Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities.”     Ayn Rand,    The Smallest Minority

November 17, 2008

I’m Not Saying… I’m Just Insinuating.

by Brad Warbiany

I’m sure one has nothing to do with the other:

Wikipedia: In October 2008, Cuban started Bailoutsleuth.com as a grassroots, online portal for oversight over the US government 700 billion dollar “bailout” of financial institutions.

And today:

Dallas Mavericks owner Cuban charged with insider trading

Entrepreneur Mark Cuban, owner of the National Basketball Association’s Dallas Mavericks, was charged Monday by the Securities and Exchange Commission with insider trading.

According to the SEC, Cuban sold 600,000 shares of Internet search company Mamma.com in June 2004 using non-public information. Cuban is accused of calling his broker and instructing him to sell all of his stock from the Mamma.com after receiving confidential information from the company.

The SEC said Cuban knew the stock price was about to fall.

I’m sure there was no revenge involved. It must be just a coincidence, an accident of timing. Right?

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2 Comments

  1. It’s kinda like how transsexual Duanna Johnson wound up dead a few months after she was beaten in a Memphis police station. That cop was fired. I’m not saying either…I’m just insinuating.

    Comment by thomasblair — November 17, 2008 @ 11:17 am
  2. I have to believe Cuban is innocent. The guy has been fined more than $1 million for criticizing the refs by the NBA and he still complains. And we are expected to believe he was worried about $750,000 in losses? I know the SEC will claim he was greedy and didn’t think he would get caught, but just the action itself sounds fishy given his NBA history.

    By the way, I would like to see all the people who argue we need the SEC to protect us to come out and defend this action after more than 4 years. Even if Cuban did act with insider info, exactly how is the average investor protected after 4 years (and a financial meltdown)?

    Comment by trumpetbob15 — November 17, 2008 @ 3:57 pm

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