Efficient Markets 1, Jovert 0

I am not a big Martha Stewart fan. She gives money to Democrats and labels the shelves in her linen closet. But I am happy to see that Stewart Judge Throws Out Fraud Charge in the AP today.

NEW YORK - A federal judge on Friday threw out the most serious charge against Martha Stewart (news - web sites), an accusation that she deceived investors in her media empire by claiming that her sale of ImClone Systems stock had been proper.

This was prosecutorial abuse. The obstruction of justice charges seem legitimate, let the jury decide. (Although how do cover-up crime you haven't been charged with?)

The whole insider trading is really a part of an efficient capital market to me. Let's let Martha go and spend our time on Enron, WorldCom and other serious serial fraudsters.

By the way, don't forget that Erbitux works.

Posted by jk at February 27, 2004 11:18 AM