Martha Stewart Pans Rachael Ray's Cooking

Martha Stewart, 68, has made her first television interview since serving five months in prison in 2004 for lying to investigators about her successful stock trade. Stewart talked to ABC News' "Nightline" about the hit she took to her brand, and her TV competitor, Rachael Ray, 41.

When she was sent to prison on charges for lying to authorities, she told People she lost probably more than a billion dollars." Of course, it wasn't about the money, it was the humanity that was hard for her. She told People, "When you are prosecuted in such a way, and a great portion of wealth is dissipated, all I can think so much is what I could have done with all that, and for the good of mankind, and I hope I can continue."

When she was released in 2004, she also had a larger field of competitors and rivals to be concerned about, especially Rachael Ray. She told People, "Well, to me, she professed that she could – cannot bake. She . . . just did a new cookbook which is just a re-edit of a lot of her old recipes . . . and that's not good enough for me. I mean, I really want to write a book that is a unique and lasting thing. Something that will really fulfill a need in someone's library."

But the two don't seem to have any hard feelings against each other. Ray has publicly acknowledged that Stewart is the superior kitchen expert.