I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.
November 17, 2008
RE: SEC Civil Action in the United States District
for the Northern District of Texas, Dallas Division
Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.
This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
Ralph C. Ferrara, Esq.
Dewey & LeBoeuf LLP
1101 New York Avenue, N.W., Suite 1100
Washington, D.C. 20005
797 thoughts on “The SEC”
To whom it may concern: I’ve known Mark since college. I worked
with him at Motley’s Pub in Bloomington and have seen him operate
is every type of situation. He is the smartest person you will
probably ever meet. He is the most honest person you will probably
ever meet. And finally, he is an object of envy in our culture.
This mess is probably a result of that.
Comment by Max Teders -
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Here’s the best explanation I have seen about what this entire Mark Cuban/SEC thing is all about: http://tinyurl.com/6b8af9
Comment by David Spellman -
Unfortunately Mark, the judge works for the same group of thugs that has brough tcharges
…. the federal govt. This will no be a fair trial… They have unlimited funds (stolen from teh public) to crucify you. Good luck
Comment by maxsportz -
To Whom It May Concern:
I don’t know much about Mr. Cuban, except that he is a successful
business man. He’s full of wits and grits necessary for what he has
attained and accomplished. Like so many characters in a boom and bust
story book, Mr. Cuban’s part is being scripted by the SEC.
The SEC’s cherry picking of whom they’ll prosecute is a classic
display of their biases in deposing their responsibility to the
public. Log on to counterfeit-o-meter.com and read how “deep
captured” the SEC are to the big scam artists and manipulator of Wall
Street. Counterfeit-o-meter.com had been exposing the wanton behavior
of big market con artist on Wall Street. Read on.
Comment by Leo Ebreo -
What does this mean, that you can’t continue to write blog postings
about what is going on in the economy? I feel you’re one of the few
people with their finger on the pulse of the market. http://www.profootball101.org
Comment by profootball101 -
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Frankly, I can’t believe the SEC is spending taxpayers’ money on this investigation.
Comment by Kyle -
Youre still the only guy that made the mavericks worth a damn – points
Comment by staypuftman -
the GOVERNMENT IS AT WAR WITH SPORTS IN GENERAL The MORE VISIBLE THE
PERSON THE BETTER THE TARGET.
JUST LIKE WE SHOULDN’T ARGUE WITH COPS WHEN PULLED OVER CAUSE THEY
CAN ARREST YOU IF THEY WANT TO THE SAME GOES WITH THE EGO’S IN GOV’T.
DO a Deal with MJ and the government will go away?
CUBAN GET ERR DONE CALL MICHEAL JORDAN NOW!!!!!!!!!!!!!!!!& lt; /p>
This is the trade that propels mav to Championship contenders.
Raymond Felton and Jason Richardson for Jerry Stackhouse and Josh Howard.
Charlotte benefits. Get rid of Felton who is already getting on MJ’s nerves complaining about pay. This pavs the way for DJ Augustine to take over the point position. They save money on Felton by not having to sign Him and DJ. They save more money buying out Jerry Stackhouse’s contract. They get a local player back in Josh Howard who will fit in nicely with their other guys and who plays well whenever he plays there and they save money on his contract over Jason Richardsons contract. SAVE LOTS OF MONEY ON CAP SPACE THIS TRADE SAVES YOU AT LEAST $20 MILLION DOLLARS.
Dallas Benefits: They get rid of a player in Josh Howard who’s a cancer on this team and replace him with Jason Richardson who compliments Jason Kidd and Dirk with his game than Josh does with his game. They also get a player in Felton who can back up Kidd and possibly be the future at point guard whenever JKIDD can’t perform at the level he plays. This enables them to get more depth and also uses Jason Terry in many different ways. They may also sign Stackhouse back if Charlotte buys out his contract.
http://games.espn.g o.com/nba/features/t raderesult?players=2 753~1018~2006~802…
Comment by shedrick G -
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Mark – fight the good fight man. Everyone’s said everything there is
to say above. Just give em’ hell.
Comment by Josh Katinger -
THE SEC IS A COMPLETE MESS.
They failed to protect investors against the Credit Default Swap mess. They just opened a regulated exchange in October of 2008. The SEC has failed to protect the markets against the naked shorting. Its still going on, just another loop hole, that the SEC is fully aware of. Its called failure to deliver or unsettlement. When you buy a stock you have three days to deliver…not in the case of selling short.
The Securities and Exchange Commission has revealed that, during the second quarter of 2008, there were $14.9 billion in stock IOUs at just the tip of the non-settlement iceberg. The commission refuses to reveal (and, in fact, may not know) the size of the whole iceberg. Public data suggests the entire bucket may be over $150 billion; settling it would cost more than $150 billion, but perhaps far, far more.
The Australian government “Gets it”
Rachel Pannett | November 14, 2008
Article from: The Australian
THE federal Government yesterday moved to ban naked short selling and require that other short sales be adequately disclosed.
The law is designed to prevent market manipulation that may have contributed to volatility in recent times.
The legislation, which the Government hopes will pass into law by early next month, aims to provide certainty to markets beyond the expiry of parts of the Australian Securities and Investments Commission’s temporary ban on all short selling, Corporate Law Minister Nick Sherry said.
“There are no easy solutions or quick fixes to the global financial crisis but we are taking decisive action to protect our markets, especially from trading practices that may involve manipulation or abuses,” Senator Sherry said.
Market commentators are generally supportive of the move to legislate the current ban on so-called naked short selling — which occurs when the seller does not have an agreement in place to borrow the shares that it has sold.
They also back the proposed legislation in that it makes it an offence if a seller or financial services licensee fails to disclose details of a covered short sale — when a seller has a binding stock lending agreement in place.
“We totally support the bill’s intention to ban naked short selling, and to institute greater transparency into covered short-selling activity on the Australian stock exchange,” Kim Ivey, chairman of the Alternative Investment Management Association’s Australian arm, said in a statement.
However, some industry insiders are calling on ASIC to end its blanket ban on short selling, which they say is hurting investor perception of the market and fuelling redemptions at Australian hedge funds.
ASIC’s overall ban on short sales is due to expire on Tuesday, while a ban on short sales of financial stocks runs until January 27.
Mr Ivey said the ban, in place since September 19, had been a “huge burden on all stakeholders in the investment industry”.
“If the ban is lifted on non-financial stocks next week, investors will see better price discovery, deeper markets, closer bid/ask spreads, and over time, less volatility,” Mr Ivey said.
AIMA also wants short sales positions to be reported directly to the Australian stock exchange by an investor, manager or the investor’s agent, not via brokers, and to be reported by the stock exchange as a percentage of the listed stocks’ outstanding shares.
“This is how it is done globally and constitutes what is called a stock’s ‘short interest’. Just reporting daily short sales data to brokers is seriously insufficient,” Mr Ivey said.
Under current short-selling requirements that will apply in the Australian market from Wednesday, a broker is obliged to know if a requested sale is a short sale at the time the request is made.
The Government also unveiled changes to the regulation of credit ratings agencies that will require them to hold an Australian Financial Services Licence and to report annually on the quality and integrity of their ratings processes.
The changes reflect a growing demand in the global investment community for greater oversight of ratings agencies, which have become the target of criticism, particularly for their role in rating structured finance.
Some market commentators say firms like Moody’s, Standard & Poor’s, and Fitch erred in grafting methods for rating plain vanilla corporate bonds on to the more complex, opaque world of structured finance, leading to waves of market-shaking credit downgrades.
The Government said that, as a small market, Australia had decided not to introduce its own additional rating requirements, such as different symbols for structured products, but would follow the code of the International Organisation of Securities Commissions.
Credit ratings agencies would be required to issue an IOSCO code compliant annual report to ASIC, it said.
The introduction of differentiated IOSCO ratings for structured products would give users of ratings a “clear indication that they are considering a rating for a product type that has previously contributed to market turbulence,” the Government said.
The major ratings agencies were not immediately available for comment.
Dow Jones Newswires
So, when I read that the SEC is going after Mark….I wonder who is really in charge at the SEC.
Comment by Phil G -
None of this makes any sense. First, I believe that you are ethical. Second, you are wealthy enough that you never would have taken a risk for so little. So I do not believe the charges and wish you the best of luck.
Comment by Judy -
I guess you finally pissed off somebody with actual power *sigh* (MLB?)
The only thing I have learned about legal action is to not say anything, leave it to lawyers just like IBM does (they almost always win their cases).
Maybe you can use a section on this blog to publish filings on the case, something like groklaw where they analyze line by line all the sleazy legal tricks used by SCO to perma-sue IBM.
Comment by Vic -
Since when is it illegal for an American citizen to scream “foul” and chose to get out of a stock deal
when he or she learns that by choosing to stay “in”, he or she will be victimized by stock swindlers!
That the U.S. Government has targeted you instead of focusing on the real villains in this case smacks
of overzealous government agents trying to “bag a billionaire”. Hang in there, Marc, and thanks for
sticking up for all of us in your defense of what is right!
Comment by Adrian Cumming -
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When I saw the news I thought ..oh no, not another dog ‘n pony show. Memories of Martha Stewart come hauntingly back. Best of luck.
Comment by Your Trading Stock -
Mark, I find anyone that has his own weblog to promote himself to be a self-centered, egotistical blowhard. If what is said to have happen did in fact happen, you are a scumbag. Good luck to the SEC.
Comment by Tim -
Pingback: “Blog Maverick”: The Blog at the Center of the SEC v. Cuban Action
Mark, this is some payback for the other times you would have one of your writers write a negative piece on a company only to short that stock. That in itself is profiting yourself at the expense of these negative articles. Pay your dues. You’ve made enough on your shorts to easily pay these fines.
Comment by kaingeorgia -
Saddened to learned of the news, but I have the greatest respect for
you, and wish you a quick and favorable resolution.
Comment by Jillian -
Am very sorry you’ve gotten involved in the Dallas “in”justice dept.
My husband and I are currently in the middle of it… there is no
justice in Dallas. You may as well pack up your bags. I assure you
there is an AUSA here ready to jump on this case. And once they have
you, they will not let go..You will have to make a deal that must
involve “time” and money, because that is the only thing that jump
starts their careers. You’re welcomed to contact me directly.
Comment by BH -
I know that the SEC action is payback by the Feds for you setting up the bailout.sleuth website and you using the FIOA to get info on the hidden treasury contracts with banks. The SEC suit has no merit and it is only to shut up people from trying to stop the corruption of Hank Paulson and his buddies stealing all they can.
I pray that you succeed in defending yourself aagainst the corporate fascist scum that have taken over Amerika in broad daylight.
Comment by dreamer -
Hang in there Mark!
Comment by tripbargains -
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There’s a story about this featured at marketrap.com
What a disgrace the S.E.C. has turned out to be!
Comment by MRap -
Cuban, is a freaking cheater. He needs to be prosecuted.
We let those bastards gone wild and look at what is happening now…
Comment by Cuba -
Congress does more insider trading than anyone else on the planet .
They know days in advance which stocks to buy and sell by the laws they make that regulate said product…I say that until Congress and the Senate are required to stop investing in the market,
noone should ever be charged with it….
Comment by Ann J -
Good luck to you! Kick their *ss! You’ve always come across as a a clean cut guy with a lot of ambition, and I truly wish you the best.
Comment by Tim Large -
Mark, “Commence with the Beatings”… the S.E.C. seems to go after
everyone BUT the ones they should be going after.
Comment by Haywood -
Conspiracy theorist, thug life, anti American Karma, d-bag
Drop the hammer, SEC!
Comment by Cuban Clown -
Mark, for a while I disliked you but now I’ve come around and realized how nice it is to see an owner of a team who truly cares about the sport. I hope you get pass this SEC nonsense and spend your time in the basketball arena as it is intended. Good Luck.
– Pulk from NY
Comment by Pulk -
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Go Mark Go! Someone has to begin the fight against the socialists.
Comment by Michael -
Pingback: Mark Cuban Can’t Help Himself, He’s Going To Fight The SEC In Public
This is what you get for supporting obama. Hold on till Jan 20th.
You need to fight back against these bureaucratic worms.
Comment by Bobg -
MAYBE your BUDDY BARRY can bail your a$$ out!!!!!!!
Comment by Paul -
The jerks at the SEC have a lot of nerve to hassle an honest business man while letting the bankers fleece the country for “TRILLIONS” without so much as a whimper. Kick their butts, Mark.
Comment by Doug Scheidt -
Just write them a check……..pay the fine and keep hammering away at the bastards!!!
Comment by Ron -
Love to see big Obama supporters getting nailed on their hypocrisy. Let’s start redistributing HIS wealth then let’s go after Hollywood and get Babs, Damon, Affleck, Clooney, and Pitt’s money for starters.
Comment by Janet -
I don’t know if Cuban is guilty, but here’s the problem–insider trading is a B.S. crime in the first place.
How is one to navigate when it’s possible to make a trade or not according to some strange regime where sometimes it is OK to act according to your personal interests, and sometimes you are supposed to pretend not to know things.
It’s a bunch of crap, and it’s bad for economic growth anyway.
People complain that if well-connected people know more, then they will be able to do better, and it’s not “fair.”
Life isn’t fair–but it’s best for the efficiency of the market if people are allowed, according to the law, to act on whatever knowledge they have or think they have. This is especially true if others can learn of the actions taken by individual investors, then anyone watching Mark Cuban could then do whatever it is that he’s doing, if they think he knows something.
Now, if you are working for a business, and part of your contract with that business is that you won’t buy and sell their stock based on information learned in your job, or leak information before it is made public–then that is between you and that business, and violations of your contract can and should lead to serious penalties. But for the third party who might get that information, I can’t see how they shouldn’t be allowed to act.
Comment by James -
Your a stud Mark, always loved you!
Comment by Derek -
Cuban is a jerk and acts like that every day. I’m sure he thinks he is above the law. Read the lawsuit, they have him dead to rights!
Comment by Dan from Southport -
It is because of people like you that ordinary shareholders like myself are left holding the bag. I have lost a lot of money in the stock market and not all because of finacial or any economic crisis. Sometimes it was because the rich and the powerful had access to information priot to lesser mortals like myself that they then used to either make themselves more rich or prevent them from becoming poorer. Throughout history this has happened and will continue to happen. Like a coward, you are again using your wealth to hire lawyers to “escape” from the punsihment you deserve. The SEC and the public are not idiots you know while you think you are the smartest person alive. Own up to your mistakes and apologize to the authorities. Don’t you have any concience or is money your God?
Comment by Nancy -
Headline!!! Another Crook caught in the cross hairs? How about the lights are on and this roach is running for cover? From “Film producer” to Psychic Investor how drool.
All the best really, you know us guys who don’t have their own inside informers are all rooting for you …
Comment by Mr. Crowley -
Finally karma is catching up with you. I say this for all the people you’ve stepped on to benefit yourself! I hope they hang your butt from the tallest tree! No one deserves it more then you! What goes around comes around! To all you who think this man is a saint, you obviously don’t know the real Mark Cuban!
Comment by Kelly -
All my cell mates want to meet you! We’ll be gentle…
Comment by TRS -
I feel a Martha Stewart moment coming on.
Comment by Richard Thom -
If you are innocent – I hope you prevail. If you are the slightest bit guilty you should do time. Why should
you have the break when as a working stiff I have to follow the rules. I live in the real world and I know money
buys a lot of Justice.
I look forward to the circus!
Comment by Joe C -
Lets pray that the slimebag, US military-smearing pile of feces goes
big time, but it will never happen in the next administration.
Comment by PeteO -
This isn’t complicated to prove, they have you nailed. Also people don’t fall for the BS of having a few employees place hundreds of B.S. comments. When you have money you think you can do whatever you want in this world and get away with it. Like get a heads up about a company and take advantage of it and have a PR machine protect your name anywhere possible.
Comment by bryan -
Whatever! The guy is nuts! Have you watched or seen what he has done in the past? He is a conspiracy therorist too! He is crazy!
Comment by RB -
Cuban, you are a jerk and things are finally catching up with you. Good luck to the feds. At least you will spend a lot of money on lawyers even if you do eventually win.
Time to learn what humility is all about.
Comment by Bob V -
Give ’em hell, Mark!
Comment by Steve T -
Enron…”you guys can walk.”
Little guy (no offense)…”we’ll do everything we can
to make sure the American public think you’re dirty.”
Listen, I don’t know you Mark and hell you could have
had prior knowledge and be liable but “all men are
created equal” has gone right out the frigin’ window
in this country and if something doesn’t happen soon
to change it, we’re all in deep trouble. Stick it
to ’em for all of us.
Thanks, good luck.
Comment by Bizsnatch -
>>>As a retired Viet Nam Vet and Police Officer I wish you the worst.
What does your professional history profile have to do with Mr.
Cuban’s possible SEC violations? Lemme guess, you want to presume
some vicarious sense of celebrity equivalence and force your
long-distance moral authority at an implied gun-point growl for some
incomprehensibly small slight that obviously threatens the
unassailable tower of the V.N.V.P.O. voodoo tribe of worst-wishers.
Or have I misread you?
