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Woah, Momma. Cuban facing insider trading charge.

Discussion in 'Sports and News' started by sabrefan, Nov 17, 2008.

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  1. Simon_Cowbell

    Simon_Cowbell Active Member

    Now, that's better.

    Excellent post.
     
    Simon_Cowbell, Nov 18, 2008
    #61
  2. PopeDirkBenedict

    PopeDirkBenedict Active Member

    Now this is muy interesante:

    http://blogs.wSportsJournalists.com/law/2008/11/19/a-maverick-exchange-the-emails-between-mark-cuban-and-jeffrey-norris/
     
    PopeDirkBenedict, Nov 19, 2008
    #62
  3. DanOregon

    DanOregon Well-Known Member

    That the guy from the SEC is still working at the SEC is a joke. It probably is tangential to the Cuban investigation, but it also shows that instead of providing oversight on Wall Street, the SEC was busy carrying the flag of the Bush Administration. Really sad. If I'm the SEC, I broker a deal, have Cuban pay a small fine and get out of this thing.
     
    DanOregon, Nov 20, 2008
    #63
  4. Point of Order

    Point of Order Active Member

    Stinks of selective prosecution.
     
    Point of Order, Nov 21, 2008
    #64
  5. slappy4428

    slappy4428 Active Member

    Not interesting to me.. the link says "no more posts."
     
    slappy4428, Nov 21, 2008
    #65
  6. Point of Order

    Point of Order Active Member

    http://blogs.wSportsJournalists.com/law/2008/11/20/a-maverick-exchange-the-emails-between-mark-cuban-and-jeffrey-norris/

    Try this. Had to search for it.
     
    Point of Order, Nov 21, 2008
    #66
  7. joe king

    joe king Active Member

    As I recall, Martha Stewart was not convicted for insider trading. In fact, the judge threw out a charge of securities fraud against her. She went to prison for lying to federal investigators, claiming she had a standing agreement to sell the company's stock when it reached a certain price.

    According to testimony, Martha was not tipped off about any trial of any drug by the CEO. Rather, her broker found out the CEO was dumping his stock (because the CEO had been tipped off about the FDA's decision not to approve the drug). The CEO, BTW, was sentenced to seven years for insider trading.

    All Martha did was get a call from her broker telling her to sell her stock because the CEO was dumping his shares. She did so. She might have gotten into warm water over that, but making up the cover story (as much to cover for her broker, who was sentenced to five months and fined, as for herself) was the proverbial last straw.

    Don't know why I got into all that. Just wanted to set the record straight.
     
    joe king, Nov 21, 2008
    #67
  8. Fenian_Bastard

    Fenian_Bastard Guest

    Politicized investigations in the Bush Administration?
    Don Siegelman and I say,
    Unpossible!
     
    Fenian_Bastard, Nov 21, 2008
    #68
  9. franticscribe

    franticscribe Well-Known Member

    Charges dismissed

    http://blogs.wSportsJournalists.com/law/2009/07/17/secs-insider-trading-suit-against-mark-cuban-is-dismissed/

     
    franticscribe, Jul 17, 2009
    #69
  10. Drip

    Drip Active Member

    Couldn't happen to a nicer entrepreneur.
     
    Drip, Jul 17, 2009
    #70
  11. DanOregon

    DanOregon Well-Known Member

    Hope he still has a chance to buy the Cubs...Oh wait......too bad.

    There was an HBO movie a few years back called Weapons of Mass Distraction - it was okay, but mostly it was kind of a comic take on how sports and media conglomerates use their pull to get what they want and pull strings when they need to.

    This thing seemed like one of those segments in Law and Order when they pick up some guy on some minor beef and then get him to roll on someone higher up.
     
    DanOregon, Jul 17, 2009
    #71
  12. The Big Ragu

    The Big Ragu Moderator Staff Member

    Justice was definitely served with the court dismissing the SEC's claim.

    There is a big question that should be left lingering: What purpose does the SEC serve?

    They grandstanded along on an insider trading claim that people didn't understand, so they unfairly put Cuban's name next to "insider trading," but what they were claiming never had any merit. Meanwhile, they are incapable of policing a Bernie Madoff-type operation, which is fine because you can't be in everyone's business 24/7 and prevent crime before it happens. ... but even when they were repeatedly warned about Madoff--and given a roadmap to investigate--by Harry Markopolos, they were useless.

    Why do we bother funding this window dressing that has become so politicized (why no one would mess with Madoff) and serves no useful purpose? Even as a sham of a regulatory body, it doesn't have the people qualified to do the job. When Markopolos tried to blow the whistle, he was continually frustrated by stuffed shirt lawyers who didn't have the financial knowledge to follow what he presented them.

    Check out the excerpts in franticscribe's posted story from the e-mail exchange between Cuban and the SEC lawyer. That moron is pretty typical of who is doing the bricks and mortar work of the agency. It's just a joke.

    Why do we fund this stupidity with taxpayer money?
     
    The Big Ragu, Jul 17, 2009
    #72
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