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ImClone Founder Waksal Begins 7-Year Prison Sentence
Aired July 22, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time to get a little business buzz right now. It's finally time for ImClone's founder to do his time, but what will prison stripes mean for Sam Waksal?
Carrie Lee live from New York.
What's it mean?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well quite a different lifestyle, certainly, Carol. Mr. Waksal will start his 7- year 3-month prison sentence tomorrow at Skucal (ph) Federal Correction Institution in Pennsylvania.
Now remember Mr. Waksal, of course, the founder and former CEO of ImClone Systems. And a source at the Federal Bureau of Prisons has told CNN that Waksal will be performing menial tasks during his time there, things like cleaning pots and pans, mowing the grass, cleaning facilities. Certainly these are not luxurious accommodations. Waksal is going to live a military style, meaning he's going to sleep on a bunk bed near other inmates, not too much privacy, just a personal locker. He'll have 300 phone minutes and 20 hours of visitation per month and the option to take part in religious and educational programs.
Separately, Carol, Harlan Waksal, Sam Waksal's brother, just resigned as chief scientific officer of ImClone Systems. He was also a former CEO of the company. So as it stands right now, ImClone Systems has no tie to the Waksal brothers or their tainted history with the company. So that's the latest on this front.
Once again, Sam Waksal's prison sentence starting tomorrow.
COSTELLO: All right. And tell us a quick look at the futures before you have to go.
LEE: Well we saw a big sell off yesterday, the Dow down 1 percent at the close, the Nasdaq down over 1.5 percent. This morning looks like we could see a bit of a rebound. One stock to watch, Ameritrade. This is the discount brokerage firm. The four-month rally has really been good news for online brokers. Also, this company recently bought My Discount Broker, so that's adding about 20,000 accounts. A lot of people will be watching that stock this morning.
Carol, back to you.
COSTELLO: All right. Carrie Lee, live from New York from the Nasdaq site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired July 22, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time to get a little business buzz right now. It's finally time for ImClone's founder to do his time, but what will prison stripes mean for Sam Waksal?
Carrie Lee live from New York.
What's it mean?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well quite a different lifestyle, certainly, Carol. Mr. Waksal will start his 7- year 3-month prison sentence tomorrow at Skucal (ph) Federal Correction Institution in Pennsylvania.
Now remember Mr. Waksal, of course, the founder and former CEO of ImClone Systems. And a source at the Federal Bureau of Prisons has told CNN that Waksal will be performing menial tasks during his time there, things like cleaning pots and pans, mowing the grass, cleaning facilities. Certainly these are not luxurious accommodations. Waksal is going to live a military style, meaning he's going to sleep on a bunk bed near other inmates, not too much privacy, just a personal locker. He'll have 300 phone minutes and 20 hours of visitation per month and the option to take part in religious and educational programs.
Separately, Carol, Harlan Waksal, Sam Waksal's brother, just resigned as chief scientific officer of ImClone Systems. He was also a former CEO of the company. So as it stands right now, ImClone Systems has no tie to the Waksal brothers or their tainted history with the company. So that's the latest on this front.
Once again, Sam Waksal's prison sentence starting tomorrow.
COSTELLO: All right. And tell us a quick look at the futures before you have to go.
LEE: Well we saw a big sell off yesterday, the Dow down 1 percent at the close, the Nasdaq down over 1.5 percent. This morning looks like we could see a bit of a rebound. One stock to watch, Ameritrade. This is the discount brokerage firm. The four-month rally has really been good news for online brokers. Also, this company recently bought My Discount Broker, so that's adding about 20,000 accounts. A lot of people will be watching that stock this morning.
Carol, back to you.
COSTELLO: All right. Carrie Lee, live from New York from the Nasdaq site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