Comment by Keith -
In the midst of the “dot com” era, I bought some stock based on a broker’s recommendation. Within a matter of a few weeks, this company was one of the high profile ones that went belly up. I lost about $3000 in my IRA, which isn’t a huge amount but it was significant to me. Then a few years later, a class action lawsuit was brought against the brokerage firm and the directors of the company, which was settled for millions of dollars. My share? Less than one dollar (I am not kidding). The point? Enforcement of the securities laws isn’t perfect but without it the insiders seem to make out and the little guy gets the shaft. The SEC makes mistakes but I don’t attack them or assume bad enforcement motives for simply trying to enforce the US securities laws. If you are not liable for the offenses charged as a matter of law or fact, Mr. Cuban, I don’t fault you for vigorously contesting these charges. But to be honest, at first blush, this seems like a serious matter. I would assume there were many other investors who would have sold had they had the benefit of the same inside information you had as a significant shareholder.
Comment by SL -
There is a reason insider trading is illegal.
Cuban calls for more transparency so that he can make decisions that profit him.
He apparently did this sale based on information the public did not have.
It’s like selling a car or home with a hidden defect.
Somebody bought these stocks at full price when Cuban knew they were toxic.
Those people lost their savings.
Also, to suggest the government can’t do more than one thing at once is ridiculous. I would hope the SEC and the Justice Department can handle this slam-dunk case in addition to their other resposnibilities.
Comment by Bert -
The founder of a small public company was hounded unmercifully by SEC for years. They destroyed his reputation, destroyed his sources of income to where he could no longer afford an attorney. After several years, the founder of company looked like someone that came out of the Nazi concentration camp.
At the same time the SEC ignored documents that clearly show new CEO looted and bankrupted the company. The SEC also ignored the CFO who enabled the CEO to loot the company for sex parties, personal trips, etc. The shareholders lost all their investments.
This case made me realize that Michael Vick’s pit bulls had more rights and protection than someone that cannot afford to defend themselves against the SEC.
In criminal cases (murder, rapists, child molester, robbery, etc) they will appoint an attorney to help the defendant against the prosecution. However, in civil cases like the ones filed by SEC there is no such protection.
I have been doing some research on SEC misconduct and would like to share the following:
Mr. David Einhorn of Green Light Capital reported suspicious accounting practices of Allied Capital to the SEC. Rather than protecting investors by investigating the information provided, the SEC investigated Mr. Einhorn for stock manipulation and allowed Allied Capital to issue over $1-billion in new stock certificates.
In another case, Mr. Ken Langone, founder of Home Depot reported the New York Stock Exchange (NYSE) had spent $70-million in legal fees. How many people can afford that type litigation?
How did the SEC protect investors in regards to Enron, World Com, Fannie Mae, Freddie Mac and countless other companies we never hear about?
The SEC has overwhelming power and we need more balance. I believe the government should provide an attorney to the defendant(s) if they cannot afford one.
The SEC has so much power they will hammer out a settlement rather than admitting they were wrong or going to a jury trial.
The SEC should pay the legal cost and damages suffered by the defendant(s) if they cannot win in a jury trial.
It is my hope and prayer that your case will help shed some light on agency that needs investigating.
Comment by Joe Rodriguez -
You lie worse than you dance, you piece of shit. Enjoy jail!
Comment by Michael B. -
Lots of us remember that you financed “Redacted,
portraying out heroes as corrupt and vile. It would be fitting
if it turned out that you were engaging in “projection.”
Comment by Ted -
Ain’t life grand? Martha Stewart did her time, and now, you can do yours. I’m sure you’ll run into your little buddy from the Girls Gone Wild videos, Joe Francis – in the big house. Don’t worry, they rarely stick pussies like you in with the hard-core criminals, but you better bring some soap on a rope, regardless. It couldn’t happen to a better guy…your film showed me you aren’t a good American…so I’ll honk at your jail cell as I drive by. Honk Honk.
Comment by Jeff Garver -
Interesting…. men involved in the collapse of Fannie Mae and Freddie Mac get cabinet posts…
Comment by Bee -
Martha Stewart was never convicted of insider trading.
Get your facts straight before you mouth off.
Comment by Toby Wilson -
Sorry to see you become the latest victim of the class warfare witch
hunts that are so trendy these days.
Comment by Cass -
OK, I’ve been reading the comments and it’s clear that many people
have no clue about trading and the markets. Many also have no
idea of how politically motivated the SEC and Federal Prosecutors
in general are.
Given his history, the nature of the accusation, and the fact that Mr.
Cuban is an outspoken celebrity, it is very unlikely that he committed
the crime in question. It is furthermore unlikely that anyone would
ever have cared if this wasn’t paraded out by the government in the
So-called insider trading is very difficult to define. It is hard to prove
and hard to defend oneself against. I have to prove an individual’s
motivation in regard to an action that would otherwise be legal.
Buying and selling stock is legal. So is buying and selling because you
think you see something that others don’t see. The only part that would
be illegal is if you had access to privileged information and illegally made
your decision to sell or buy based on that information.
Maybe Mr. Cuban did have special information, but what if he was planning
to sell the stock at a certain price-point anyway? Should he go to
jail because he wanted to sell a stock but then heard information
he wished had never come his way? Would you expect him to hold the
stock and lose money just because he came on extra information?
Many of the negative comments about Mr. Cuban seem motivated by
either a personal dislike of him or his politics, or else are based on
simple greed and envy on the part of people who are not as financially
successful as he is.
Let me be clear: THAT IS PATHETIC AND EVIL!
American justice should not be based on whether I like someone, whether
I agree with him, whether I’m envious of him, or frankly whether he is
a different gender or race than myself. It should be about JUSTICE.
Take some time to learn about these things and you will find that our
insider trading laws are unjust and allow the SEC to prosecute whomever
it pleases for whatever reasons it desires. You will also find that there
are major loopholes that the truly big players (people and institutions who
make Mr. Cuban look like the working poor) take advantage of which
the SEC will never touch.
America, the days of trying to “stick it to” someone just because they
are successful should have ended along with the days of witch doctors
and voodoo dolls. It’s time for us to grow up, be responsible for our own
lives, and quit expecting the government to “protect us” and “save us”
from the next boogie man.
Comment by Toby Wilson -
No matter what, as far as I am concerened you are innocent. It would not surprise me if they had to fabricate evidence for them to win.If I was on the jury, you would be innocent, no questions asked. Go for it.
Comment by Sam -
man there lots of suck up’s on this blog site.
what’s the old saying, if it quacks like a duck??
really too bad that the gov. can’t be as agressive with
the lame ass politicians in Congress that sucked up to
Fannie & Freddie. THEY are the ones that belong behind
You can bet there is some personal vendetta going on
here due to Cuban’s bailout web site.
Comment by tommyd -
Oh, you got burned. Your Bush Derangement Syndrome is no excuse. However, if you really wanted to turn the tables, you should publicize that the crime of insider trading IS NOT A CRIME FOR U.S. SENATORS. That is an on-the-book law, written and passed by members of congress.
I repeat: our “elected” representatives in Washington CANNOT BE CHARGED with insider trading. It’s not a crime for them.
Comment by Steve -
I’m glad you’re going to fight them. These bums at the SEC overlook the gross
misconduct of Nancy Pelosi and Barney Frank, yet persecute decent people
like yourself and Martha Stewart.
I hope that you not only win, but that criminal action is brought against the
lowlifes at the SEC.
Swing Away, Mr. Cuban!
Comment by Toby Wilson -
Hey Ironcross, Why hate on Mark? are you jealous???
Comment by Jack Jones -
This government is corrupt. 700k aint shit to Mark. Would he risk jail for that little money. This is stupid…
Comment by Jack Jones -
I would be going to jail if I got caught doing the same.
Cuban has supported (in some people’s view)anti-military
/anti-american movies and groups. When you do these things, you
had better have a clean slate. If they can get Martha Stewart, they can get anyone.
I hope the truth prevails
Comment by Jay Richer -
These things do happen when you point out that the September 11th 2001 attacks were a US government engineered false-flag operation.
Take the hit, but do not give up the fight, it’s important.
Norways secret police tortured me for telling the truth, yet I refused to shut up. I did have to end my life as I knew it and flee to another country. It was all horrible, yet I would do it again because the truth is more important.
If you have to take a financial hit because you promote the truth then just consider it the price of telling the truth and bite the sour apple. Do not submit and do not shut up, truth and freedom are more important than a pile of money.
Comment by Øyvind Sæther -
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I’ve always thought you were great. I am hoping this all gets resolved and they don’t try to make an example out of you. Most people would have done the same thing.
Comment by Nina -
Guilty, Throw him jail.
Comment by Timmy -
As a retired Viet Nam Vet and Police Officer I wish you the worst.
Comment by Allen Stanek -
Sounds a little to me like retribution for your open calls for more transparency. You are better at their jobs than they are and it ticks them off! Go get them Mark! We are behind you 100%
Comment by Bryan -
Cuban is a traitor! He needs to leave the country!
Comment by George -
The SEC does not waste their reputation and time going after inoccent people. My advise to Cuban – Plead guilty and payyour fine. Your ego will kill you here. Ask Martha Stewart.
Comment by roberto -
Mark doesn’t like PIPEs, so it was not good news when the CEO of Mamma solicited his interest in participation. Mark was probably pissed that a) the company was doing a financing that he didn’t like b) that he was brought ‘over the wall’ on the stock by virtue of receving information about the offering. Having been forced over the wall, he knew that he was locked up from trading. My guess is that he was pissed off enough about a) and b) above that he said ‘f**k it, sell the stock’ and let em come after me if they want to. In any case, I tank the stock, I get out, and I prove a point to the pissant CEO that stupidly forced me over the wall.”
Comment by mick -
Obi-Wan Cubani…….Your our only hope!
May the Force be with you! But not with the Mavs,,
,,I’m a Lakers FAN BABY!
Comment by rob -
Hang tough my friend. You will prevail. (My guess is that someone at the SEC couldn’t beat the spread on a Mav’s game. Sour grapes.)
Comment by Mike -
I have been where you are. I call it “Arrogant Omnipotence”.
As much as you desire to fight on principle, as did I, I found that it was a mistake.
I should have settled. If you should choose to continue to fight I wish you the best of luck.
Comment by DT -
Mark, no more commentary on HuffPo critizing Obama’s economic team. Now you understand Chicago thug politics.
Comment by RS -
It pleased me to no end that you’re finally getting what you deserved.Maybe you can room with Bubba when you’re doing time! Got to go, running short on hairspray.
Comment by Donny Trump -
I guess we’ll see how this plays out…
Comment by jim -
Cuban is a scumbag another America hating lowlife who came into his money through a trustfund I hope he gets hit by a Karmatruck and dies choking on his own greed.
Comment by Cuban is a Punk -
I don’t care whether the charges are true or not.
Insider trading should not be illegal. Acting on market information is only a crime becuse the government says it is, not because there is actually anything morally wrong with it.
Defeat the government giant. Admit nothing and beat them at their own game. As several other commenters have noted, this is just a public distraction but I think they picked the wrong target.
Comment by Difster -
You’re a thief. You may be a rich thief and a thief of celebrity, but you are ultimately only a thief. Good luck staying out of prison. I’d love to explain this to you in person in a horrifyingly explicit manner.
Comment by Scott -
This investigation should take less than one minute:
First, when did Cuban find out about the stock offering?
Second, did the public know the same information at the same time he did?
Third, when did he sell his shares?
Comment by jack -
i hope you go to prison you commie SOB
Comment by wayne olsen -
I dont particularly care for Mr. Cuban. However, I know that SEC attorneys and prosecutors (persecutors) everywhere do only one thing: SCREW OVER PEOPLE….and they do that just because THEY CAN.
Fight back Mr. Cuban. You have the resources. Most of us dont. Make it public. Dont back down. Make us all proud.
Comment by Jim Stickann -
Mark, America knows this is because of your 9/11 truth movement involvment. Once you move away from getting answers to what happened on 9/11 your problems will go away.
Comment by Brady -
YOU’RE A GUY WHO HAS HAD GREAT SUCCESS……..JUST REMEMBER THAT MARTHA STEWART DID NOT DO TIME FOR INSIDER TRADING, BUT, WENT AWAY FOR LIEING TO THE SEC/FBI.
Comment by LEN -
Before you convict Mark, read how some investment experts from the
street.com described the charges:
1) This is a ludicrous charge. First off, its a very gray area. When
a company starts looking to do a PIPE financing, 100s of potential
investors, lawyers, accountants, etc are made aware of the fact so
its borderline what is public info and what is not.
2) Looks like the Feds are stretching the law again, charging Mark
Cuban with insider trading for selling stock based on an upcoming
PIPE deal. Given the vaguenss of the law, that may be what he is
charged with, but it is almost surely not his real “crime,” which
may be some form of predatory or abusive trading.
Comment by jerry dever -
Maybe this will make you reconsider your backing of Mr. Obama and his party’s desire for even more power and authority in Washington. You are unfortunately just the beginning if the Dems get thier way. You are public enemy number one since you have money. Everyone – DUCK!!
Comment by Douglas -
Have Obama fix it!
Comment by Super_jalapeno -
Comment by Steve Krause -
CUBAN FOR PRESIDENT!!!!!!!!!!
Comment by KDub (Former Maniaac!) -
I don’t like seeing that 666 comments up there, so let me make comment
Anyway, Mark, I really like the way you think.
I also think you’re legit. Prove me right.
Comment by Jesse Hines -
That it is incumbent upon me, in my personal life, to be devoted to the highest standards or honesty and justice.
Comment by Shaun T -
I just laugh at some of these comments supporting Cuban regarding this matter. Cuban sold all of his 600,000 shares of stock based on adverse information he received about mamma.com. Were did Cuban get that information? The answer is pretty obvious to any intelligent person. Was it that information made public? The answer is clearly no. We might not like the rules and laws of the SEC but Cuban clearly violated them regarding insider information. Mark is no different then any other rich person in this country as they all think they above the laws or can buy their way of out of anything.
Comment by Dale Hansen -
Ironcross- moron why don’t you learn how to type?
And that’s business dude
Comment by anne -
I always thought you were kind of an ass but apparentely I was wrong. I wish you good luck with this and know there are alot more like me out here.
Comment by Sam Minervino -
The people that work at the SEC,
like the IRS (speaking of related
issues), are by and large careerists,
and don’t know Mr. Cuban from a cigar.
Chances are somebody ratted him out.
In any event, they wouldn’t make a
big stink about this if they didn’t
have major league evidence that he
broke the law.
This is not the (first) OJ trial,
unfortunately for Cuban.
Comment by Cyrus Vanduhlay -
Dear Mark Cuban: Do not let a group of Ivy-League trained lawyer bureaucrats intimidate you. Treat them as if they were biased refs on the court, which they are. The SEC has lost any respectability in recent years, as they press for settlements that make not sense and reward their cronies with a blind eye. Yes, blind refs.
James A. Glasscock
Comment by James A. Glasscock -
You suck. Join Martha Stewart you crook. Don’t bend down to pick up the soap.
Comment by Nobama -
See what happens when you criticize Obama? LOL Good enough for you. You are an idiot and I sincerely hope you get your just deserts.
Comment by Dale -
Unfortunately, government has become so bloated with over-zealous bureaucrats that it has forgotten its real purpose; serving only the fundamental needs of the people by protecting our country and preserving freedom and democracy. It will be interesting to see how things turn out over the next couple of years with a single party controlled legislature and executive branch (judiciary to follow?). In any case, best of luck to you in your fight against this nonsense.
Comment by Tom -
I guess the judicial system will tell the truth on this one.
That is what is so great about America, innocent until proven guilty!
so who is going to have your seat to the Mav’s games if you are convicted?
Comment by Kevin -
Oooooh. I get it.
Obama supporters= innocent of everything.
Conservatives/GOP= guilty of everything.
Actually, it’s more astonishing that leftie Democrats
are suddenly sympathetic to a rich white manipulator
Wall Street hack when two weeks ago those same people
were responsible for everything, including
Comment by MojoWire -
Hope you make some new boy friends at the big house.
Comment by PC14 -
This makes no sense. If you’ve got a ba-zillion dollars like MC does,
would you really risk going to jail over $750K? Doubt it.
Comment by Jason -
You voted for Obama, what did you expect? So you wanted to give your
money to the government to help with the bailout. How nice of you.
You now know that the Obama administration and the democrat congress
does not like or appreciate entrepreneurs like you. Wish you can take
your vote back?
Comment by I M Smart -
If what they say you did is true, that was the dumbest insider trade
Comment by thumpinDubly -
Well from reading the description of the case it looks like you certainly uilty and had little reason to do this as you are a billionaire and this was over 750 Grand. So I would guess that when the judicial process works out you will have to give your stolen money back and I can only hope you serve a nice stint in low security prison. I can think of few who would deserve it more. Cheers.
Comment by Danny -
Mark – you are an arrogant, meritless twit. I’m thrilled the SEC will be hounding you for a while. I’m also thrilled you won’t be polluting Wrigleyville with your childish rants.
Comment by bill -
MARK has basketBALLS !! I volunteer to run interferrence and offer as
evidence of a corrupt power usurping government the Martha Stewart
case where she said things some did not like. Bill Gates who got the
wrath of Sherman Anti Trust for making someone mad. The American
people who made the government mad about wanting immigration laws
allready on the books, enforced and now we are being punished by
having amnesty shoved down our throat and no border security, This
has become a very vindictive and ruthless government, which needs
to be shown for the bully it has become. GO MARK GO
Comment by Bob Graham -
WOW– He made 1 bad comment on Obot’s economics panel and got thrown under the bus. Change is certainly intersting–and scary!
