executive in the accounting firm employed by shock jock Howard Stern. You hear through the office grapevine that Howard's negotiating a deal with Sirius satellite radio. At this point, it's not public knowledge. Hey, I've got an idea! Why not pick up some shares of Sirius stock? If Howard does the deal, they're bound to go up.
| Posted at 9:04 PM | Permalink |
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Comments (3)
"isolated error"
Sounds like the difference between an "affair" and you know what.
Posted by Ron Ledbury | December 21, 2005 5:44 AM
With lawyers, accountants, stockbrokers, or any person who has traded in any serious way, there's no excuse. It's one of the first principles --"no-nos"-- one learns in the field of securities transactions, if not the very first. Any such person who trades on inside information knows exactly what they do.
Posted by jaybird | December 21, 2005 10:33 AM
Congratulations, numbskull, you just got yourself a year-long jail sentence, ended your career, and shamed yourself publicly.
Maybe it was worth the risk, though, becuase if he had gotten away with it, he would be livin' large with the following stack of bills:
$18,000.
Are you kidding me? That's, what, two months work for a high ranking executive like him? What an idiot.
Posted by benschon | December 21, 2005 1:05 PM