Saturday, February 19, 2005

Shock Jock Rocked: Shock Stock Probe

Michael Powell's revenge? Just asking...

SHOCK STOCK PROBE
By TIM ARANGO

February 19, 2005 -- The Securities and Exchange Commission has launched an insider-trading probe of shock jock Howard Stern's deal to join Sirius Satellite Radio. In the two weeks running up to the blockbuster announcement last October, Sirius stock soared nearly 40 percent. Even though there had been some speculation in the press that Stern might jump to satellite radio, the feds want to determine if someone who knew the deal was coming started buying up stock in anticipation of shares skyrocketing when the news got out. When Sirius made the surprise announcement, the stock jumped another 15 percent. Yesterday, New York gossip journalist Chaunce Hayden, a frequent guest on the Stern show, received a subpoena from the SEC.
He was told he needs to appear before the SEC on Wednesday to answer questions about what he heard in Stern's studio around the time of the Oct. 6 announcement that Stern was leaving free radio for Sirius… http://nypost.com/news/nationalnews/40825.htm

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