Comment by XD-40 -
Cuban is trying to buy the Cubs. Obama is a White Sox fan. Conspiracy theory??
Comment by Hank -
Maybe we should all sue the government for failure to regulate mortgage backed securities which sent the world banking markets into a tailspin…The SEC should go after the real criminals. Maybe if they weren’t so concerned with the Martha Stewarts and Mark Cubans of the world, they would have had time to look into Barney Frank’s relationship with Herb Moses, an executive at Fannie Mae.
Comment by Forest -
Mark, you have always Blew your horn” whether asked for or not.
Now you can blow it one more time. Just post the transaction confirmations or let the Stock Broker’s records be released and it will eliminate the conjecture.
It’s that simple.
Comment by JerryT -
Hey Mark, it looks like the baseball owners don’t want you. Isn’t Jim Bunning on the Senate Committee? Didn’t he recently get elected to the Hall of Fame via the Veteran’s Committee? Hmmmmm…
Comment by Art -
Sorry my friend, somehow I just seem to have any sympathy for somebody who has so damn much cash
that $750,000 is a drop in the bucket. If it comes out true and you DID do this, then you sir, are one cheap tight as.
Comment by Ironcross -
“Cuban turns the table on SEC”…
Comment by Paydex -
I would think they would have their hands full investigating the
insider trading into the put options on American Airlines stock prior
to 9/11 or maybe investigating the gross misconduct currently
happening on wall st. Oh I forgot, Cuban financially backed the viral
video “Loose Change” exposing 9/11 as false flag intelligence
operation. Now I understand why he’s being investigated! They sicked
the dogs on him. I’m sure the IRS is snooping up his rear end as well.
Comment by Jeff -
Mark…you are a pig either way.
Comment by Robby -
You can get through it!!
Comment by zachyounkin -
I don’t usually agree with you Mark, but I’m pulling for this time.
I hope you are acquitted.
Comment by Crippy -
Mr. Mark Cuban,
If it wasn’t so obvious why you are the target of this political persecution I would probably laugh. However, the days are becoming quite serious when your constitutional right to dissent ala the creation of your government transparency campaign is rewarded with an accusation by the SEC. I am very concerned about the clouds on Ameria’s horizon and I want and expect this country to be one of liberty, freedom and opportunity for all of her citizens. If I may be of any help in any small way I would be most happy to give you any assistance I can. Just say the word.
Comment by Chris Embrey -
Isn’t how money can turn you into a miserable liar who has no morals and principles. You were a better person when you had no money and sat in the cheap seats in Reunion arena. No you are are just like Jerry Jones, a miserable fucking piece of shit.
Comment by Dirk N. -
Mr. Cuban, you have always been ballsy, brazen, and up front.
Keep up the fight and give them as much hell as possible!
Comment by Rehya Young -
As a lifelong Cub fan, please do not let this deter you from purchasing the Chicago Cubs. The Cubs are known for their passionate fans and players but haven’t had an equal in the owner’s box in a long time. Your honesty and enthusiasm would be a great addition to MLB. Thank you again and good luck in your defense. Many of us are rooting for you.
Comment by Ryan -
May all NBA owners go broke. Their spineless, money-grubbing handling of the Seattle situation will give them all a quick ticket to hell. Sure, Mark voted NO on relocation but he didn’t fight for it. We all know he had regional reasons why he didn’t want competition north of him. To hell with the NBA, its commissioner, and its owners.
Comment by Fed Up -
Mark, I hope everything turns out well for you. Perhaps this is only getting a lot of burn b/c of the high profile nature of the person involved, but in a human system, can we really believe that insider information/trading is just the nature of the beast? I think not.
Comment by profootball101 -
I’m pulling for you. I was pulling for you when the rumor (and that it was) circulated about you potentially being interested in the Pittsburgh Pirates. I don’t know the details, and because the news media is so skewed, I’m faily sure I’ll never know for sure what happened.
I wish you all the luck in the world with this… Keep us posted.
-The Average White Guy
Comment by theaveragewhiteguy -
I believe Martha Stewart wore the same badge of arrogance!
Comment by Scott -
Cuban, I think you’re a complete lefty douche-bag. I hope this turns out for you just like “Redacted out for you just like “Redacted” did.
Tell Tyrone I said hi.
Comment by thebronze -
Cuban should go to jail. It’s all the little people and their faith in the market that keeps it working. That faith is damaged when people like Cuban think they are above the law because of their wealth.
Comment by Rich -
Not that language or truth matters to you liberals but wouldn’t a win-at-any-cost ambitions” kind of indicate that they would be RELUCTANT to prosecute a case if they MIGHT lose it.
Better get some more tips and sell some more stock to afford better lawyers marky.
Comment by willy the impeached -
Good luck with the case. It must be a conspiracy by the MLB team owners to derail your chances of buying the Cubs.
Comment by Mark S -
Insider trading by rich people like Cuban (if shown to be liable)hurts
all investors, big and small alike. Fraud is fraud and is wrong. Sure,
the SEC and all other governmental agencies under Bush are selective
in their prosecution; that does not make cheating OK. The SEC should
investigate more cheating by the rich guys. How about Cheney/Bush and the
the billions lost to “lack of oversight” in Iran?? How about invading
Iran and killing people over a manufactured lie?? Just asking.
Comment by Steve -
With all the rampant crime on Wall Street, hedge funds bankrupting good
companies then feeding on their carcasses, naked shorts profiting by
breaking the law, $700 billion bailouts going to the same CEO’s that
just ran the economy into the ground, AIG officials going on holidays
with taxpayer dollars, penny stock companies printing shares and selling
them on the open market with no business to back them up, traders and
speculators artificially inflating markets then taking them down while
profiting on both sides, crooks going on tv telling us to buy while
they’re selling, etc, etc, etc, etc…. The SEC is spending time,
resources and money going after Mark Cuban, yeah like YOU’RE the problem!
What a joke!!
Kick their ass Mark, maybe then those impotent losers at the SEC
will after some of the real criminals on Wall Street. There’s plenty
Comment by Steve R -
Regardless of what you said in your response/public statement,
if you did it you deserve the consequences – whatever
they may prove to be. Too bad…
Comment by JSB -
I am a recent college graduate and I am interested in working for you.
Please email if you are interested in speaking with me.
Comment by eric -
I just want to know much of the taxpayers’ money was spent trying to prosecute this? You allegedly gained a $750k advantage and the SEC spends 4 years trying to make an example out of you?? Ridiculous whether it’s true or not. You’d think they’d be more focused on trying to find the people behind the $700billion bill to taxpayers, not this $750k BS.
Comment by Sam -
We should all be cheering the SEC. Aren’t we all tired of “the rich” getting there wiht insider trading, illegal deals, etc., and taking advantage of the “little guys”? Mark Cuban is of “them”. I’m sure some of you liberal nut jobs are having a nervous breakdown figuring out what to do. On one hand you have Cuban supporting the ludicrous “Loose Change”, but on the other hand it turns out he’s just another “evil capitalist”. LOL
Now, we get to see Mark play the “victim card”. Ahhhhhh, poor, poor, Mark.
Comment by Jerry -
Dear Mr. Cuban,
You have a lot of fans and you give some great advice. You are a positive influence on a lot of people. That is great.
The thing is, when you sell stock, there is someone on the other side who buys it. You are the largest
stockholder of Mamma.com. That does make you an insider on many levels (not a negative insider). If
the CEO called you and asked if you wanted to invest more money, thereby diluting the stock, and you
said “no”, you then knew the stock would be diluted once someone did invest money. If you then sold
your stock knowing a dilution would happen, that would be insider knowledge. Someone on the other
side of the transaction bought the stock from you without the knowledge that the stock would go down in price.
This is why it is fraud. It is cheating a real live person who isn’t an insider. Most people seem to think
when you sell stock, it goes to some big company money bags in the sky. No… a person buys it from you.
If we got rid of insider trading laws, big wigs of companies would rule the stock market all day long,
and stock traders like us would constantly be cheated all day long.
So, if this happened, even if you weren’t thinking in terms of selling it to “someone” but that you were
unloading stock that was going to be diluted, this needs to be rectified. Whomever was defrauded needs
restitution and fines would need to be paid. Apologize for not thinking it through, pay the fines and move
on. Don’t drag us through another pious dialogue like Martha Stewart did if this is the case. What is being asked of you is
chump change to you. It’s understandable if you did not have ill intent and we would all learn about why
insider trading is there to protect all of us. You would teach us all another valuable lesson. Turn it into a
positive like you are so good at doing.
Good luck to you and your family and may the Truth be your guide in all matters.
Best regards, Kristi
Comment by kristi mann -
You gonna get raped.
Comment by Your New Cellmate -
take away this spoiled boy’s basketball team.
he acts like he’s 12 years old.
he even sometimes wears a dress t-shirt.
like to see him lose everything.
Comment by chuckles199 -
Maybe its your last name, they think that you are related to Castro. We hope that this doesn’t hurt We sure hope that this doesn’t hurt your chances of acquiring the Cubs.
You are just what that franchiZZZZe needs.
Comment by David Dunbar -
I know everthing should resolve soon on this problem. Your fans like you and the public is critical of those sometimes that are actors or do shows like Dancing with the Stars. I really thought you did good. Good Luck.
Comment by Laura -
Just like Martha Stewart, next he will say they went after him because they knew who he was… blah blah blah. The computers just back track stocks that make big big moves on news and looks for people that made big sales just before the news went public. They don’t know who you are or care. Even AFTER you name popped up they probably didn’t know who you were, mark. It’s only in your weird little world that you are important.
Comment by Mark Clueless -
Anyone think this ISN’T related to Mr. Cuban’s pestering that the Fed should release details of the $2trl in loans their extending to who-knows-whom? No one may question the power of the men behind the curtain…
Comment by Brian -
My guess is that Cuban will be the latest in a long line of defendants claiming that they will be vindicated when the “truth” comes out at trial. I seem to recall Ted Stevens making the same boast. Either this case will never go to trial because Cuban will take a plea, or he’ll go to trial and lose. It’s unlikely the feds would bring charges against him, knowing he has the resources to fight them, if they didn’t have a very good case.
Comment by Tom W. -
I’ve never admired you and hope and expect this will be proven true
Comment by Kevin -
ANYTHING that will make this guy let go of MY basketball team and go away is a good thing. The black Plague is OK if it gets him out of Dallas.
Comment by Basketball Fan -
Another idiot tries it. Just like the Diva of the Dishwasher, he thinks a. that this is a public relations problem. and B. that the feds will fold up and go away if he yells a lot like the stunts he has pulled on people before. WRONG on both counts. Sorry, Moron, I mean , Mark, but people that go after the mob and international terrorists aren’t scared by your temper tantrums. I hope they send you to a REAL prison, not the one with the golf course. Ever been to Marion, Illinois? You can follow the cubs from there. Yeah……
Comment by Bai Pon Kee -
Overzealous bureaucrats? That’s the defense? Sounds like the same defense Martha Stewart tried. Good Luck!
Comment by Dennis -
Fight them tooth and nail. The government and the people behind the stock market are mobsters in cahoots with each other.
This past election proved this country has been sold out.
It won’t take much more of their crap to start a revolution.
Comment by Charles -
Go Mark! I’m sick of the government wasting money and abusing its power and then trying to steal more money from the successful!!!!
Comment by David -
Mark you better pull a Barry Bonds and pay your stock broker, the one who handled the sale of mamma.com stock alot of money not to rat you out like Barry did to for his trainer. Face the facts Cuban, you sold all 600,000 shares of mamma.stock based soley on insider information. Give it up Mark, be a man for once in your life and admit your wrong.
Comment by Jim N -
What a bunch of sycophantic imbeciles. If Mark Cuban indeed broke the law, which is sure looks like he did, he SHOULD face the music. Maybe this is Karma for financing anti-american propaganda…. DURING A WAR. Mark Cuban may do a lot of good things, but he’ll need to do a LOT MORE for that traiterous, misinformed and ill-conceived project. SUCK IT CUBAN!!!
Comment by Ranger -
I hope you spend time in jail… Crook.
Comment by john reyes -
What is wrong with this government! Washington is corrupt – this
financial crisis was caused because they were lining their own pockets
and not watching out for us. Mark Cuban is a billionaire. To him,
750K is nothing, why are they wasting their time and effort on people
who actually work hard for their money, take risks and give back. Why
don’t they start taking a look at those people in DC who caused this
meltdown of our economy and ruined peoples retirement. Leave Mark
alone, at least he is creating jobs and opportunities – not like our
Comment by Joanne -
Did you somehow say or do something anti-bush??
That’ll do it, I am afraid.
He’s dirty to the end, the creep. Good luck in your defense.
Comment by Susan Lewis -
MAYBE THE SEC SHOULD CONVICT THE CEO OF MAMA.COM WHAT DID THEY EXPECT YOU TO DO WHEN YOU WERE TOLD THE SHARES WERE GOING TO BE DILUTED I WOULD OF SOLD MY POSITION AS WELL THESE IDIOT AT THE SEC ARE BLIND TO REAL ISSUES LIKE EVERYONE ASSOCIATED WITH BUSH OIL GOLDMAN SACHS AND MORGAN STANLEY AND THIS IDIOTS ARE THE BIGGEST MARKET MANIPULATING FRAUD BEHIND THE DOOR SCAM ARTIST ALIVE.
Comment by KENNY — November 18, 2008 @ 12:45 pm
HEY MARK GET EVEN WITH THESE GOLDMAN SACH AND MORGAN STANLEY BITCHES START SHORTING EXXON CHEVRON BUY LOTS OF DUG IF ANYONE IS GUILTY OF ANYTHING ITS THESE MORONS THAT HAVE BROUGHT THIS COUNTRY DOWN PAULSEN IS A JERK AND A IDIOT I KNOW WHAT THESE BASTARDS DID AND THEY GOT CAUGHT IN A OIL TRADE THEY COULDNT GET OUT OF LOOKS LIKE YOU DIDNT HELP NOW THEY WANT TO GIVE YOU A BAD NAME THESE ASSHOLES ARE STUPID YOU GO MAN AND PLEASE BUY DUG THEY HAVE SCREWED ME ROYLE
Comment by KENNY -
If you actually read these postings, I wanted to drop a couple ideas by you.
First, I think you’re probably a fun guy. The same type of guy I would be if I started a company during the dot-com bubble, and got an awesome break with YHOO and wound up with a $5-6B sale (net $2B).
You had some successes with all that money, and, frankly, you’ve proven somewhat innovative. I think your overzealous, but I am too, and your many publicized ways of compensating for that show you do posses compasion, empathy, and humility.
While publically you have been reported to have some quirky political views, and you even sponsored a movie that wasn’t really a good idea, but I wouldn’t say you’re nuts.
As far as how you are portrayed with the Mavs, I gotta tell ya, I’d be the same way…only with the St. Louis Cardinals.
So, having said all of this, you really need to STOP and think.
You’re really NOT doing yourself any favors here. You may not want to hear this, but saber rattling with the SEC is not sound policy. In fact, it’s d-u-m-b.
You may fel they took on this case with an agenda, or in some partisan flair, but I assure you, you won’t flourish in this environment you’re creating here.
By raising the stakes, you will only serve to steel their resolve, and “get” you no matter what. Not something I woud want going on over there.
If you are innocent, then, by all means, instruct your counsel to dismantle their case. If you did this, then negotiate a way out, and be concilliatory as humanly possible.
Know this…(and keep in mind I like you)
Your chance of purchasing the Chicago Cubs was very unlikely BEFORE this came to light. It won’t happen now.
So restrain your understandable anger and frustration, and put those efforts to use somewhere productive.
I’ll buy you a beer if I ever see you out with Kerry Wood again.
Someone who doesn’t want to see this devolve into a mess,
Comment by R -
I am going to buy copies of Loose Change for everybody I know.
Good luck with the fight.
Comment by Natedawg -
So this is how the SEC gets their “bailout”?! If you can’t beat them try to destroy them….Gov’t at its finest!
Comment by Jeff -
I think you should look up the word hubris in the dictionary.
Plus, shame on you for the hateful, anti-military, “Redacted” effort
that you funded and support. Our military deserves better. As far as
your excuse here that you are a victim, please spare us. You got
caught and should take your medicine. Maybe that job at Dairy Queen
isn’t such a bad idea after all, huh?
Comment by E. Russell -
First, Defeat the bureaucrats.
Second, Submit an offer for the Atlanta Braves organization.
Third, Reap the love that the south has for eccentric billionare sports owners.
Comment by Will -
So Im thinking the actual transcript of the phone call conversation really doesnt matter…A reasonable jury can put 2 and 2 together…Phone call/ heavy selling…Hmmmmm…Duhhhh…I think the big question is does the SEC have any power over private equity..Im guessing no or they would have filed criminal charges
Comment by Fred -
Let’s see….I own a million dollars worth of stock in a company. One day, the CEO phones me and says “Dave, I’ve got a great idea,” the company is going to start remanufacturing the Yugo, but don’t tell anybody.” What would I do? The same damn thing Mark Cuban did…dump the stock…immediately. What was he supposed to do?
