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91 Comments
- inactive, on 11/19/2008, -17/+89I hope he's innocent and makes them look stupid.
- RealmDown, on 11/19/2008, -4/+55The SEC should stick with football.
- kemp34, on 11/19/2008, -5/+47I guess the Feds didn't like him starting a website that was trying to keep an eye on the bail out activity.
http://bailoutsleuth.com/ - inactive, on 11/19/2008, -13/+51I never got the whole "insider trading" thing. If a buddy calls me and says "my company is going to have massive layoffs tomorrow," and I sit still and lose money, I'm screwed. If I sell stock I have in the company, I could get arrested? So I'm not supposed to have friends in high places? I must have this all wrong, someone please explain what "insider trading' really means.
- odigity, on 11/19/2008, -14/+40Insider trading is a legal weapon that the elites use on those that they don't like. Insider trading is a normal day to day part of life for them - it's how Washington operates. But if you ever piss someone important off, then they'll make a case out of it.
Honestly, the idea of trying to make it a crime to make informed financial decisions is as stupid as making it a crime to sing Happy Birthday around a campfire. - badqat, on 11/19/2008, -2/+22Only the SEC hasn't alleged any CRIME - this is entirely a civil matter, for now at least. As to if he'll become the next Martha Stewart...stay tuned.
- hawksfan03, on 11/19/2008, -1/+20this money is 1/16th of 1% of mark cubans net worth. I don't think he sold his shares thinking oh good, i'm glad I didn't lose that 1/16th of 1% of my money.
$125 is 1/16th of 1% of $200,000
This is ridiculous Cuban will spend any amount of money for the truth to get out there. Should be good for the US economy. - 3Den, on 11/19/2008, -0/+18From wikipedia... as this seems to explain it better than I can:
Definition of "insider"
In the United States, for mandatory reporting purposes, corporate insiders are defined as a company's officers, directors and any beneficial owners of more than ten percent of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered to be fraudulent since the insiders are violating the trust or the fiduciary duty that they owe to the shareholders. The corporate insider, simply by accepting employment, has made a contract with the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When the insider buys or sells based upon company owned information, he is violating his contract with the shareholders.
For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A will be taken over, and bought shares in Company A knowing that the share price would likely rise.
In the United States and many other jurisdictions, however, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned, but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed; for example, in many jurisdictions, in cases of where the a corporate insider "tips" a friend about non-public information likely to have an effect on the company's share price, the duty the corporate insider owes the company is now imputed to the friend and the friend violates a duty to the company if he or she trades on the basis of this information. - inactive, on 11/19/2008, -1/+17It's more of a conflict of interest thing which tends to be frowned upon.
- specialknfnd, on 11/19/2008, -0/+16He'll probably do ok until he gets to Florida...their defense is pretty dang good
- cadebbie, on 11/19/2008, -0/+13I thought the exact same thing when I first heard this news.
- benologist, on 11/19/2008, -0/+12It sounds like he's guilty but they found a loophole in that there's no evidence of an agreement to keep the info confidential.
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As far as the SEC is concerned, insider trading occurs whenever anybody trades shares based on information about a company that is not yet public.
It appears that is exactly what Cuban did. But there is also a rule that would seem to apply here that it is only insider trading if the “person agrees to maintain information in confidence.” Judging from the questions Cuban’s lawyers asked the Mamma.com CEO at his deposition, his argument will likely be that he never made such an agreement. - inactive, on 11/19/2008, -7/+19I see a Martha Stewart
- kemp34, on 11/19/2008, -2/+13This is a politically motivated attack.
- samimnot, on 11/19/2008, -1/+12Cuban in all his glory ;-) this guy just loves being in the Lime Light. He'll probably write off his Legal Fees as Advertising Expenses.
- adambadam, on 11/19/2008, -1/+11I would argue he is not just another rich person. Sure he is rich, and perhaps he is an ***** though I admire that he follows his passions. In the NBA he brought a new life and a new dynamic to the sport that had been missing from owners in recent years in all professional sports. This is fundamentally described as a desire to win. He treats his players well and he treats his fans well and he gives back to his community.
- sheeplescareme, on 11/20/2008, -0/+10that and his involvement in that aj flick "loose change." he had originally been in talks to finance it, but backed out after people went bananas.
- sumeetg, on 11/19/2008, -6/+16***** the SEC
- FredFredrickson, on 11/19/2008, -2/+10If people in-the-know were able to legally buy and sell stocks on insider information, regular old investors (like you) would be left out in the cold each and every time. Investing would be impossible without being an insider, or at least being privy to insider information, and people would, by and large, stop investing. That's what's wrong with it.
- le0pardess, on 11/20/2008, -0/+7It was insider trading when the 2 head crooks from the unfederal reserve and treasury dept. gave 10 billion taxpayer dollars to their "buddies" at goldman sachs.
These infidels should be in ***** jail. - RidesAPaleHorse, on 11/19/2008, -2/+9How disgusting is it that a tune written in 1893 still has a valid copyright?
- chrism123, on 11/19/2008, -4/+11FTA
According to an e-mail obtained by Andrew Ross Sorkin at the New York Times, an SEC staffer unaffiliated with this investigation harangued Cuban for being “unpatriotic” because he funded the conspiracy-theory documentary Loose Change, which was critical of the Bush White House.
Cuban’s lawyers might argue that this lawsuit is politically motivated retribution against Cuban in the dying days of the Bush administration. - fitzfan, on 11/19/2008, -1/+7Once again, Martha only got criminal charges for lying about it.
