Heminway on “Martha Stewart and the Forbidden Fruit”

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Joan MacLeod Heminway (Tennessee) has posted to SSRN her 2009 article, Martha Stewart and the Forbidden  Fruit: A New Story of Eve, 2009 Mich. State Law Rev. 1017.  Here is the abstract:

This paper narrates a biblical story – Eve’s ingestion of the forbidden fruit – and analogizes it to a recent business law story that I explore in my scholarship and use in my teaching – Martha Stewart’s sale of ImClone stock as alleged insider trading. The analogy, while imperfect, helps expose interesting questions about the descriptive and normativeThis paper narrates a biblical story – Eve’s ingestion of the forbidden fruit – and analogizes it to a recent business law story that I explore in my scholarship and use in my teaching – Martha Stewart’s sale of ImClone stock as alleged insider trading. The analogy, while imperfect, helps expose interesting questions about the descriptive and normative content of U.S. insider trading law and related legal process issues. Although many of the points made in the paper (and the related details and examples presented) can be and have been explored or used in other ways, I contend that the juxtaposition of Eve’s story with Martha’s has utility in illustrating desirable and undesirable attributes of U.S. insider trading regulation, in motivating related scholarship, and in teaching insider trading theory, doctrine, and enforcement under Section 10(b) and Rule 10b-5. content of U.S. insider trading law and related legal process issues. Although many of the points made in the paper (and the related details and examples presented) can be and have been explored or used in other ways, I contend that the juxtaposition of Eve’s story with Martha’s has utility in illustrating desirable and undesirable attributes of U.S. insider trading regulation, in motivating related scholarship, and in teaching insider trading theory, doctrine, and enforcement under Section 10(b) and Rule 10b-5.

The full article is available here.  I have always liked Professor Heminway’s work, so this will go on my reading list, but even so, I’d read the article just for the title!

-Bridget Crawford

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