Comment by David Richards -
I can’t wait until they toss your crooked ass in jail.
I will look the other while you’re raped to smithereens.
Comment by Prison Guard -
shoot all u.s. and u.s. states’ cops-pigs-vermin-scum in their
That’s the law.
Comment by kierzog -
You should go to jail for a long, long time
Comment by Mike -
Mark, I’ve watched you for years … I like your style. One thing I’ve always felt was that you were an honest guy. I too am praying all works out and that you have your day to set them straight.
BTW: I was sad your TV show never connected. I watched with great interest.
Comment by John Litton -
You’re a role model to businessmen around the world. I hope you remain outspoken for years about this issue, and eventually re-locate your brilliant entrepreneurial mind to a more favorable business environment (UAE).
Comment by PalmWalker -
Mark is right. There are a lot of things under the surface you don’t see. But on December 16th, you will.
Comment by In the know -
Hmmm…blasting your career and reputation as scandalous, greedy, and corrupt over one moment of weakness that may or may not even be factual….sounds similar to a misleading and unfair movie that blasted our military on your channel last year.
Comment by jeremy -
Mark,I have great respect for you and your achievement,and wish you the best as this BS moves forward,but it just goes to show you…cross the Obamanation at your own peril….
Comment by Wes -
Mark, hope all works out…You are the man,
and look out for the little people. The
sec blows anyway….Good Luck…
Comment by JOE -
On CC’s advice to Cuban to keep quiet in public about this knows nothing about him. Any casual observer of Mark Cuban’s behavior knows what an egotistical prick he is. He couldn’t keep quiet if his life depended on it. He’s got some serious self esteem issues that he’s covering for with his $Billions. I’ll bet he still wets the bed…
Comment by John -
Smoke and mirrors by the SEC – how else could they shine the spotlight away from their mishaps?
Comment by Aaron -
Let me guess, a black bird flew up Markie’s ass and told him it would be a good idea that he sold all 600,000 shares of mamma.com stock. No words or advice or information came from anyone at mamma.com that made Markie want sell in a hurry all 600,000 shares of his stock and especially something that was confidential and would not be leaked to the public. Give it up Markie, the SEC got you by those little small balls you have. You been hanging around with Josh Howard too much.
Comment by Pammie -
I’m all for Mark in this deal. The SEC let Wall Street banks create $400 trillion in credit derivatives, and then they bank at this? This sounds like political persecution to me. I hope Mark rams it down their throat.
Comment by Jack Straw -
Cuban’s a dick.
Comment by John -
Could this be karmic payback for that time when you destroyed internet radio?
I certainly hope so.
Comment by Billy -
Mark, you’re a freaking billionaire, relax, you can pay lawyers to lie, hide the truth, distract, and in the end get you off the hook with one of those admitting no wrongdoing slaps on the wrists.
Comment by biff -
I realize that today is probably not the best day of your life, but I need to thank you.
I have an iPhone game called “Inside Trader” and the publicity that the news about you has generated has been a huge boon for sales.
As a fellow tech entrepreneur I hope you aren’t offended by the opportunistic nature of my success. It’s certainly nothing personal, and I hope you make it through this crappy time as well as possible.
Thanks again for the free publicity, and I hope you’ll checkout the app sometime. If you decided to, just let me know and I’ll paypal you the money to cover the cost.
http://www.insidetraderapp.com or search “Inside Trader” on the app store.
– Jeff McFadden
Comment by Jeff -
Probably not very smart to antagonize the SEC. These are athletes
that you own, or referee’s that you can browbeat w/ impunity. Then again,
you aren’t known for thinking before speaking.
I look forward to watching you do the perp walk.
Comment by The Dude -
I hope they throw your ass under the jail.
Comment by Brick -
Hope you get as good a lawyer like Martha Stewart had.
Comment by Fair -
Anything goes, now that we have Barack. He’ll let Israel slide on 9/11 and bailout everyone. Harass Mark Cuban, why not?
Israel and 9/11, here:
Comment by Mark -
Mark, You have my complete support. I admire your spirit, your
generosity, and extraordinary intelligence and capability. I want to
thank you for your kindness in giving students and budding entre-
preneurs honest advice and knowledge. I believe you and believe
in you. Joan Van Tassel
Comment by Joan Van Tassel -
Pingback: Cuban Responds to SEC Charges | NBA Rumors
Hey Mark. NIce to see the Mavs pull one out in NY.
I stayed for the whole game thinking that the tide would turn and
it did. I am truly amazed at the number of people whose comments
indicate that they mindlessly believe what the SEC says without
waiting to hear both sides of the story. This used to be a society
that took pride in the “innocent until proven guilty” basis of the
law. The bitterness and unprecedented hatred of some of your correspondents
is mind boggling. You represent the American dream to so many
people. Start a company for your own purposes, watch it grow, sell
it and move on, the true definition of entrepreneurship.
Why are these people so nasty in their hatred? Do they think they
“deserve it” more than you did?
When I look at your career I think about what I might have done
differently in my life to get the same results you got. But it’s
just dreaming. I’m happy with who I am and I’m happy for you
and your family that you get to live the dream.
Stay the course, listen to your lawyers and when the dust settles
life will go on. You will still have your family, the Mavs and
your money and I’ll still have my dream.
Comment by MickeyG -
Mark….I hope you get locked up for a loooong time for your actions. It’s not bad enough that you spew venom and ill will towards our troops and our President, but to think you’re ABOVE THE LAW? Ha ha. I guess time will tell if you are guilty or not, won’t it? In the meantime, I hope you lose your appetite, your stomach turns, and you can’t sleep at night…similar to what our troops go through on their 1st deployment to fight terrorism. Your contiued ultra-liberal views, divisive publications/broadcasts have undermined our troops long enough. I hope they throw the book at you. Who knows…maybe they will allow you to watch your Mavericks continue to lose, from the BIG HOUSE. I’d say good luck but I’d be lying. Good riddance!
Comment by Ara Y -
Why do multimillionaires choose to cheat? It hurts the little people who don’t have anyone speaking up for them.
Comment by Holly Mead -
While Mark Cuban made a common sense business decision, our government has launched a never-ending World War. Oh, but Mark’s the criminal? Fight it all the way, buddy, the people are on your side!
Comment by American Citizen -
Sounds like somebody in the SEC is “gradstanding”.
I guess they are trying to show the public that
they exist for some purpose.
Comment by robert -
you arrogant boob… How about a little redistribution Bro?
Comment by ErnnieMac -
If Martha did time for much less, then you should too!!! If high-profile business people like you don’t use your resources to expose the people in Congress (i.e. Fannie and Freddie Mac), then this is what comes of it.
Comment by kathi -
Pingback: Breaking news: SEC Files Insider Trading Charges Against Mark Cuban « ObsessedWithSports.com
Mark….the timing alone of this lawsuit (being on the heels of your noting that Obamas financial advisory team had no businessmen on it) speaks volumes; you voted for Obama, The Marxist, but that is irrelevant–at least to BHO! You had the nerve, the un-mitigated nerve(?!) to point out a simple fact. How dare you question the Tyrant-Dictator, who seeks to rule over us. So you have been rewarded for your insolence with an attack in the form of a bogus witch-hunt. If you will recall, the Clinton administration used the awesome power of the IRS against political opponents like Bob Tyrrell (of the American Spectator). This is what Marxists do : they use the power of Big Brother to attempt to silence free speech and honest criticism, because they do not have the ability to intelligently/competently defend their corruption. So, lacking the moral courage of their convictions they act, like all small people do, to persecute, getting other people to fight their battles disingenuously–hiding behind others, who are carrying BHO’s water.
I am so glad you can write the check to hire the best attorneys and I predict that you will clean the governments clock in this lawsuit. In fact, I garauntee it. Capitalism is Heaven’s economic system. Let a quintessential Capitalist (Mark) have the aid of Heaven, and utterly thrash these spawns of Satan. May the power of innocense and right crush the evil of bloated, fat, wart filled flunkies disguised as Govt liberals. Take no prisoners Mark and countersue them for the transparently obvious abuse of government power (remember OHIO govt officials using govt computers to investigate Joe the Plumber? you have the money to send them a message Mark—take no prisoners!)
Comment by Dr Richard -
Good Luck Mark. I’m from Chicago and have always loved what you have
done with the Mavs. Years ago when I found out you were a Cubs man I
was real happy and always thought that with a passionate owner like you
the Cubbies would finally get the heart they need to win the World Series
I was real excited when I heard you were actually in the running for
buying the team. Good Luck and beat the SEC so you can come back big buy the Cubs and
bring a world series to Chicago.
Comment by Nick S -
For all of you who have nasty things to say about Mark, all I can say
is you don’t know him and you have no idea the kind of character this
man has. He does unbelievable things for people and does it without
publicity. Mark was instrumental in saving my life and for that, I am
eternally grateful. He did it without hestitation and without
publicity. I thank God every day for what Mark did for me. I know he
has gone above and beyond for many, many others.
Everyone is so quick to judge based on what you “think” you know…
It’s sad. Get your facts straight and start by looking up the meaning
of the word “allegation”.
Comment by Northwestern Girl -
Cuban’s gettin’ mavericky!
Comment by Soros -
What goes around comes around. See you in jail.
Comment by R -
it is really something to read what that brain dead public thinks of this anti american ass hole
Comment by william simpson -
Why is a billionaire trading a speculative investment? I’m willing to presume innocence but it looks bad.
Comment by Tim -
Your chickens have come home to roost for you anti American views.
Attend to your losing basketball team and enjoy the coming months.
Comment by Stan Templeton -
Good luck Mark. Give ’em Hell.
Comment by Shea -
When you bankroll propaganda movies like “Redacted”,
trying to crap on America, eventually the chickens
come home to roost, Marky Boy.
I hope you get a fair and speedy trial and that, if convicted,
you get what you deserve.
Comment by Jarhead68 -
I hope the NBA suspends him like they would any player involved in an illegal deal of 750K.
Cuban is a thief. He admitted as much in a New York Times article when he said that one of the first things he did upon buying the Mavericks was find the best marketing minds and steal their ideas. Of course, he is never wrong.
Comment by kevin -
$750K – are you serious!? This just doesn’t add up. Mark Cuban’s kitchen probably cost more than that. Here’s the reality: Mark funded the production of the “Loose Change” documentary by Alex Jones (Infowars.com) These documentaries are exposing the central banking cartel who are openly hijacking our economy by mass inflation and devaluation of the dollar.
The globalists have openly admitted their plans for a one world government/one world currency and a consoladation of governments into a global fascist state. Cuban funded Alex Jones’ documentary to expose the elite.These allegations are nothing more than a smear campaign to discredit anything tied to his name. Do we know for sure that Mark is innocent of insider trading? Of course not. But risking prison time for what he probably spends on a weekend getaway? I’m not buying it. I smell a rat.
Comment by truthnow -
So you got mad when they told you they were doing a deal you didn’t like, and you said “screw it!” I am selling anyway!”
That’s the take no prisoners attitude that got you where you are today, too bad it was illegal.
Comment by Angela -
Assume the position, face down, ass up, better get used to hearing
that one… and there will be some insider something-something alright.
Karma’s a mofo
Comment by whoyopappy -
the scumbag Cuban financed the hate our soldiers movie “rendition” along with the hate america director Brain Depalma. That alone and his huge contributions to anti-business demonrats makes me suspect mr Cuban is guilty as charged. By the way mr Cuban- what has the likes of you, George the “i hate America” Soros, Warren Buffett, or the siclo movie producer Steven Bing ever did besides game capitalism? youve done nothing to spinoff other businesses, as a Carnegie,a Henry Ford, or a Harvey Firestone did.
Comment by dennis the menace -
They are prosecuting you for no reason. Out-of-control gov’t, yet another infringement on our rights by the gov’t. Add it to the ever-growing list of violations:
They violate the 1st Amendment by opening mail, caging demonstrators and banning books like “America Deceived” from Amazon, Wikipedia and Facebook.
They violate the 2nd Amendment by confiscating guns during Katrina.
They violate the 4th Amendment by conducting warrant-less wiretaps.
They violate the 5th and 6th Amendment by suspending habeas corpus.
They violate the 8th Amendment by torturing at Gitmo.
They violate the entire Constitution by starting illegal wars without declaration.
Impeach them all (both parties) and save this great country.
Last link (unless Google Books caves to the gov’t and drops the title):
Comment by William W -
Now I know what the SEC was doing while Wall Street was stealing and failing. Great job SEC!! Why work for everyone when you can get a quick headline, become a branch manager then go work at a private firm.
Comment by Ray -
Call me pls
Comment by The CEO -
FUCK THE IRS! FUCK THIS GOVERNMENT!!!!
Comment by shirteesdotnet -
Well, if jail was good enough for Martha Stewart, then it should be good enough for you. I’m looking at close to a 50% drop in value in my 401k, and people like you can game the system unabashedly to keep your money safe. Now, we need to bail out the automakers because the workers might lose their pensions. Screw their pensions…what about my, and others like me, retirement accounts that have been decimated by stupid government interference and personal greed? Looks like you can say goodbye to buying the Chicago Cubs, too. Hey Mark, just one work of advice…once you’re in the big house, try not to drop the soap…it could be a real pain in the ass, if you know what I mean.
Comment by BigTex -
I really just hope you go to jail and your cell mate is Rufus, the angry homosexual.
Comment by Greg -
i’ve always admired your ambition and commitment to your goals and dreams… hang in there! There are a lot of people out here who believe in you. Hey if you can dance on tv – you can get through this. good luck!
ps am i the only chick who reads Mark’s blog?
Comment by barb -
I have no stake in this matter and take no sides.
That said, Cuban is entitled to the presumption of innocence.
However, if it is proven Cuban broke the law, he should be
prosecuted for it, just like Martha Stewart was. No special treatment.
On the flip side, if the SEC is on a witch hunt and that is proven
beyond a reasonable doubt, they’re the ones who should be investigated.
The rest is all heat and no light.
Comment by TheMadKing -
This is why the government shouldn’t have so much power. It can be easily abused. Look for more witch hunts of this type to materialize in the future as government power continues to expand under a leftist administration.
Comment by Pliny -
The mavericks suck and now you may be a criminal. bad year man
Comment by jim -
Who did you piss off?
Comment by Winky -
Yoo Hoo Markie….. I jsut can’t wait to make you SQUEEL Like A Pig.
Comment by Cuba's prison butt boy -
I hope the next complaint against you is for violations of criminal statutes related to insider trading. Being so greedy as to try and circumvent the SEC laws for any amount of money is plain wrong. Considering your wealth, doing so for $750k reveals that you are aren’t as smart as you are greedy and foolish.
Comment by Jerk Detector -
Hey Mark, Looking forward to seeing you :). Tuesday night is chicken night…. They use real chicken
Comment by Cuba's prison butt boy -
Just like Martha Stewart, so rich but have to cheat to save yourselves from a little loss. Was avoiding that stock drop worth all this trouble? Would that slight loss really have hurt your enormous wealth? It was ego, plain and simple. You couldn’t take a loss like the average Joe does, you’re too good for that. And now you whine that the prosecutors are picking on you? Martha tried that defense too, and you see how well that worked for her. Spend your time in jail reflecting on how your arrogance and ego have lead to this downfall. Then maybe you’ll be a better person when you get out of prison.
Comment by Bill Clay -
Hey Mark, if you bring the cigs,I’ll bring the vaseline.
Comment by Cuba's prison butt boy -
another case of “oo I Have money and I think Im above the law”.
can we put this loudmouth in a prison somewhere and throw away the key!??!!
enough, already! him and Kayne should get married…..
Comment by Jack Ass -
This is stomping on my plan for you to buy Newcastle United this month. Dang.
Comment by Todd -
With the way the economy is going, I bet they will accuse other
people with money of the same thing! How else can Obama generate
revenue and redistribute the wealth?
Comment by Gerome C -
Go ahead and bring the SEC into court. I find it difficult to believe that
that they are after you like they are, when I have yet to hear about what they are doing
to investigate those responible for the sub-prime meltdown…including those INSIDE
the government like Rep. Barney Frank and Sen. Chris Dodd. Give ’em hell, bro!
Comment by Sean O -
ANYONE WHO BELIEVES THAT 911 WAS A HOAX DESERVES THIS !!!
Comment by DOUGLAS CHESHIRE -
Hey Markie… Helpful hint….. While you are in the big house don’t bend over to pick up the soap.
Comment by J. R. -
Name one defendent of an insider trading case that didn’t say the same thing Cuban said!
Comment by Ranger -
This is the same Mark Cuban that funded an anti military movie that
was really a disgrace. Fortunately it bombed as most anti-US movies.
Comment by Theporch -
So, Mark Cuban says he’s innocent? Didn’t Martha Stewart say the same? Doesn’t everyone say this since they are, in fact, innocent until proven guilty.
Mark Cuban showed his true stripes when he financed the most vile and vicious film about American soldiers that thankfully BOMBED in the marketplace, but has since been used as a recruiting tool for Islamic terrorists.
This lawsuit probably represents his KARMA, reserved for scum like him.
Comment by MarioG -
You wants I should go and cap some ass?
