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Strassberg said Faneuil was star-struck by his limited contact with Stewart Seymour noted that the company depended on Stewart's image, and that for every dollar the media company's stock fell, Stewart stood to lose $30 million " When testimony began Tuesday afternoon, jurors heard from two prosecution witnesses Both defense attorneys characterized Faneuil as a liar who is cooperating with the government to get out of his own prosecution "They have rushed to judgment to bring a case against Ms "The reason that Martha Stewart dumped her shares is because she was told a secret," Seymour said Prosecutors' version is that Faneuil, young and impressionable, passed the tip about the Waksal sale from Bacanovic to Stewart, then was pressured by Bacanovic to support his version of Stewart's stock sale " Stewart was almost motionless as the arguments unfolded in front of her, resting her chin on her hand and occasionally tapping an index finger against her lips Morvillo never flatly denied that Stewart was tipped to the Waksal sale Bacanovic is also charged with five counts and faces 25 years That report sent the stock plummeting They included a Merrill Lynch official who discussed the firm's requirement that it keep its clients' transactions confidential Stewart, and in that rush to judgment they have charged an innocent man," Strassberg said Morvillo's strategy was clear: The defense lawyer demonized Waksal, the federal government and Douglas Faneuil, Bacanovic's former assistant who will be the star prosecution witness He also said Stewart was telling the truth in an April 2002 interview with investigators in which she said she did not recall such a tip "A secret tip that no other investors in ImClone had "Martha Stewart was determined to put her own interests ahead of her own investors," the prosecutor said She faces up to 30 years in prison on charges that include obstruction of justice and securities fraud, but would likely get a far lighter penalty if convicted 27, 2001 The other witness, acting ImClone CEO Daniel Lynch, briefly discussed the mechanics of the company's application for government approval of Erbitux Attorney Karen Patton Seymour said Stewart then conspired with her stockbroker, Peter Bacanovic, to tell a series of cover-up lies about the sale Denying that she was tipped was "another pure and simple lie," Seymour said Assistant U " Stewart attorney Robert Morvillo pointed out that 7 million shares of rapidly falling ImClone were sold on the day Stewart sold hers "And so she lied over and over during a key period, to try to keep the price of (her company) from falling Bacanovic knew it was against the policy of his firm, Merrill Lynch & Co Reasonable parents hear both sides before deciding who is at fault, he said "But he didn't want his friend Martha Stewart sitting on a stock that was about to be obliterated by bad news Testimony will resume Thursday " The government and defense statements offered a preview of Faneuil's testimony, which â€â€? unless Stewart herself takes the stand â€â€? is likely to be the most important of the trial Waksal later pleaded guilty to securities fraud and has begun serving a prison term of more than seven years Prosecutor: Stewart Sold Stock on 'Tip' Jan 27, 9:08 PM EST Martha Stewart sold stock based on "a secret tip" that no one else had, then told an avalanche of lies to save her reputation and enormous fortune, a federal prosecutor said Tuesday in laying out the case against the homemaking queen Bacanovic attorney Richard Strassberg said the broker made a paltry $450 on the sale The prosecutor told jurors they would hear evidence that Stewart tried to pump up the stock of her own company, Martha Stewart Living Omnimedia, with false accounts of the ImClone investigation in 2002 Morvillo asked jurors to liken the case to dealing with an angry child who tells a parent that he or she has been hit by a sibling The government contends that Stewart, on her way to a vacation in Mexico, was tipped that ImClone founder Sam Waksal was trying to dump his own shares, then ordered her own shares sold "He knew he couldn't do it," she said Waksal later admitted he was tipped that federal regulators were about to issue a negative report on ImClone's only drug, the cancer treatment Erbitux , to pass information about one client's trades to another, Seymour said " The jury of eight women and four men listened to three hours of opening statements that outlined starkly different portrayals of Stewart's sale of nearly 4,000 shares in the biotechnology company ImClone Systems on Dec But he described Stewart in December 2001 as weary from the holidays, and finally willing to follow Bacanovic's repeated suggestions to get rid of her ImClone holdings Stewart's attorney insisted the case was based on "speculation, surmise and guesswork She avoided $45,673 in losses on the shares by selling before the bad news was made public With parts of the New York area expected to get 10 inches or more of snow, Cedarbaum canceled Wednesday's proceedings At one point, Morvillo banged his fist on the front rail of the jury box and said there was no record Stewart and Bacanovic had talked after the stock sale to discuss their supposedly cooked-up $60 story But, the prosecutor said, he made sure word of Waksal's sale was passed along to Stewart "After hearing the other side of the story," he said, "you decide what's right, whether they should be punished, who's telling the truth Attorneys for Stewart and Bacanovic aimed to convince jurors that the two defendants had done nothing out of the ordinary for a diligent broker and responsible client, arguing that they had decided six days before the ImClone sale to get rid of the stock if it fell to $60 S In another personal touch, Struth's video portraits of various friends are being projected in the Metropolitan's main hall, the first time work of a living artist has been featured in this public space Urban views are similarly striking: the crush of a Tokyo square filled with hundreds of pedestrians; a garish street scene from Shanghai; a deserted Times Square around dawn; and a rain-washed parking lot in Dallas against a backdrop of skyscrapers Museum scenes in such cities as London, Berlin, Rome, Tokyo and Chicago produce similar you-are-there effects, as do scenes from soaring Gothic cathedrals in Paris, Milan and Venice Gallery visitors behold the glory of Rome's Pantheon seemingly with a group of tourists gazing in awe at the vaulted dome The photos are arresting but sterile with the absence of a human element In a similar shot opening the exhibit of Stanze di Raffaello, Rome, crowds point excitedly at frescoes and study brochures about the works that consume their attention More than 80 of the German photographer's chromogenic and gelatin silver prints went on display Tuesday at the Metropolitan Museum of Art, many in the grand format that has brought him acclaim as one of Europe's most innovative artists Rundown apartment buildings, bare sidewalks and cars parked at curbside are typical subjects, and people are seldom seen â€â€? or only as tiny, incidental figures in the background In some photos, people are blurred in movement by artistic use of time exposures, adding more reality to the scenes org Sized up to 8 feet by 6 feet, with most in the 4-foot by 6-foot range, Struth's precise compositions aspire to universal truths by encouraging viewers to feel they are participants in the scenes It runs to May 18 His works have been widely shown in New York galleries but this is his first major New York museum retrospective â€â€?â€â€?â€â€? On the Net: http://www The families chose the surroundings for their portraits to best reflect their collective personalities Large-Format Landscapes Grace the Met Feb 4, 3:30 PM EST The I-am-a-camera approach of Thomas Struth's wall-sized landscapes and museum interiors induces an almost 3-D effect: Viewers are drawn into the scenes and get a sense of being part of the tableau One room is devoted to Struth's intensely vivid "Paradise" pictures: A lush rain forest in Brazil seems to pulse with vegetation; the Daintree wilderness of Australia is a curtain of greenery; the mystery of the Bavarian Forest is captured in soaring evergreens; and mossy tree trunks and stones on a foggy stream in Yakushima, Japan, induce a sense of serenity In another vivid encounter with Struth's camera, four Italian art restorers strike a pose in subdued light that is reminiscent of Renaissance paintings of groups Struth, 48, is credited with helping to bring photography into the mainstream of contemporary art The next stop is the Museum of Contemporary Art, Chicago, starting June 28 The Struth retrospective was organized by the Dallas Museum of Art and was also shown at the Museum of Contemporary Art, Los Angeles On the other hand, his eight family portraits from homes in Germany, Japan, Scotland and New York give warmly personal aspect to the collection The art restorers mirror masterworks around them at San Lorenzo Maggiore in Naples An interior of the Louvre encourages a feeling of being part of crowds staring at great paintings "His museum photographs, especially, are masterpieces of observation that reach a sublime level of color saturation and detail that, to my eye, are unequaled except in painting," said Philippe de Montebello, director of the Metropolitan metmuseum In contrast, many of Struth's black-and-white street scenes use severely geometric lines and a midpoint perspective in an effort to portray essences of cities like New York, Duesseldorf, Edinburgh and Chicago |
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