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Harassment of Martha Stewart continues. With the threat of indictment now imminent, Martha Stewart is being turned into a public example of corporate insider wrongdoing, despite the fact that her alleged "crimes" are literally thousands of times smaller than those of prominent administration officials or their supporters. The insider trades of the former Secretary of the Army, Thomas White, whose documented connections to Enron were obscenely profitable, dwarf anything Martha Stewart did with respect to her ImClone trades. So far she has lost in the vicinity of $400 million for a trade that gained her $228,000. The triviality of her ImClone profit relative to the billions made by the Enron cabal should remind us that justice is not being served.

Regardless of what Martha Stewart has done wrong, nobody was harmed, and if prosecutorial resources are to be wisely used, there are far bigger fish to fry. Her trial by media is another smokescreen meant to distract us from the real perpetrators of the unindicted CEO class: the Ken Lays and Jeff Skillings who roam free like dethroned zombies, having sucked the life out of the employees and shareholders who unwittingly provided sustenance to their executive evils.

UPDATE 6/4/03: The Smoking Gun provides Martha's indictment.

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