Comment by SCROTUS AMOTUS -
My, how the mighty have fallen…
I hope they get you for the maximum penalty, and I hope you see
the inside of a jail cell…
Comment by Ken -
Isn’t this how Martha Stewart’s insider trading
My advice Mark is to take up a hobby that you can work on
during the 9 months or so of down time you face.
Comment by Dan -
Would Cuban sold all 600,000 shares of Mamma.com without the information he received from an insider in that company? The answer is unequivocally, HELL NO. The problem with Cuban is he never thinks he is wrong about ANYTHING. I hope that hell he fight this and has to go before a jury and testify and that testimony is later proven to be lies. Mark the crazy SOB would look great in stripes. Common Mark be a man for once in you life and admit you did wrong.
Comment by Sandy -
Guilty or not guilty, this won’t ruin Mark. It’s a civil case that could result in a hefty fine. He could obviously afford the fine and continue on. If he lies during the investigation, then it could turn criminal. See: Martha and Nixon.
Comment by Scott -
This great, you get what you deserve. ever since your backing of the failed anti-american movie “redacted”, and Josh Howards comments about the star spangled banner, and you supporting socialism and your team losing. this is icing on the cake. remember you only get what you deserve when its all over.
Comment by jimmy -
Hey Mark…how about spreading the wealth? What is it about
redistribution and Socialism that you don’t understand?
I hope that your buddy Obama takes everything that the SEC
leaves you and doles it out to the populace.
Comment by Brian -
If this isn’t proof the Cubs are cursed. I dunno what is.
Comment by Hal -
Cut a deal, do it early and don’t go to jail.
Comment by Mark'tha Stewart -
@Dave: I hate Mark Cuban but I don’t want to see him fall. I don’t think he’d do this. But let the judicial system figure it out. Don’t be so quick to judge, otherwise people will think you’re a cunt.
Comment by Vinnie -
I’ve seen so much blabber here about “everyone inside trades” or “Whether or not insider trading should be unlawful is a question that should be debated.” Maybe those sentiments ring true. But they’ll have no weight with a judge who’s job it is to uphold the law, not make law.
The reason we see supporters take this approach must be because it’s clear Mark broke the law. You break the law, you pay the fine. You can fight for reform, but it won’t help in past actions. Those deeds are done and the law at the time applies. All of this discussion and Mark’s “defense” of an overzealous prosecution is just a distraction that keeps anyone from taking a stand and answering the simple question: did Mark break the law? If he thinks he didn’t, he would have explained why the sales were legal instead of deflecting attention.
Comment by Scott -
When is the criminal case to be brought against you? Soon…I hope!
Comment by TRS -
You will reap what you sow. Enjoy your quality time paying your debt to society. No one should be above the law.
Comment by law abiding citizen -
It’s time for a Howard Hughes type government smackdown.
Comment by Luke -
How sad that some ill-informed people in this country choose to support corupt moraless snipes like you. I hope you go down like MArtha…you tool!
Comment by MacksBack -
Gee, yur mouth sure iz purdy! I’d get the 25th hour treatment before they put
your pretty-boy ass in the big house. “Loose change” will be what you’re
staring at when the guards got you bent over, running a convict train on yo ass
fo’ 3 cigs a pop.
Comment by Jeb -
Guilty. Pay your fine.
Comment by Scotty -
I find it amazing that a crook is not a crook if he/she is popular enough.
Looks like the case against Cuban is prima facia.
His only defense is if the calendar was wrong that year!
If he did it, he’s a crook. If he didn’t he’s not. It will play out in COURT where it should be.
Comment by TexGEOas -
That is what Martha Stewart was saying as well. But for the sake of $50K she ended up in jail for 5 months. I do not know if Cuban actually did insider trading. But if SEC has proof to their claims, to think otherwise would be idiotic.
1 – CEO calling Cuban in the middle of a Mavs game, as we know he is very fond of his Mavs, and if he took the call during a game, well it must be important.
2 – Immediately after the CEO’s call, Cuban calls his broker. Wonder why??? And it is after market closed.
3 – Cuban liquidates his holding, it is not littel 6% of all shares to public.
4 – Bammmm, stock tanks.
Makes you wonder…
Comment by david -
Drudge linked to this:
Comment by BoscoH -
Ya gotta love liberals. Only other people have to play by the rules.
Comment by haunyocker -
Good luck. I hope they get you. You are a left-wing military hater and a typical lib that can’t hink for themselves. You aren’t a leader; you’re a lemming. Go Mavericks!! The Sarah Palin type, not yours.
Comment by Jim Mc -
PREDICTION: CUBAN WILL MAKE A DEAL TO GET OFF THE HOOK
Comment by WW4 -
Cuban is a criminal and should rot in jail like Martha Stewart did. He broke the law and got caught. If Cuban is willing to do something so stupid for such a relatively small amount (pocket change compared to his net worth), what other laws has he broken?
Investigate Cuban and sent the greedy bastard to jail!
Comment by Bill -
When does the NBA plan to move the
underperforming Mavs from DFW to Islamabad?
I understand the cheerleaders there are
really, really hot.
Goooooooooooooooooooooooo Team Burkas!
Comment by hulagate.org -
Enjoy your jail cell, Mr. Cuban.
From a Marine vet.
Comment by Brian -
Funny how these charges came about a few days after writing a blog post on Huffingtonpost criticizing Team Obama: World Police for not bringing in entrepaneurs to his economic team. Coincidence?
Comment by Chris -
Found your blog by accident after reading the article about your insider trading.
What kind of insecure person needs to have a blog about himself? I feel sorry for you and hope that you find peace and humility someday. There is great joy out there if only you get over yourself.
Comment by Linda Michaels -
This is the definition of insider trading. It doesn’t matter how you got the information you cannot trade on it until it becomes public. This will be a very easy case to prove. Telephone records and trading records are all you really need. If you add in a cooperative ceo who was on the phone and Cuban is doing himself a disservice by not settling this case quietly. The SEC almost never loses. When they indict you they have overwelming evidence.
Comment by Justin -
Obvious political hit being done on Mark Cuban. Think abiou tit, the feds just stole 750 billion fromt eh taxpayers to hand out to their friends at JP Morgan and Goldman Sachs. Mark Cuban says he is going to try and keep an eye on it …whoooala…SEC selectively enforced BS charges. Why not pour over all the phone calls fo Paulson and Bernanke and see if any goldman executives or their relatives reacted to changes in interest rate policies at opportunistic times?
Comment by gabe -
“Comment by Beldersen — November 18, 2008 @ 10:28 am
Well your big fat ego inflated mouth finally has you in hot water.
Let us see how good your money is now that the SEC has you in it’s
sights they have taken down bigger fish then you.”
–says the Federal Reserve.
Comment by Aaron Day -
what comes around goes around ……….. you will now pay the piper
Comment by lwayne -
Anyone who doesn’t believe people like Mark Cuban and other” uber” wealthy individuals don’t have information on business dealings are being naive. With that said, how much money are we talking about here for Mr. Cuban? A mere $750,00.00 which is about one tenth of one percent of his total wealth. So maybe he did hear something from someone. Maybe not. But everyone in America regardless of how wealthy they are works some kind of angle or reacts through some kind of “insider Information”. Whether it be a nice looking girl who is your best friends sister, to getting the job at your company because your boss and your father are good friends. So just because it doesn’t involve money, it doesn’t mean people don’t react and live because of some kind of insider information. They definitely do.
Comment by NickVa -
Go Mark Go!
Kick them in the NUTS!
Comment by gambit242 -
With the socio-economic climate it’s embarrassing that the government
thinks it can clear it’s name by targeting a celebrity billionaire.
Give them hell Mark. The American public isn’t fooled. We’re behind
Comment by J Seibert -
Mark Cuban the dumbest billionaire in existence, and not just because of this
Comment by chris -
Does the name Scooter Libbey ring a bell ?
You helped create this attack dog. Enjoy.
Comment by socal4patrick -
Insider trading rules are for the little people, huh?
It is unfair that you are being attacked for such a common practice.
It happens every day that people with money and influence make money off information that is available only to the privileged.
Sorry to make you feel ordinary.
I’d send an e-mail to the chairman of the SEC if I had access to it.
Comment by Bert -
In Law School in my Business Law class after learning about the body of law the SEC enforces, I made the comment to my professor:
“Based on the ambiguity of this law and the fact that it purports to criminalize behavior which every investor engages in under one view or another, it seems to me that the only people who will ever be prosecuted are celebrities or troublemakers.”
Unfortunately Mark, you qualify under both headings. Keep up the good fight; do not let the king get you down at the end of the day the rule of law belongs to us.
Above all, keep pulling on Superman’s cape…somebody needs to.
PS: My professor responded that my read was correct, that she has had SEC prosecutors explain to her that they actually seek ambiguity in the law’s drafting because they “do not know what is illegal until they see it.”
Comment by Aaron Day -
Mark, I talked with you via email before and found you to be a straightforward and honest guy. I have no doubt about your integrity. Glad you’re standing up for yourself. Too many others cannot afford to do so, so the gov’t screws them. Good luck.
Comment by Jim Schlapo -
Mark, you a slime ball and a jerk. You speak against our country and
its troops, all the while you are a crook?! Servers you right! Hope you loose
big! I only wish it was criminal charges and not Civil. You Jerk!
Comment by A Patriot -
To everyone who’s lathering up Cuban’s asshole in these comments — mine could use some good cleaning, get over here.
Comment by RimCheese -
Two words: Redacted Karma
Comment by WISE -
The law has become a law unto itself in the corrupt United States Of America.
The bankers get away with stealing our money, robbing us blind without oversight
and with Congressional approval (hearings are nothing but show trials) and we
all know the powers that be have singled you out because you are an awakened
citizen and you have the potential to awaken the masses and that is why they
FEAR you. Use your wealth and prestige to uncover their crimes and fight these
pricks! 911 WAS AN INSIDE JOB and your political views are the only reason these
criminals are coming after you for the direct purpose of shutting you up.
Tell them to go prosecute the criminals on capitol hill for robbing teh U.S.
taxpayer and stealing our wealth, and devaluating our dollar. What they are
doing is inflicting ECONOMIC TERRORISM on the citizentry. FIGHT THEM!
Comment by Anthony -
If you are innocent, then fight them to the bitter end. Fight them
with every dollar you have, because many of us who are in this very
same situation, lack the dollars to purchase such an expensive measure
Because this is not just about you and your reputation – its about
all the day-trading 2job heads of households struggling for every dollar
just to provide for their kids – when the SEC stomps on their necks,
there’s no money to fund a proper defense. You are forced to cower and
yield to their will.
Break their power; break their spirit. Do this not for yourself, but for
all of us.
Comment by Arcadian Del Sol -
Heavily tax and regulate those “other” greedy rich guys, but not me!
I am the good, liberal kind.
Mark Cuban, hypocrite.
Comment by Log Cabin -
As usual, the SEC is on the side of thieving skunks — and you can take that thought to the bank…..
Yi Ha ***
Minister of Information
Peoples’ Capitalist Republic of Whizbangistan
*** Pronounced “YEEEEE HAAAAAAAAAAAAAAAAAAAA!!!!”
Comment by Osamas Pajamas -
Rot in hell, asshole.
Do you think we’ve forgotten Redacted?
You rotten low-life piece of shit.
Comment by NotaMaverick -
(the sound of prison bars closing behind you)
Better get used to the sound and hope that you have as
many admirers in the clink as you do *ss k*ssers on
Comment by james -
Oh yeah…blasting out stock the day before a PIPE…hmm, sorry Mr. Cuban they comin for u evert time.
Comment by Johnnysize -
these rules were meant to stop ceo’s from getting their buddies rich and vice versa. who in their right mine would KEEP shares of stock they KNEW were going in the tank soon. we all want to be high risk takers but complain the minute something goes wrong. this is b.s. charges. anyone with information that their investments were going to become worthless UNLESS they cashed out would cash out.
Comment by nj -
I understand you were a huge Obama “fan”. However, the Obama socialist government is about to take over which means more people of achievement will be targeted. Government intervention is almost always evil!
Comment by GaHusker -
Mark. Shut up and settle at any cost. Remember Martha Stewart?
Comment by John Loucks -
Don’t bend over if you drop your soap.
See you later, buddy!
Comment by YOUR NEW BOYFRIEND -
Like a true liberal … corrupt to the end. Talk is cheap when it comes to redistribution of the wealth, but when it comes time to put their money on the line, not only do liberals fail, but they scheme and cheat as well. gg
Comment by liberalsfail -
Every arrogant, obnoxious fool who thinks just because he has $$, he can give the finger to powerful people will eventually be taken to school! Cuban, if you don’t get it this time, it’ll be next time. But you will get it, over and over–too many people hate you and want to see you fall! Then all the sycophants around you and your so called friends will say “Mark who?”
Comment by Dave -
I’m hoping for the best for you. As a fellow graduate of the Kelley School of Business at Indiana University, I have always pulled for you.
Comment by Zach -
Sorry, slick. You’re toast.
Comment by Bill -
Cuban is blustering, as usual, because he knows the Obama
administration will let him off the hook for this anyway. Way to
go, Cuban. You’ve nearly dodged the bullet!
Comment by Jim Baker -
Prisons are full of people who “didn’t do it”. Why don’t you
have Dan Rather investigate.
Comment by Joe Blowe -
Although small in scope to the overall picture of who you are as a wealth generating guy,the SEC rarly makes errant forays into these situations if they do not have you “Dead to rights” I think this speaks volumes though about who you are as a person..A true TURD. I hope they gut you on this one..I suspect this is not the first time you have done this kind of thing..Just buy your way out of it,..you know,…like normal..YUCK..
You are looking fat as of late.
Comment by Chris -
Why Congress does not investigate the SEC is beyond me. They have a whole string of failures under their belt, many of which contributed in no small way to the current economic crisis, and they go after you for whatever stupid reason. Add me to the long list of people who question the SEC’s motives as well as their competency, and who believe their attorneys will stop at nothing, including threats against witnesses if they don’t testify against their mark. Go get ’em Mark; we’re behind you all the way.
Comment by Jim in Keller -
I hope that Bud Selig knows sees your true character, as if funding Redacted was enough, and blocks your attempt at buying my beloved Cubs.
Comment by Bleedin' CUbbie Blue -
Well your big fat ego inflated mouth finally has you in hot water.
Let us see how good your money is now that the SEC has you in it’s
sights they have taken down bigger fish then you.
Comment by Fat Freddie -
Wow I have never seen so much ass-licking in my life — you all must all have a hardon for this guy.
Comment by Beldersen -
Would you just BUY the Chicago Cubs already. Geez man. We need you.
Well….THEY need you. I’m from St. Louis but I live in Chicaog and
Im sick of all the whining.
Comment by Chris -
You’re an idiot! You supported “The One” and now they’re coming after you.
I think you’ll get exactly what you deserve.
Kepp on votin’ Democrat. They’ll break you yet.
Comment by bogeman -
Sow the wind, reap the whirlwind, Rich Man.
You are corrupt, egotistic, and shameful.
Hope you go to jail.
Comment by Byron Sonne -
Good for you Mark. Take it to court ASAP. You and the SEC will be better served by hashing this out there vs. in the press. The court’s rulings are really all that matter anyway. The press spins things to make their product (news) more sale-able. If I were in your shoes I’d get to court as soon as possible to get this behind me and preclude the press from making the story bigger than it is (assuming your innocent of course. Otherwise use your resources to have lawyers delay it as long as possible and spin the media to preserve your reputation. This is America after all and you’ve got the rights and resources to work the system in your best interests.)
Comment by John -
To all the idiots who have posted on this board…
Read the SEC charges, this is a slam dunk insider trading case. Brush up on your securities law before you post your nonsense. Mark Cuban is a cool guy and I’d love to have a beer with him. That being said, he will be paying back the losses avoided and a civil penalty on top of this (up to 3x) for a total between $2-3 million. Not chump change, but not a damagingly large sum for Mr. Cuban. This will not be the end of him, just a bump in the road. These laws are made to protect the investor who has no inside knowledge. Never trade on inside information. Douches.
Comment by John Q Public -
banana republic is nearing for america… anything goes my friend..
there isn’t really an alternative anymore now is there…
go cuban go… ftg
Comment by Not a Socialist -
you are guilty as sin.
don’t drop the soap
Comment by willie -
who cares what the government thinks… i hope the cuban gets off..
god love you..
go after the crooks on capital hill… leave us the hell alone
Comment by Not a Socialist -
Mr. Cuban, I hope that these things are true and you get what you
deserve. I don’t believe for a second that you didn’t engage in
insider trading. People like you have been getting away with this kind
of criminal activity for a long time. If any of this IS true, I hope
they put you away just like Martha Stewart.
Comment by John -
Remember the derogaroty movie about our military Mark? Ever heard of paybacks??
Comment by John Howard -
I hope they bounce your commie liberal arse from these shores and liquidate all your assets.
Did you do anything wrong? Who cares…youre a commie, a leftist faggot, and a liberal loser.
Comment by MuckFexico -
I’ve always thought Cuban a Jerk. But, the great thing about this country is that everyone has the right to be a jerk. And since we should all be a lot more afraid of government abuse of power, than one rich jerk, I certainly hope he sticks it to them.
If the SEC wanted to prosecute someone, it should be Sen. Chris Dodd and Barney Frank, et al., who manipulated the stock market by continuing to tell everyone that Fannie Mae & Freddie Mac were financially fine.
