President-Elect Obama’s First Big Mistake
So Mark Cuban – Owner of the Dallas Mavericks is giving advice to Obama:
“It’s great to see President-elect Obama aggressively taking on the economy prior to his taking office. Unfortunately, the economic advisory team that he has put together looks more like a semester’s worth of great guest speakers for an MBA class than an economic advisory team that can truly help him.
Notice anything missing?
Not a single entrepreneur. Yes Warren Buffett started a business, but he will be the first to tell you that he “doesn’t do start ups”. Which means there isn’t a single person advising PE Obama that we know of that knows what it’s like to start and run a business in this or any economic climate. That’s a huge problem.”
This is the same Mark Cuban that was just charged with Insider Trading:
Mark Cuban Charged With Insider Trading
Yes, Mark Cuban would make a GREAT addition to the Obama team!
Moe Lane
Dan McLaughlin
Dan Spencer
Jeff Emanuel
Neil Stevens
Caleb Howe
Somebody enlighten me
Alberta (Diary) Monday, November 17th at 1:53PM EDT (link)This insider trading thing.
So Mark Cuban is a shareholder of Mama.com.
The guys who own the majority of Mama.com tell Cuban they are doing a PIPE (Private Investment Public Entity, basically raising money by selling shares, diluting share value)
So Cuban does what anybody with a brain would do, he sells his shares.
Whats the problem? Was he suppose to take the hit just because? Isnt the guys who told Cuban they were going to do the PIPE the people in the wrong, for giving away the game when they didnt have to?
Im not being cute I seriously dont understand what the problem is. Someone please explain where the sin comes in.
Sir, my concern is not whether God is on our side; my greatest concern is to be on God’s side, for God is always right.
Abraham Lincoln
4 Years Ago?
cookcountyconservative (Diary) Monday, November 17th at 2:15PM EDT (link)The SEC works about as fast as US Attorney for the Northern District of Illinois – snails pace!
What Cuban did is illegal
izoneguy (Diary) Monday, November 17th at 2:17PM EDT (link)Read the Court Filing.
If you have “insider” knowledge about something then
you cannot profit from it.
This is why Martha Stewart went to jail.
She went to jail because she lied about it.
Cuban will pay his fine and go on his merry way.
But it is interesting that Cuban blasted Obama on the 13th and
low and behold on the 17th he gets charged with
insider trading for something that occured in 2004.
Just sayin?????
Those who had once simpered: “I don’t want to destroy the rich, I only want to seize a little of their surplus to help the poor, just a little, they’ll never miss it!” – then, later, had snapped: “The tycoons can stand being squeezed; they’ve amassed enough to last them for three generations” – then, later, had yelled: “Why should the people suffer while businessmen have reserves to last a year?” – now were screaming: “Why should we starve while some people have reserves to last a week?” – Atlas Shrugged
But what was he suppose to do?
Alberta (Diary) Monday, November 17th at 3:45PM EDT (link)They told Cuban they were going to issue new shares, and dilute the value of the shares Cuban owned.
If they didnt want Cuban selling, they shouldnt have told him. Anybody with a brain would have sold their shares.
You have a widget, the only one in the world. The guys who make widgets tell you they are going to make a million more widgets. You, being not a retard, decide it might be prudent to sell your widget before the widget makers make more. What is the problem? If anything, they guy who tipped you off about the increase in widgets is the bad guy, if there is even a bad guy in the whole scenario.
Sir, my concern is not whether God is on our side; my greatest concern is to be on God’s side, for God is always right.
Abraham Lincoln
Cuban did an illegal insider trade
izoneguy (Diary) Monday, November 17th at 3:53PM EDT (link)What Is Insider Trading?
There are two types of insider trading: legal and illegal. First, let’s talk about the illegal variety. Illegal insider trading is the buying or selling of a security by insiders who possess material that is still not public. The act puts insiders in breach of their fiduciary duty. As you can imagine, this is a definite faux pas for anyone closely involved with a company.
Uncovering Insider Trading
Those who had once simpered: “I don’t want to destroy the rich, I only want to seize a little of their surplus to help the poor, just a little, they’ll never miss it!” – then, later, had snapped: “The tycoons can stand being squeezed; they’ve amassed enough to last them for three generations” – then, later, had yelled: “Why should the people suffer while businessmen have reserves to last a year?” – now were screaming: “Why should we starve while some people have reserves to last a week?” – Atlas Shrugged
Reading your link (helps thanks)
Alberta (Diary) Monday, November 17th at 6:34PM EDT (link)izone, im not trying to be a jerk, honest. Im just not down with the system as a whole.
Anyways, from your own link:
The SEC considers insiders to be company directors, officials or any individual with a stake of 10% or more in the company
Cuban had a 6% stake in the company…
Although from continued reading, it says for the trade to be legal Cuban would have had to report it to the SEC using what they call Form 4. (not sure if this applies to people with less than 10% stake)
Let me be blunt. The rules regarding this stuff are, to be nice, very gray.
Like you insinuated above, and to which I agree, the people charged with some of this stuff have simply got on the wrong side of someone with clout with the SEC.
Sir, my concern is not whether God is on our side; my greatest concern is to be on God’s side, for God is always right.
Abraham Lincoln
Yep, it is strange timing
izoneguy (Diary) Monday, November 17th at 7:54PM EDT (link)You did know Cuban wanted to buy the Chicago Cubs?
Looks like someONE in Chicago did not like it and
all of the sudden Cuban is accused of insider trading?
I did look at the 6% ownership and question the charges
as well.
Cuban will spend as much as he needs to to fight it.
He would rather spend $3 Million and win rather than
pay $1.5 Million and admit wrong doing.
He pays NBA fines of $100,000 on up without blinking.
Those who had once simpered: “I don’t want to destroy the rich, I only want to seize a little of their surplus to help the poor, just a little, they’ll never miss it!” – then, later, had snapped: “The tycoons can stand being squeezed; they’ve amassed enough to last them for three generations” – then, later, had yelled: “Why should the people suffer while businessmen have reserves to last a year?” – now were screaming: “Why should we starve while some people have reserves to last a week?” – Atlas Shrugged