OK, Martha claims she had a standing order with Faneuil to sell if the price dropped to $60. This is called a stop loss order, and any broker would know how to enter this into his trading system; it is not his responsibility to watch the price of individual stocks, the system does that for him. Since there’s been no mention of a stop loss order in any of the stories I’ve read, I have to assume that Stewart’s lying about this.
In addition, Doug claims that he “didn’t know” that passing the ImClone information to Stewart was illegal. As a licensed broker, he presumably would have had to pass a Series 7 exam (and possibly others). While I’ve never taken one of these, I assume that it goes over in detail what sort of information is and isn’t legal to pass to clients. Therefore I draw the conclusion that Faneuil is either lying or incompetent.
I have to admit that I haven’t been watching the case that closely, just picking up stories here and there on Yahoo that interest me.
Anyone else agree?