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Hayden (The Journalist) said he never owned Sirius stock but had publicly predicted about two weeks before Stern's announcement that the shock jock would take his show to Sirius. He said he based that prediction on his own reporting rather than inside information.

“We've all been wracking our brains to figure out why I've been subpoenaed,” Hayden said.





If this is all there is How could it be construed as insider trading?
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Hayden (The Journalist) said he never owned Sirius stock but had publicly predicted about two weeks before Stern's announcement that the shock jock would take his show to Sirius.

Exactly. I don't remember being surprised by the announcement. In fact, I even discussed the possibility at length with a friend who lives in a radio market that had already pulled Stern. The stock went up before the announcement, but that tends to happen when people specualate about the content of the announcement.

marxtacy
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Ask Martha....
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C'mon SEC... You guys are a day late and a few SIRI shares short. Let me tell you about the Howard media frenzy. He has been churning his stated options and threats publically for months before he ever committed to SIRI. Now, if you know anything about Stern, the self-dubbed, "King of All Media" then you would know two things: That he is obviously challenging himself by taking SIRI and sat radio into the mainstream. He worked the whole censorship thing and the FCC evil for his benefit. Secondly, The King of All Media was not going to DC with XMSR. He was in DC prior to NYC. NYC is the media capital of the globe. DC threw Howard out when he made a crank call to Air Florida for a one way ticket to the Potomac River. NYC welcomes the self made media guy no matter how tasteless they are in public. So.... The King was going to SIRI IMO all the time. The run-up was the fact that people inside the journalistic circles knew he was talking to "sat radio." The King held his court in check and let it metriculate at his wish. SIRI investors made some money by reading the papers. Let us hope...

OFX (who is long on XMSR and is a sub, holds nothing in SIRI, yet)
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You know, the board gets bad enough at times but the last thing we need is one of those Stern alcolytes. You know the guys I mean, the ones with no better life than to promote Howard at their own expense. The ones that call talk shows and when their call goes thru asks the host and guest their opinin on Howard or something he said or did rather than an on topic question. I thought they had run their course but it seems at least one has found this board.

herb
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Here is one of the articles about this:

http://www.msnbc.msn.com/id/7004074/
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