Woah, Momma. Cuban facing insider trading charge.

http://online.wSportsJournalists.com/article/SB122693827604333637.html

 

Re: Woah, Momma. Cuban nailed for insider trading.

So much for owning the Cubs...

Maybe he can buy a team in the fed pen league...

There's a good football player in the system already.

 

Re: Woah, Momma. Cuban nailed for insider trading.

OK I could wind up sounding like a complete dolt on this, but keep in mind my understanding of the buying and selling stocks ends with the fact you can buy and sell stocks. To this point in my life I have never been able to afford to get involved in the stockmarket in anyway shape or form.
It doesn't say how Cuban came across that information, but obviously he did in one form or another, was he supposed to just sit on it then and take the loss? Also what would constitute illeagle gathering of information?

 

Re: Woah, Momma. Cuban nailed for insider trading.

Excluding your spelling of illegal, it's a fair question.

 

Re: Woah, Momma. Cuban nailed for insider trading.

If someone from the company tells him its coming and he might want to get rid of the stock, that would be a bad thing.

 

Re: Woah, Momma. Cuban nailed for insider trading.

Insider trading is making moves based on information only you have as a company insider. So if, as an outsider, I happened to find out that, say, Biotech Company X was going to fail to get FDA approval on its drug, and sold before the news was announced, that's OK. But I'm a higher-up or someone at Biotech Company X who got the news before it was released to the public and traded on that news, that's illegal. Also, it would be illegal if my source as an outsider was someone within the company, or someone who was in a official position to receive that news before everyone else did. The idea is that for fair and open markets, insiders can't trade ahead of the news they are about to report, news that would affect the stock price.

 

Re: Woah, Momma. Cuban nailed for insider trading.

my version was shorter.

 

Re: Woah, Momma. Cuban nailed for insider trading.

That's the 'murican spelling, commie!

 

Re: Woah, Momma. Cuban nailed for insider trading.

Why do you hate 'Murica, PD?

 

Re: Woah, Momma. Cuban nailed for insider trading.

My guess is that someone leaked this to MLB -- giving them more than enough reason to pretty much put his paperwork on the Cubs in the other file cabinet.

 

Re: Woah, Momma. Cuban nailed for insider trading.

This is a four-year-old civil matter, not criminal, so the worst the feds can do is annoy Cuban with a lawsuit.

Cuban has been outspoken on his blog calling for transparency in the federal bailout plan. Coincidence? I think not.

 

Re: Woah, Momma. Cuban nailed for insider trading.

It's amazing what gets drudged up when someone tries to buy one of the biggest franchises in all of sports. It happens all the time.

Did Cuban break the law? Maybe he did. Does it change my opinions about him as someone that would've been good for the Cubs in the long run, absolutely not. And yes, Cuban is the owner of my fave NBA team.