Where’s the prosecution for those guys?
Comment by Tom Genin -
You are a thief. And you deserve to go to prison.
5 years sounds good to me.
Comment by Lemming -
Do you remember those days when you sold computers door-to-door? Well I do, I wish you the best of luck and I hope what they say is not true. You placed pride back in the heart of Maverick’s Fans everywhere.
Comment by Erik -
Ryan Howard from Dunder Mifflin knows exactly what you are going through. But everything worked out okay for him. I mean, yeah, he’s now working as a temp answering phones at Dunder Mifflin until Pam Beesley comes back from art school, but all things considered, he learned from his mistake, as you will as well. No one is above the law and it’s hard looking over your shoulder for so long wondering when the other shoe will drop, well, it has dropped.
Don’t be down. This too shall pass. You’ll be back in the swing of things again and this drama will be a distant memory. Our prayers are with you.
Comment by Employer of the Bride -
People ALWAYS think they can get away with it, or that they won’t be caught–otherwise, there would be no crime. That said, you have to wonder if this might be retribution for “bailoutsleuth.com”
Comment by rayy -
You should (a) keep quiet in public about the SEC, because (b) the US
government has a lot more money than you do and (c) you really don’t
want to piss off the SEC so that they may decide to pursue criminal
charges, in which event (d) you will be on your knees telling them
everything they want to know in order to avoid going to prison.
Being rich and famous can have its disadvantages.
Comment by Beany -
If the SEC brought this after a two year investigation, they must think they have something on you. Your rhetoric (“gross abuse of prosecutorial discretion”; “misconduct of the staff”; “win-at-any-cost ambitions”; “facts be damned”) won’t get you anywhere. If you just made a business call in selling all your holdings right before the public offering, then fight the good fight. If they show you did it right after you received information, well you have no one but yourself to blame.
Comment by WW -
Don’t agree with your politics but then that has nothing to do with an over reaching SEC, screw them. Just don’t lie and then they will get lost. I always figure if I know I am about to lose a large sum of money but don’t have to then I would be a fool not to stop it. Like I said don’t lie and it all goes away, that was teh only thing they could get Martha on (lying).
Comment by Ray -
Well, now that you’ve shot your wad at the SEC be ready for what they have. Just a clue, and ZI’m sure your lawyers are aware that the SEC doesn’t go after anyone unless they have sufficient cause.
A big mouth doesn’t make a bug man, and I’ve spent enough years on Wall St to understand that your transaction tripped the red flags all over the place with the regulators and while your attorneys try their smack-down remember to make sure you had no conversations, e-mails or small talk with anyone who could testify that, “yes I told him and he……”
Comment by Walt -
Word of warning Mr. Cuban…this matter is not the oversight of the
milk toast. This is the SEC. They NEVER prosecute without a boatload
of evidence. You are not helping yourself at all.
Comment by Judith, NYC -
I thought you hated stocks?
Comment by Tyler -
Hey Mark I hope you rot in jail as payback for your anti-american film you financed
you ungrateful pig.
Comment by Greg -
Dang, he’s hot!! I might do something to go to jail with him. LOL.
Comment by Robert -
Insider trading shouldn’t be illegal in the first place
according to Milton Friedman and Thomas Sowell, my favorite
Comment by Bill Kitchen -
Look on the bright side – perhaps the prison basketball team will
need a ball boy.
Comment by Johnny Deppler -
Not enough detail in Mark’s response, but I’ve little doubt that the ambitions of some government worker trumps fairness in dealing with a celebrity as the catch.
Comment by BvDon -
Looks like the MLB has asked the SEC to come up with some bogus
claims so Mr. Cuban can’t get the Cubs.
Comment by CJ -
the shares were sold to others who did not have any information of
any private placement. Therefore they lost money in this deal.
Had the buyers of the dump known about the placement they probably
would not have bought the shares, that is the complaint and it
Next time don’t buy cheap internet stock with no chance of ever
making any money. this trade was simply idiotic.
Comment by Insideman -
As someone who has been accused in public without a real way to respond, I understand your situation. I hope you get to present your case in court, but when you deal with the government you always start out guilty and must prove your innocence.
Comment by Jim H. -
I’m sorry Mark, but you should go to jail. You have so much money
and you tried to steal $750,000? Come on… Greedy… I wanted how do you feel now. Stupid? Shameful? Good luck, you need it.
Comment by Sebastian -
Some of you have reading comprehension problems, there are no “jail” no matter what happens. This is not a Department of Justice criminal prosecution, this is a civil action with the penalty being disgorgement of profits and a fine if the arbiter determines guilt by prepondreance of the evidence.
Comment by Ed -
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
Sounds eerily similar to what Martha Stewart said and look what happened to her.
Comment by Ray -
If only they went after members of congress like this
Comment by Dan -
You’re a smart guy who has cashed in on a lot of opportunities over the past few years.
However, with all of these opportunities comes the price of giving back. An dyo useem to understand that. This is a PR OPPORTUNITY. Again, I’m sure you know this. Be careful, be smart, but be ambitious. There was a time that the McCarthy hearings were brought down by a few cavaleir individuals. There is now a time to bring down the curtain. You’re in a great position to do so. Don’t waste it.
Comment by Anon -
Ahhh, another RICH liberal democrat hack getting his hands caught in the cookie jar like Martha Stuart, good luck and bring lots of soap for the pen.
Comment by Minnesota Man -
Insider trading is a phony make believe non-crime, which punishes
a kind of reasonable behavior in one context which everybody
engages in all the time in other contexts. Whatever you do, don’t
talk to the FBI cuz that’s how they stuck it to Martha, with phony
obstruction charges when she tried to give her side of the story
to the goons. Good job lawyering up and
DEFYING the man. You’ve got the cash to hire an army of Harvard
lawyers to kick ass. Take it strong right back at them, just like
Dirk on the floor. Thanks Mark, you’re a hero to us all.
Comment by slkjfsldkfj -
With all respect, it’s impossible to sympathize with Mark Cuban. Mr. Cuban, you crave the spotlight and now you have it. Good luck fighting the government….ask Martha Stewart what happens to inside traders.
Comment by Henry G. -
they go after you…but not after Fuld? go figure.
Comment by logicmarsalis -
I’m not sure if you read these but hopefully you do. Anyways i’m a huge celtics fan and to be honest have never really “appreciated” what you do. Until I saw you at a game here once and just noticed you act the same way I do in relating to sports. Anyways ever since then I have been a huge fan and especially respect what you’ve accomplished in the business world. I am 23 years old and currently trying to learn everything I can about economics and the stock market. I would absolutely love it if you wrote a book. Anyways currently i’m learning all about ethics relating to insider trading, and how there is no “line”. You were told information that completely changed your view on a company and as a majority share holder were forced to sit and just take a loss. I respect what you’ve done in the NBA and economically. I would personally love to read a book you hopefully will write. Anyways I hope this e-mail finds you and understandably you are a busy guy, but hopefully you can get to work on a book!
Comment by Zach-Boston -
All you Cuban sycophants out there who think Mark is such a “great businessman” need to remember that the one and ONLY reason he is a billionaire today is timing and luck. Mark’s business that made him instantly wealthy in the dot com bubble wouldn’t be worth $1 million today. And no, I am not jealous–just sick of all this false praise of the idiot who single-handedly demolished an NBA finals team and reduced it to the joke it is today.
Comment by Bret -
Here’s a piece of advice, Mark. Get a new attorney. The last thing you want is him making bold accusations of “prosecutorial misconduct” and provoking the people who might be sending you to jail.
Try this quote on for size instead, “We take the SEC’s accusations seriously and we intend to cooperate fully with the law.” Not only will that get you farther with the SEC, but it might also make people like me think you really aren’t a greedy billionaire who considers himself above the the laws that us common folk have to follow.
That is true, isn’t it Mark?
Comment by Pete -
Mark, a voice from the Valcom days.
I fought the S.E.C. for 5 years afte they accused me of fraud. I won ( 1 of 100, the others settle) when the Judge ruled thier had”been a complete and utter failure on the the part of the Commission to prove any of its allegations. The S.E.C. is generally looking for a case and not the truth. They will try and win by delaying, driving the cost up and wearing you out. After all, the way out of the S.E.C. is to get experience and then sell it to the private sector.
The best day for an S.E.C. case is the day they file it. I am confident if you put principal ahead of cash, you can defeat the S.E.C. and expose them for the 2nd tier regulator they are.
Hang in there.
Comment by Dave Guenthner -
If you did this then be a man about it. The complaint is damning and
if the government can prove its case, the jury won’t be nearly as
kind to you as the sycophants are here… not to mention additional
charges that might be tacked on as with MS. Why is it nobody
takes responsibility for their actions anymore?
Comment by Mark -
I don’t know how you ever got mixed up with those scam artists at Mamma anyway.
Ferrara was a good choice. He would not have been my first choice but he’d be in my top 3.
Comment by Anon -
Sorry Markie! Guilty as charged! Another gross example of I am too rich to go to prison. I wonder what color handcuffs will go with accessorizing your prison jumpsuit?
Comment by Deacon -
It reminds me of the IRS intimidation Techniques from the past.
I wish good things for you Mark, and hope you find justice.
Comment by John R. -
A person doesn’t just sell all of their stock in a particular company without some useful information being given to him or her. Mark must think the public is as dumb as Josh Howard.
Comment by Jim N -
Mark, your just another greedy jerk in a country full of greedy jerks who was more than happy to break the law for your benefit and watch others lose.
So stop whining, the facts are clear, you broke the law no take your lumps like a man instead of acting like a whiny spoiled child
Comment by TH -
Mark Cuban? Try Chabenisky (or are you ashamed of being Jewish).
Comment by Brian -
Marck Cubanstein is a dirtbag. Good to see the government after this mongoloid
Comment by Brian -
Having lost 4 times your gain on the other side of “insider trading”, I’m amused that the SEC took up your personal “cause”. Based on the public “facts”, this is not insider trading. Moreover, if the SEC was doing its job, I wouldn’t be broke. But alas, its not the rule of law but rather politics that matter. Bringing violations to the attention of securities regulators is a waste of time. They’re too busy working in their own self interest. Not unlike most of our regulators. You can see where that has gotten us. I suspect your attorneys are delighted with this case!
Comment by Mark -
Ron, you have a lot to learn. The SEC brought this case becaue Cuban refused to settle and the statue of liitations was coming up. It was a now or never scenario.
Jeff Mitchell, you are a shill for those that skirt securities laws. You spoke out on behalf of convicted felon Anthony Elgindy, you befriend convicted felon Sam Antar, and here you are making ecuses for selling on inside information. Cuban did not have to make the call. Cuban did not have to accept the confidential information. Cuban did not have to make the inquiry into the non-public PIPE details. He did and he responded to this information BEFORE other investors had the knowledge of this. If an investor chooses to engage in obtaining non-public information tey must be responsible for their actions thereafter.
Comment by Bubba -
Pingback: theceodaily.com» Morning Update » November 18, 2008
The SEC seems to be the real criminals by withholding information from the public in order to rip off common stockholders. Whenever a company finally admits to a problem you can go back and see a ton of insider trading that has already taken place leading up to the admitted problems. I think the SEC is responsible for most of the problems our economy faces, but that is ok. Maybe if enough real people lose everything thing they have because of the actions of the SEC they will take justice in their own hands. Hey, I can always hope!
Comment by Me -
Say it aint so Mark, say it aint so
Comment by D Mac -
Pingback: Internet Billionaire Mark Cuban Charged With Insider Trading
I’m not a Mavs or Cubs fan, but I do admire you for your successes. I find this ironic, due to the decision that MLB owners are making concerning the ownership of the Cubs. Your just to radical for the game of baseball (in the eyes of the owners), because they realize that you will do anything to win and to support your team and you would make them change their old, white, good ole’ boy ways. They realize that public opinion is that you should be the rightful owner of the Cubs, if you are the highest bidder. Putting the highest bidder aside, just about everyone (except for the current MLB owners) that you would be good for the game. The owners need a reason to reject your offer for the Cubs and not piss off the fans of baseball. Their solution, taint your image to the public and now they have a reason not to sell the Cubs to you and look good to the fans of baseball. I not usually one of those “conspiracy theorist”, but don’t think that this is out of the reach of the MLB owners.
Comment by will gainous -
Good luck Mark, i’m on your side! The SEC should worry about the white collar crimes being committed and then having the GOV. bail them out. What a shame
Comment by steve -
Good luck Mark. I’ve been reading your blog for some time and this is the first time I’m commenting. I hope you prevail.
Comment by Jeff -
Pingback: Billionare and Dallas Mavericks owner Mark Cuban charged with insider trading | Love, Life, and Relationships Blog
Just my take…It seems “they” want to show the public they are
in charge and make an example of you. You have always spoken the truth about the stock market and how it is a game (all staged). Seems to me they are going for broke and will collapse the US economy. They do not want someone like you to tell the truth to the public and have to discredit you as you are a th
Comment by Charlie -
After reading the 9 page complaint, this case seems pretty cut and dried to me. After acquiring material, non-public information regarding the PIPE, Mark sold his shares prior to the official Mamma statement. Apparently emotions overcame reason .. wouldn’t we all like to be privy to (undocumented) inside information? Luckily for Cuban, it’s only a CIVIL offense so save your damn attny fees so pay the damn $750K plus fines and interest and be done with it. Hell, you pay that much in NBA fines every year. Chalk it up as a business expense!
Good luck Mark….
Comment by PJ -
I don’t think working at Dairy Queen is getting you out of this one.
On a brighter note, nice win in NY.
Good Night and Good Luck,
Jeff in Dallas
Comment by Jeff in Dallas -
First of all, BEN, the S.E.C. cannot bring criminal charges.
Mr. Cuban, I am a fan of another Texas team, but strongly believe that the
S.E.C. often has to bring mastabatory cases to impress each other. The loud
screaming, moaning, and banging noises sound fantastic, but all they are left with is
a mess on their hands and nothing is really accomplished save a stupid grin on their
own stupid faces.
Go Spurs Go.
Comment by Gary -
thank you friend, i think it is great
Comment by professional web design nepal -
MSNBC briefly mentioned Mark today. David Schuster called Mark “the guy who likes to yell at refs”.
Comment by Alessandro Machi -
“The Truth, Is Out There”
Good luck if your innocent
Fuck you, if you’re not
Comment by John Kyle -
so this is how the cookie crumbles
Comment by cookie -
Either way it’s prescient that your last post before this one was “I hate to lose.” It may be that it’s the 750 k that you couldn’t stand to lose that will do you in. It may be you are technically innocent and in that case I’m sure you will avoid further loss. In any case it seems you will not be changed and the threat hubris presents you will continue to be ignored. Luck is not a constant though your pride may be. Sometimes calamity teaches a lesson that is otherwise unable to be learned. Good luck.
Comment by Robert -
I’m sorry this is happening to you. (check link above) I hope you didn’t do this, that would actually suck more than you publicly stating on your maverick blog that you voted for Bush in 2004.
I want to believe that you didn’t cheat to not lose $750K. Please tell me you didn’t do this so that I could continue to believe in honestly achieving the “American Dream”. Please tell me you are not that greedy. I really want to believe you, I admire and respect you very much. I know nobody’s perfect, but please tell me you are not a cheater.
I feel terrible for you and your family at this time, I pray for you. I know I’m not one of your close friends, but I thank you anyway for adding me to your friends list on FB, you didn’t have to. No matter what happens, I am and always be honored to be your friend.
You have my support and good luck.
Comment by Zahara Mossman -
ha ha ha …you always were a crook , now its time to pay the piper
Comment by tkalantzis -
The SEC is mad you spoke about naked Short-selling and are exposing their impotence in allowing it to occur for years.
You are very close to the truth. Keep pushing.
Comment by Cliff Johnson -
Why I believe you: You’re not an idiot.
Fight the good fight, brother.
D in Seattle
Comment by Darius33 -
Pingback: The Eastside Life Community Blog » Blog Archive » Blog Maverick Mark Cuban Being Charged with Insider Trading
Don’t trust in “justice” so much. Look what happened to the Srebrenica genocide victims. Courts are slow and they don’t always do their job properly. The statement you made in your court filing was a bit “harsh.” Stay calm and tell your side of the story. It seems to me that you’re innocent. There are thousands of people abusing the system by listing dummy “mining companies” on venture exchanges and no regulators stop them from scamming investors.
Comment by Daniel -
Mark just committed a victimless ‘crime’ 🙂
“Making financial gain on superior knowledge is exactly what the stock market is all about.”
Comment by pete -
Maybe to make amends, Mark can bail out Yahoo by refunding some of the money he made selling broadcast.com to Yahoo, and from shorting yahoo shortly thereafter (what a nice way to thank the gracious acquirer who just made you a billionare). It never sat well with me how he how he bragged about essentially ripping off the greater fools at Yahoo by selling them a company that he clearly knew wasn’t worth the purchase price. Maybe Mark and OJ can share a cell – two greedy people who thought they were smarter than everyone else in the room.
I don’t know why so many people here are defending Mark. What about the investors who bought his 6% of mamma.com who didn’t have the inside knowledge Mark had? Did Mark ever lose sleep over that? I doubt it. Mark robbed and cheated them. How is that to be defended?