- inactive, on 11/19/2008, -0/+6at least loose change will get some more coverage. how many times do you guys want to bet the media says funded "the conspiracy theory" documentary Loose Change ? lets all pledge to describe to the media and other folks as funded the "theory of Mass Murder" documentary Loose Change!
- bstew22, on 11/19/2008, -0/+6it'll come down to the last play... and they'll have to review it, and review it, and review it, and wait...let's recount the score again, and again.....
- Lane, on 11/19/2008, -5/+10Honestly whats a loss under a mill to Cuban? Why the hell would he risk jail time? I don't buy it... On the other hand the time he has to waste to go through the hassle and the hoops he has to jump through to get this all taken care of in all likelihood isn't worth his time. Seems like extortion. Go government go!
- HentaiJeff, on 11/20/2008, -1/+6trouble is cuban's not another billionaire, he still knows how it is to be poor/middle classed. just look at some of the events he throws at the AAC sometime.
- inactive, on 11/19/2008, -0/+5go away.
- ternaryworks, on 11/19/2008, -0/+5It needs to be made clear that the information is "confidential" which is Cuban's hopeful escape, that he didn't know. If it is confidential, then you can't act on it until it's made public.
- tech42er, on 11/20/2008, -1/+6"So you hope that the institution that is tasked with ensuring that our markets are fair and honest is shown to be unfair and dishonest?"
Because they are. If they are unfair and dishonest, don't you want them to be called on it, so they can go back to ensuring our markets are fair and honest and all allegations of insider trading to be serious, fair, and not politically driven? You seem to be conflating "what the SEC should do" with "what should be revealed about what the SEC's doing". - inactive, on 11/20/2008, -0/+5I can't wait for the day when you naive statists finally get this.
http://www.harrybrowne.org/articles/PrinciplesOfGo ... - odigity, on 11/20/2008, -1/+6@dusanma - There's no nice way to say this - you're naive.
- uknowwhoibe, on 11/19/2008, -0/+5He also has a great story behind him. Go read about his life as a computer salesman. It's a great read.
- TimDigg, on 11/19/2008, -0/+5Which AOL could since they own the happy birthday song...http://www.snopes.com/music/songs/birthday.asp
- atbnet, on 11/19/2008, -1/+5Martha Stewart went to prison because she lied.
- RyanODSJU, on 11/19/2008, -2/+6Also-
http://digg.com/people/SEC_Employee_Accused_Cuban_ ... - jba68, on 11/19/2008, -0/+4Yea, his crime was criticizing GW. The lead attorney questioned why Cuban would attack such a patriot, when Cuban funded Redacted
- tech42er, on 11/20/2008, -0/+4Since he's rich, we should let him be railroaded by the SEC? How about just being in favor of the truth, innocent until proven guilty and all that BS, right? Seriously, take a chill pill with the militant populism.
- dalittle, on 11/19/2008, -1/+4This is about power. It looks like Cuban pissed off someone in the government who is now abusing their power by selectively prosecuting something 4 years old.
- epadafunk, on 11/19/2008, -7/+10why does anyone care about mark cuban, he's just another rich person.
- drifter, on 11/19/2008, -6/+9I don't get many Digg users.
MAny are saying how it is such a small amount of Mark Cuban's wealth, therefore he wouldn't do it.
Also many Diggers, said that T. Boone Pickens is so rich therefore doesn't need more money.
Do you guys seriously think rich people don't want to become richer? There's something called greed. - inactive, on 11/19/2008, -1/+4I would like Mark Cuban to fight Brock Lesnar in public.
- fitzfan, on 11/19/2008, -0/+2Martha only got in trouble because she lied about it.
- GODdestroyer, on 11/19/2008, -0/+2What a frustrating game.
- seeingright, on 11/20/2008, -1/+3Who cares what Mark Cuban does? The guy makes me sick.. just a elite snob that wants the world to take notice of him. He lost me when he publicly financed the conspiracy theory documentary on Bush.. now he is criticizing the Obama transition team about not having any entrepreneurs on the team.. again, who gives a ***** about what Cuban wants.. he is a jerk. No matter what happens he will just buy his way out of trouble or write the whole thing off as a business expense!
- refisawanker, on 11/19/2008, -7/+9Wow. Digg ignorance at it's finest. They bitch about CEO's spending 50K on a private jet, but Cuban screwing the little guy for person gain is okay?
I've figured it out.
Anyone who entertains the Diggers == Good.
Those who bore the audience the Diggers == bad.
Actions and ethics don't mean a thing. - laroche02, on 11/20/2008, -3/+5I'm surprised how many people think that insider trading should be legal. These rules are very important to help ordinary people trust the stock market.
The people who run these companies, who know their own company is sinking, could make hugh profits from selling their personal stock even though the other shareholders are holding theirs. Enron was guilty of other fraud, but as I recall, at least some of their people were unloading their shares in the final weeks. They apparently forgot to tell their coworkers, who lost their retirement savings.
If Joe Normal won't invest in the market, our economy would be more like it was in 1901.
I like my cellphone. - barfooz, on 11/20/2008, -0/+2If you have knowledge that is not publically available and you trade based on that information, it's insider trading. I don't think it's all that complicated. Ask a lawyer when in a gray area.
- uknowwhoibe, on 11/19/2008, -0/+2*could be*
Very likely, but not certainly. - plibb, on 11/19/2008, -7/+9He's an ass, who cares.
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