Insider trading is as American as apple pie — served at an A-list cocktail party in the Hamptons. So Martha Stewart called Peter Bacanovic (her broker and best young friend) from her cell phone on her private jet to sell her 3,928 shares of ImClone a day before the FDA nixed ImClone’s new cancer drug, causing the stock to plummet. So she called Sam Waskal (ImClone’s CEO and her best old friend) to get the scoop on why the stock pooped. That doesn’t mean she did anything “wrong.” But then Martha lied to Congress. It’s not a good thing. [Thanks to Marc Peyser at Newsweek]

LA Weekly