Comment by mark -
If you did it, Mark, own it. Forget your sycophants on the site and man up. I hope you didn’t, but if you did, and you don’t admit it, you are pathetic. Think hard before you play innocent.
Comment by Frank -
I really admire you and wish you well. Don’t let this crap get you down we are standing behind you. Hell I wish I could come and work for you
Comment by Kevin Storey -
The SEC practices selective enforcement because the agency has been politicized
by Bush, the ultimate criminal.
Fight it hard because this is political persecution. Luckily, these scumbag, hypocrites are circling the toilet. Lets flush them finally and forever.
Comment by Paul Gaskin -
Mark- You are a cheap greedy fuck. You have $2.8 Billion in the bank and you are worried about what is basically a rounding error on your net worth? Like so many other wealthy, greedhead CEO’s you are willing to game the system to try and keep hold of all of your sheckels. You deserve whatever they throw at you. And don’t try getting all high and mighty that you didn’t do anything wrong- insider trading is easy enough to prove – it’s just disgusting that you are willing to risk so much for what is really so little for you.
Comment by Keith A -
SEC should Investigate Las Vegas Sands not Mark Cuban
Comment by disinter -
This is the most erroneous thing I have ever heard of. Why would a
billionaire engage in this kind of activity? Short answer, he wouldn’t.
Mark Cuban may be called a lot of things by people who don’t understand
him, but truth be told he is a genius and a self made man. He is not
only a successful entrepreneur, he also turned the mavericks around.
I admire this man for what he has accomplished. Insider trading is
flawed from the core anyway. I mean in some regards it makes sense, but
if one really thinks about it the only thing people who violate “insider
trading” are guilty of is having friends in the right places. I mean, if
I had stock in an airline and saw on the news that one of their planes
crashed and I sold the stock I would in essence be doing the same thing
that Mark Cuban allegedly did. Additionally, making guinea pigs out of
people like Martha Stewart or Mark Cuban accomplishes nothing. The
people who have the connections to conduct insider trading is not the
same audience the SEC is trying to scare. They are trying to scare the
average investor who has someone else handling their finances. I think
that these allegations are ridiculous and I hope that they are dropped.
Comment by Dan -
Time to run for TX Senate and really get under their skin!
Lets call a spade a spade. This is political payback for http://www.bailoutsleuth.com
Hang in there amigo. We need you to beat this one for the BIG home team.
Comment by TxJim -
I am truly amazed at the time (months/years) of investigation and
media attention the Martha Stewart case got and now this. I am
even more amazed how people flock to take a jab but not one word when
it comes to our government informing we the people who was behind the
tremendous amount of Put Options against the airlines just prior to
9/11 not a word. No media cared who it was, no outcry by we the
people, just turned up that tall glass of Koolaid and guzzled it
down. Yes, Mark and Martha are the best we can do to portray
financial terrorism. They are bad, bad people. The money between
these two cases = around 800K while the Street wipes their asses with
our tax $’s of BILLIONS just like the 9/11 puts did. Not A Word..
Amazing…. Keep drinking that stuff our leaders have been serving up
without a whimper and when you can’t buy food and become too weak to
care, God keep your soul.
Comment by william -
$750,000 May not be much to mark cuban but it is a lot of money to those who lost when he sold with inside information.
I am in the business Mark. You broke the law. You stole money from people who did not have the privilage of a personal relationship with the CEO, the folks who did not get a personal call warning them of the potential loss if they did not sell their stock.
If you can’t face up to that Mark, I have no respect for you.
Get ready to pay the money back and pay your fine.
Comment by buzzfuzzel -
Good luck with this one. Your on-court persona has never appealed to me, but, your what you write about on your blog is very interesting. I really hope you are innocent.
Comment by Peter -
Dont let these slimy politicos have their way with you, eat them for bkfast
and make sure to pinpoint how much taxpayer money they have wasted prosecuting
you for something you did not do.
as for mamma, that was a joke, bet you learned alot from dealing with them.
as for your contention about obama needing an entrepreneur, why not step up to the plate
and offer your guidance/couseling to the administration??
Comment by jay in la -
Obviously they don’t have enough evidence for a criminal case seeing
as they are only bringing the civil action, hoping to shoot the
3-point shot for “reasonable certainty.” Guess they are just trying to
get a head start on the $750 billion plus citizen extortion scheme.
On the bright side since I’m a poor college student I’ll soon be
enjoying that wealth you’ll be sharing thanks to our glorious leaders.
Comment by Ben -
For all you imbeciles out there – making personal attacks and
non-objective comments regarding this case without even understanding
the insider trading game which in many occasions benefits a specific
ticker to price-adjust ; ask yourselves – why did it take the SEC
four years to bring charges against Cuban?
Isn’t this the same SEC that saw the financial system nearing
collapse and did nothing about it. What about the CDS market
you freaking idiots (and believe me I’m not the kind of guy who
likes labeling people and calling names, but the ignorance shown by
some losers in this board is just beyond human comprehension) dubbed
the ‘shadow banking system’ which trades totally unregulated from
the gov and has ballooned in a matter of years from nothing
into a $55 trillion market that most people haven’t heard of or
even fewer understand for that matter. Why isn’t SEC applying any rules
and prosecute transactions in that market.
Why did the incompetents at the commission, who have intentionally
designed insider trading laws to lack in substance and completeness,
ignored Goldman’s level-two action right before the close the day
Buffett’s capital injection news hit the wires. What’s going on with
AIG’s sequential capital infusions.?
What about the Treasury handing over hundreds of billions of green
to their buddies while clearly being in conflict of interests.
Why isn’t the commission seeking a judgment from the courts against
these obvious violations of the anti-fraud provisions of the federal
The sole motivation of SEC here is that of diverting the public’s
attention from the real issues facing the financial system and today’s
economy. And what a better way to achieve that by charging
on a technicality a celebrity with insider trading. pure bs
Comment by ron -
I just about fell out of my chair when CNBC flashed this headline. Let me get this straight, the SEC, the showpiece for asleep at the wheel regulation, wants to pick a fight with arguably the most outspoken billionaire ever over 750K!!! Not only that but if this case is so “clear cut” then why has it taken 4 years for the agency to file? Maybe in 2021 we’ll be getting the first of the BSC, WM, WB, MER, BAC, FRE, AIG, FNM indicment. Mark, do us all a favor and expose this agency for the beurcratic worthless morass that it is. Damn, someone bidding against you on the cubs must have had to cash in some serious chips to get this handed down.
Comment by tr8der -
I told you, you were going down shithead. Oh yeah, your team sucks
this year. Kidd looks like an old man out there.You know nothing
about Basketball you cheating scum.I hope you like sucking cock, you’ll
be doing a lot of that where your going.
Comment by Steve Nash -
I graduated from Indiana University the same year as you. It is unfortunate that the government is bothering you. You have accomplished many great things including the development of Internet Radio with broadcast.com. The government is unfairly bothering successful people. If you actually had insider knowledge when you sold your stock, you should be able to settle and do community service, no jail time.
Comment by Leon Merker -
I just got done fighting/negotiating, with these guys and one of my friends fought them.
I would be more than happy to help you in your fight and put you
in touch with my friend who had the balls but not the money to
take it to trial. They ruined his life and his career, on a circumstantial
Comment by Darrin Edgecombe -
What comes around goes around. You tried to wrong Nellie, then you tried to wrong Avery. You may be able to cheat them, but you can’t cheat the government. You should probably go ahead and settle out of court, like I am sure you will. You say you are innocent? How can you convince your Mavs fans when you can’t even convince yourself?
Looking forward to seeing you get what you truly deserve… FINALLY!
Comment by Too bad you fired Avery -
Whether or not insider trading should be unlawful is a question that should be debated. Mises.org is a good starting point (http://mises.org/resources/1077). That insider trading laws are used selectively for political gain or revenge is beyond debate. The curious timing of this SEC action, which follows your blowing the whistle on the Paulson bailout scam with bailoutsleuth.com, is in the same league as the persecution of Joe Nacchio, CEO of QWest, which followed his refusal to play ball with Bush administration apparatchiks in conducting massive scale warrantless searches of telecomunications customers. Hit these SEC parasites back hard, buddy. Don’t give them a freaking inch.
Comment by Tim in HK -
Pingback: Brian’s Thoughts About Airplanes » Blog Archive » Vince Carter, Cuban, Twilight
Trying to deflect attention from your misconduct to that of the SEC is no defense at all. What I’d like to see is an explanation of why you think the sales were not illegal.
Comment by Scott -
Pingback: SEC Charges Mark Cuban Of Insider Trading
I hope there is a criminal trial and you is convicted so we can make sweet prison ass love.
Comment by Big Lorenzo -
Pingback: Mark Cuban, Absolution
you it would be nice if the SEC investigated the BILLIONS and BILLIONS that the big five (i mean two, Wait zero)
investment banks practices….
I find this to be BS. EITHER WAY people who said enjoy jail obviously didn’t read the SEC statement.
It is a civil case, as long as he keeps his mouth shut, no jail time can be expected. Just fines…
ROME is burning and WAKE UP SHEEPLE, Mark has a problem but is only a small one compared to our nations…
Comment by EDC -
Rediculous!!! Mamma.com execs “offered” the information to Mr. Cuban. I would have done the same thing.
I would like a more definitive definition of “insider trading”. What makes the executives of a company even eligable to trade in the stock of a company which they work for? Is not that a “conflict of interest”? Therefore “Insider Trading”?
I think the SEC needs to take a closer look at more of the “executive” trades. While they are at it, maybe a look at “bonuses” when the company is going down the proverbial toilet!!
Comment by David -
Great Job Mark, shows your skill. Obama could use you as his
Secretary of Bail Out, could you do the job?
Comment by Rutherford Chesi -
obviously Mr. Cuban is much wiser than those who run Fannie Mae
Give the guy some praise.
Comment by Ruvold Harmiani -
Say hello to Michael Vick for me, okay?
Comment by Jim Cramer -
Common Mr. Cuban, we all know you didn’t do anything wrong. Sounds to me like a railroad job by some other owners in MLB.
Comment by Dan -
Mark…. you are in the coliseum now…. a spectacle, an
event put on display for the amusement of the masses.
Hold on to God. You’ll do fine. Cheers! Randy
Comment by goldenequity -
How do you explain it then? Selling all of your shares before the announcement of the PIPE…coincidence?
Comment by DonnieB -
Mark, just because you have some money from the windfall from the fools at Yahoo, doesnt make you about the law. The news reports say you will likely settle out of court to spare yourself the risk of conviction, and you will likely have to pay $3 Mil or so.
You should be put in the jail cell recently vacated by Martha.
Comment by JoeBaxter -
So who cares? At least Cuban puts it back into public interests,
per Mavs. Can the Bail Out specialists say that ?
Comment by Baines -
GO TO JAIL YOU FAGGOT!
Comment by JARYN -
Great timing–the government cannot take care of their own business, so they are busy deflecting. Look forward to your defense. Speaking of defense…and offense, here’s hoping for a turn-around for the Mavs. Will watch them regardless.
Comment by D. Peterson -
I’m not sure if Cuban will get around to mentioning this development,
but I’m more than happy to.
Frankly, I’m quite disturbed that our public officials feel it is
appropriate to abuse the authority of their offices to complain about the
activities of private citizens, and I think there’s a question of improper
motives that should be investigated here.
Comment by Xanthippas -
I feel very, very sorry about your plight.
Keep changing the world and don’t look back.
Comment by P H -
Pingback: Dallas Mavericks owner Mark Cuban faces SEC charges | NBA Fan Talk
The SEC should investigate the insider trading on 9/11.
Comment by Bill -
Much respect for actually leaving a post today. I assume you didn’t do it until proven otherwise. It’s the American way.
Comment by Rob -
Rereading the charges, it appears to me that
Mark might be innocent here or atleast he should
counter-sue with a breach of contract angle. It
appears to me this is a classic bait and switch
scam. If Marked signed a non-disclosure based
on current expectations, and the company had plans
knowing FULL WELL could create ethical problems
for interested investors and they choose to keep
this information secret, then I think there
might be an angle for Mark to fight this. Maybe
there is no exclude for ignorance and he should of
done more due diligence, but this company was
keeping information from Mark knowing that the odds
are high it could alter Mark’s decision to buy in,
the Mark might some leverage here.
So Mark, it might be time to play stupid here
“Judge, I would not purchase the stock
if Mamma.com revealed it was doing a PIPE”
Comment by HLS -
You may have lost at Dancing with the Stars but you’ve got a great shot at winning Insider Trading – Celebrity Edition….
You were the LARGEST SHAREHOLDER at the time of the sale, yet you’re apparently gonna claim you didn’t think the information was confidential? Really? Wouldn’t you have at least attempted to avoid any impropriety in such a situation? In fact, you RUSHED to sell your shares before the news became public because you KNEW the price was going to drop. So you screwed the innocent people who bought your shares that were not privy to your secret, confidential information.
You screwed people in this deal. At best you were incredibly stupid. At best. So what is it Mr. Cuban? Are you stupid or did you make an illegal trade?
Comment by John -
Whether or not you said, “I’m screwed. Now, I can’t sell,” you can change your mind because you did not agree not to sell as a condition of receiving the inside information. According to the complaint you agreed to keep the information confidential. Nothing in the complaint says you told anyone about it.
Why should an outside shareholder be forced to abstain from trading just because the CEO unilaterally calls him and gives him non-public information? The CEO could have asked you to agree in writing not to trade until the confidential information was made public. Since he didn’t, why is that your problem? Without such an agreement, you should be able to do whatever you want as long as you keep the information confidential.
You did not agree to hold your shares in a company whose management was, unbeknownst to you, intending to screw you and all shareholders. Why should you be required to accept that? You were not an insider and you have no duty to the company.
The law protects boards that screw shareholders and punishes shareholders that want to sell their shares before they get screwed. What’s wrong with this picture?
Comment by Phil Goldstein -
This is completely ridiculous. Insider trading laws were designed to prevent people within the company from screwing over the other investors. This use of it, however, is a clear abuse of power. The law is such that if you hear anything from anybody who might know something, and you use that information to sell a stock, you are engaged in insider trading — so let’s be honest here, that this is designed so the federal government can go after whomever they want whenever they want. So you can’t use information to make a decision? This is a clear violation of the very basis of the market economy. I hope you do have evidence that you didn’t even violate the unjust law they are trying to enforce against these thugs who call themselves our federal government.
Comment by Troy Camplin -
We bout to have a fuccin rape-party! Time for me to take my priiiize…
Comment by The Juggernaut, S.E.C. -
Don’t listen to the “haters”. Have faith in the legal system of the United States to prove yourself right.
Comment by Aaron -
Make a plea deal. Apologize, pay a large fine, and move on. Be honorable and
own up to your mistakes.
Comment by Jim Petty -
Sorry, but insider trading is a big ol’ no-no. You know better. $750K, when you’re worth billions?
I bet Martha Stewart is wondering how you got such a sweet charge when she got an iron anklet.
Comment by Mallory -
Mark, I am impressed by the morons that excuse your actions thinking the SEC has better things to do with their time. Do these dopes really think the SEC spent two years solid working this case? why not inform them of how many discussions the SEC had with you and the timthey gave you preparing responses. I suggest these morons likewise get a clue on how many people work at teh SEC and NOT EVERYBODY can focus on a singular fraud.
So…why do people here complan about fraud on wall street and then excuse fraud at the same time. i call that being hypocritical.
Comment by Dave -
Pingback: The Mark Cuban Scandal For Dummies (Like Us) « Lewp’s Weblog
Pingback: Mark Cuban is no Martha Stewart - the obligatory Mark Cuban Post
The SEC is a corrupted, captured regulatory agency, as is most of
the Federal Government.
Jefferson said that after 200 years we’d need to start all over again.
Comment by Zork -
I believe Mark Cuban is not guilty, but even if he were guilty as charged, in this financial crisis, the government is concerned about a $750,000 insider sale???? What about these crooked mortgage brokers who wrote $750,000 in bogus mortgages every month???? These guys are largely responsible for the mess we’re in now, and Mark Cuban isn’t–even if he is guilty.
Comment by CowDad -
Cuban has created billions. Money for himself, yes, & for many, many
others either in his employ or indirectly in associated business.
Thats one way to make money (value). Or you could be a fat lazy slob
(pronounced: banker) & print it.
The government just wants everyone to be distracted from the mounting pile of
sh_t this nation is in. Also they’d prefer you not ask what the $700B
is being spent on. Oh & AIG: Feel free to throw another party, taxpayers,
them dupes, they’ll pick up the tab. /end-of-rant.
Comment by tim -
Going over the SEC complaint, there are a few things worth mentioning.
The complaint alleges that Mark was informed of the PIPE (http://en.wikipedia.org/wiki/Private_investment_in_public_equity) on June 28th, 2004 via an email from the CEO titled “Call me Pls,” after which he sold 10,000 of his 600,000 shares during after hours trading. If you look at the volume traded of the stock in question (CNIC), on that day prior to Mark’s sale, the number of shares traded was 9,223,700, as opposed to 477,600 the previous trading day, with most days for the two weeks prior averaging between 400,000 to a 1 million shares traded daily. The next day, June 29th, 2004, Mark sold his remaining 590,000 shares, part of that day’s 6,559,400 volume. The complaint then states that June 30th, 2004, the first day after the public announcement, saw the stock price drop just below 10%, and further during the next several months.
Now, those numbers have to make you wonder about how many “Call me pls” type emails were sent out to various shareholders, resulting in the massive volume spike prior to the announcement. Doesn’t exactly sound like “inside” information at this point, but that’s another story. I haven’t found where it says that a company proceeding with a PIPE is the equivalent of a revelation of accounting fraud or an Enron type situation. A PIPE isn’t even necessarily a bad thing, but Mark as I understand it didn’t like that decision, and as a substantial shareholder (6.3%) this was unacceptable.
Is this “inside information?” I don’t know, and I think the whole idea of inside information is too convoluted as it is. If you own over 5% or more of a publicly traded company, and therefore a substantial investment, the CEO should have you in his or her cell phone, and on speed dial. This is the benefit of owning a substantial piece of a company. It is expected. Mark even wrote in a previous blog that playing the stork market wasn’t a smart investment for most small-timers like the rest of us. It is only good for someone who can afford a large chunk, and therefore be able to speak to the people that work for the company that you own a substantial piece of. I don’t get a calls from Steve Jobs for the 3 shares of Apple stock I got as a gift for my Bar Mitzvah, but if I owned 5%+ of the company I sure as hell would. Why the hell else would I put my money in their hands?
CEO’s and other executives need to be held accountable for some of these problems, and the system in general needs to be corrected. If I own a substantial piece of a company, I should have a say in what that company wants to do, and if I think it is making a mistake (which may or may not result in a change in the share price…i still don’t see where this case relates to that), then I should be able to get out. And I shouldn’t be the last to know either, which of course is the conflict of “inside information.” I would think Mark should have had a say in this direction more than a day or two ahead of time, which clearly he didn’t despite his large stake.
Comment by Aaron -
For a month in advance, the people who filled the courtroom had been told by the press that they would see the man who was a greedy enemy of society; but they had come to see the man who had invented Rearden Metal.
He stood up, when the judges called upon him to do so. He wore a grey suit, he had pale blue eyes and blond hair; it was not the colours that made his figure seem icily implacable, it was the fact that the suit had an expensive simplicity seldom flaunted these days, that it belonged in the sternly luxurious office of a rich corporation, that his bearing came from a civilised era and clashed with the place around him.
The crowd knew from the newspapers that he represented the evil of ruthless wealth; and – as they praised the virtue of chastity, then ran to see any movie that displayed a half-naked female on its posters – so they came to see him; evil, at least, did not have the stale hopelessness of a bromide which none believed and none dared to challenge. They looked at him without admiration – admiration was a feeling they had lost the capacity to experience, long ago; they looked with curiosity and with a dim sense of defiance against those who had told them that it was their duty to hate him.
A few years ago, they would have jeered at his air of self-confident wealth. But today, there was a slate-grey sky in the windows of the courtroom, which promised the first snowstorm of a long, hard winter; the last of the country’s oil was vanishing, and the coal mines were not able to keep up with the hysterical scramble for winter supplies. The crowd in the courtroom remembered that this was the case which had cost them the services of Ken Danagger. There were rumours that the output of the Danagger Coal Company had fallen perceptibly within one month; the newspapers said that it was merely a matter of readjustment while Danagger’s cousin was reorganising the company he had taken over. Last week, the front pages had carried the story of a catastrophe on the site of a housing project under construction: defective steel girders had collapsed, killing four workmen; the newspapers had not mentioned, but the crowd knew, that the girders had come from Orren Boyle’s Associated Steel.
They sat in the courtroom in heavy silence and they looked at the tall, grey figure, not with hope – they were losing the capacity to hope – but with an impassive neutrality spiked by a faint question mark; the question mark was placed over all the pious slogans they had heard for years.
The newspapers had snarled that the cause of the country’s troubles, as this case demonstrated, was the selfish greed of rich industrialists; that it was men like Hank Rearden who were to blame for the shrinking diet, the falling temperature and the cracking roofs in the homes of the nation; that if it had not been for men who broke regulations and hampered the government’s plans, prosperity would have been achieved long ago; and that a man like Hank Rearden was prompted by nothing but the profit motive. This last was stated without explanation or elaboration, as if the words “profit motive” were the self-evident brand of ultimate evil.
The crowd remembered that these same newspapers, less than two years ago, had screamed that the production of Rearden Metal should be forbidden, because its producer was endangering people’s lives for the sake of his greed; they remembered that the man in grey had ridden in the cab of the first engine to run over a track of his own Metal; and that he was now on trial for the greedy crime of withholding from the public a load of the Metal which it had been his greedy crime to offer in the public market.
According to the procedure established by directives, cases of this kind were not tried by a jury, but by a panel of three judges appointed by the Bureau of Economic Planning and National Resources; the procedure, the directives had stated, was to be informal and democratic. The judge’s bench had been removed from the old Philadelphia courtroom for this occasion, and replaced by a table on a wooden platform; it gave the room an atmosphere suggesting the kind of meeting where a presiding body puts something over on a mentally retarded membership.
One of the judges, acting as prosecutor, had read the charges.
“You may now offer whatever plea you wish to make in your own defence,” he announced. Facing the platform, his voice inflectionless and peculiarly clear, Hank Rearden answered:
“I have no defence.”
“Do you –” The judge stumbled; he had not expected it to be that easy. “Do you throw yourself upon the mercy of this court?”
“I do not recognise this court’s right to try me.”
“I do not recognise this court’s right to try me.”
“But, Mr. Rearden, this is the legally appointed court to try this particular category of crime.”
“I do not recognise my action as a crime.”
“But you have admitted that you have broken our regulations controlling the sale of your Metal.”
“I do not recognise your right to control the sale of my Metal.”
“Is it necessary for me to point out that your recognition was not required?”
“No. I am fully aware of it and I am acting accordingly.”
He noted the stillness of the room. By the rules of the complicated pretence which all those people played for one another’s benefit, they should have considered his stand as incomprehensible folly; there should have been rustles of astonishment and derision; there were none; they sat still; they understood.
“Do you mean that you are refusing to obey the law?” asked the judge.
“No. I am complying with the law – to the letter. Your law holds that my life, my work and my property may be disposed of without my consent. Very well, you may now dispose of me without my participation in the matter. I will not play the part of defending myself, where no defence is possible, and I will not simulate the illusion of dealing with a tribunal of justice.”
“But, Mr. Rearden, the law provides specifically that you are to be given an opportunity to present your side of the case and to defend yourself.”
“A prisoner brought to trial can defend himself only if there is an objective principle of justice recognised by his judges, a principle upholding his rights, which they may not violate and which he can invoke. The law, by which you are trying me, holds that there are no principles, that I have no rights and that you may do with me whatever you please. Very well. Do it.” “Mr. Rearden, the law which you are denouncing is based on the highest principle – the principle of the public good.”
“Who is the public? What does it hold as its good? There was a time when men believed that ‘the good’ was a concept to be defined by a code of moral values and that no man had the right to seek his good through the violation of the rights of another. If it is now believed that my fellow men may sacrifice me in any manner they please for the sake of whatever they deem to e their own good, if they believe that they may seize my property simply because they need it – well, so does any burglar. There is only this difference: the burglar does not ask me to sanction his act.”
A group of seats at the side of the courtroom was reserved for the prominent visitors who had come from New York to witness the trial. Dagny sat motionless and her face showed nothing but a solemn attention, the attention of listening with the knowledge that the flow of his words would determine the course of her life. Eddie Willers sat beside her. James Taggart had not come. Paul Larkin sat hunched forward, his face thrust out, pointed like an animal’s muzzle, sharpened by a look of fear now turning into malicious hatred. Mr. Mowen, who sat beside him, was a man of greater innocence and smaller understanding; his fear was of a simpler nature; he listened in bewildered indignation and he whispered to Larkin, “Good God, now he’s done it! Now he’ll convince the whole country that all businessmen are enemies of the public good!”
“Are we to understand,” asked the judge, “that you hold your own interests above the interests of the public?”
“I hold that such a question can never arise except in a society of cannibals.”
“What … do you mean?”
“I hold that there is no clash of interests among men who do not demand the unearned and do not practice human sacrifices.”
“Are we to understand that if the public deems it necessary to curtail your profits, you do not recognise its right to do so?”
“Why, yes, I do. The public may curtail my profits any time it wishes – by refusing to buy my product.”
“We are speaking of … other methods.”
“Any other method of curtailing profits is the method of looters – and I recognise it as such.”
“Mr. Rearden, this is hardly the way to defend yourself.”
“I said that I would not defend myself.”
“But this is unheard of! Do you realise the gravity of the charge against you?”
“I do not care to consider it.”
“Do you realise the possible consequences of your stand?”
“It is the opinion of this court that the facts presented by the prosecution seem to warrant no leniency. The penalty which this court has the power to impose on you is extremely severe.”
“I beg your pardon?”
The three judges looked at one another. Then their spokesman turned back to Rearden. “This is unprecedented,” he said.
“It is completely irregular,” said the second judge. “The law requires you submit to a plea in your own defence. Your only alternative is to state for the record that you throw yourself upon the mercy of the court.”
“I do not.”
“But you have to.”
“Do you mean that what you expect from me is some sort of voluntary action?”
“I volunteer nothing.”
“But the law demands that the defendant’s side be represented on the record.”
“Do you mean that you need my help to make this procedure legal?”
“Well, no … yes … that is, to complete the form.”
“I will not help you.”
The third and youngest judge, who had acted as prosecutor snapped impatiently, “This is ridiculous and unfair! Do you want to let it look as if a man of your prominence had been railroaded without a –” He cut himself off short. Somebody at the back of the courtroom emitted a long whistle.
“I want,” said Rearden gravely, “to let the nature of this procedure appear exactly for what it is. If you need my help to disguise it – I will not help you.”
“But we are giving you a chance to defend yourself – and it is you who are rejecting it.”
“I will not help you to pretend that I have a chance. I will not help you to preserve an appearance of righteousness where rights are not recognised. I will not help you to preserve an appearance of rationality by entering a debate in which a gun is the final argument. I will not help you to pretend that you are administering justice.”
“But the law compels you to volunteer a defence!”
There was laughter at the back of the courtroom.
“That is the flaw in your theory, gentlemen,” said Rearden gravely, “and I will not help you out of it. If you choose to deal with men by means of compulsion, do so. But you will discover that you need the voluntary co-operation of your victims, in many more ways than you can see at present. And your victims should discover that it is their own volition – which you cannot force – that makes you possible. I choose to be consistent and I will obey you in the manner you demand. Whatever you wish me to do, I will do it at the point of a gun. If you sentence me to jail, you will have to send armed men to carry me there – I will not volunteer to move. If you fine me, you will have to seize my property to collect the fine – I will not volunteer to pay it. If you believe that you have the right to force me – use your guns openly. I will not help you to disguise the nature of your action.”
The eldest judge leaned forward across the table and his voice became suavely derisive: “You speak as if you were fighting for some sort of principle, Mr. Rearden, but what you’re actually fighting for is only your property, isn’t it?”
“Yes, of course. I am fighting for my property. Do you know the kind of principle that represents?”
“You pose as a champion of freedom, but it’s only the freedom to make money that you’re after.”
“Yes, of course. All I want is the freedom to make money. Do you know what that freedom implies?”
“Surely, Mr. Rearden, you wouldn’t want your attitude to be misunderstood. You wouldn’t want to give support to the widespread impression that you are a man devoid of social conscience, who feels no concern for the welfare of his fellows and works for nothing but his own profit.”
“I work for nothing but my own profit. I earn it.”
There was a gasp, not of indignation, but of astonishment, in the crowd behind him and silence from the judges he faced. He went on calmly:
“No, I do not want my attitude to be misunderstood. I shall be glad to state it for the record. I am in full agreement with the facts of everything said about me in the newspapers – with the facts, but not with the evaluation. I work for nothing but my own profit – which I make by selling a product they need to men who are willing and able to buy it. I do not produce it for their benefit at the expense of mine, and they do not buy it for my benefit at the expense of theirs; I do not sacrifice my interests to them nor do they sacrifice theirs to me; we deal as equals by mutual consent to mutual advantage – and I am proud of every penny that I have earned in this manner. I am rich and I am proud of every penny I own. I made my money by my own effort, in free exchange and through the voluntary consent of every man I dealt with – voluntary consent of those who employed me when I started, the voluntary consent of those who work for me now, the voluntary consent of those who buy my product. I shall answer all the questions you are afraid to ask me openly. Do I wish to pay my workers more than their services are worth to me? I do not. Do I wish to sell my product for less than my customers are willing to pay me? I do not. Do I wish to sell it at a loss or give it away? I do not. If this is evil, do whatever you please about me, according to whatever standards you hold. These are mine. I am earning my own living, as every honest man must. I refuse to accept as guilt the fact of my own existence and the fact that I must work in order to support it. I refuse to accept as guilt the fact that I am able to do it better than most people – the fact that my work is of greater value than the work of my neighbours and that more men are willing to pay me. I refuse to apologise for my ability – I refuse to apologise for my success – I refuse to apologise for my money. If this is evil, make the most of it. If this is what the public finds harmful to its interests, let the public destroy me. This is my code – and I will accept no other. I could say to you that I have done more good for my fellow men than you can ever hope to accomplish – but I will not say it, because I do not seek the good of others as a sanction for my right to exist, nor do I seek the good of others as a sanction for my right to exist, nor do I recognise the good of others as a justification for their seizure of my property or their destruction of my life. I will not say that the good of others was the purpose of my work – my own good was my purpose, and I despise the man who surrenders his. I could say to you that you do not serve the public good – that nobody’s good can be achieved at the price of human sacrifices – that when you violate the rights of one man, you have violated the right of all, and a public of rightless creatures is doomed to destruction. I could say to you that you will and can achieve nothing but universal devastation – as any looter must, when he runs out of victims. I could say it, but I won’t. It is not your particular policy that I challenge, but your moral premise. If it were true that men could achieve their good by means of turning some men into sacrificial animals, and I were asked to immolate myself for the sake of creatures who wanted to survive at the price of my blood, if I were asked to serve the interests of society apart from, above and against my own – I would refuse. I would reject it as the most contemptible evil, I would fight it with every power I possess, I would fight the whole of mankind, if one minute were all I could last before I were murdered, I would fight in the full confidence of the justice of my battle and of a living being’s right to exist. Let there be no misunderstanding about me. If it is now the belief of my fellow men, who call themselves the public, that their good requires victims, then I say: The public good be damned, I will have no part of it!”
The crowd burst into applause.
Comment by Grant Williams -
Come on people. Do your homework. Mamma.com turned out to be, despite protestations to the contrary, an Irving Kott company. Who is Kott? See: http://sharesleuth.com/matrix/people/irving-kott/. Also see: http://www.cmht.com/cases_mamma.php. Once Cuban realized he was being conned, he got out. Is getting the hell out of a scam insider trading? Good question. If there’s case law on this, someone please point it out.
Comment by Jeff Mitchell -
Remember folks, the feds didn’t go after
Martha because she did the crime. They went
after her when she persistently lied about
it and tried to fight it. Innocent or not,
Mark needs to take the lead and settle this
because he will lose in the eyes of public
opinion – people are FED up with the unethical
games (borderline or not) the rich play.
Also, having done development time with
the popular trading tool TradeStation, everyone
knows the key to trading is having insider
information. The trick is the how indirect
or many degrees you can disassociate yourself from
the obvious. It appears Mark got alittle too
cocky here and had a brain fart – to write about
it also, geez, Mom always said you don’t have to
be too smart to become rich – just lucky and be
at the right place at the right time.
Comment by HLS -
You are a douche. I hope you go to prison and some neo-nazi skinhead de-flowers your ass!
Comment by Bob -
Just came on here to voice my support for you; I am behind you 100%.
The sports world, and the world in general, needs more people with your leadership abilities and your willingness to let your voice be heard on seemingly anything.
Comment by Shaun -
Mr. Cuban, you will be in my prayers.
MANY years ago, you showed me a small amount of kindness. And I’d like to
extend the same, or more to you.
I don’t have a clue about your beliefs, or your eternity, but I will pray for you to be treated fairly, and for your protection.
I hope you are not guilty of any wrongdoing, but if you are, I pray for leniency.
On a side note, I think the laws need to be overhauled anyway. If I were facing the possibility of losing a large amount of money, I think it’s only fair
that I be able to protect myself from this loss.
Anyway, I wish you all the best!
Comment by Michael -
Hey Mark, I hope you caught Rush Limbaugh today talking about you. He’s right! You backed Obama like a stalwart and now you’re seeing how he doesn’t know a thing about being an entrepreneur. I hope you beat the SEC!
Comment by David -
Mark, don’t make the same mistake Martha did and dig yourself into a
bigger hole by trying to defend yourself. I’m sure you have your
side of the story to tell, but from the complaint, it looks like a
simple case for the prosecution. Have your lawyers tell you about
Barry Switzer’s case of insider trading. Settle like he did and move
on with life and go make your next billion.
Comment by ticket_trader -
Mark, you are a humble, God-loving, pure man, soft-spoken and without fault. Why the government should go after you, who only made $750,000 in this little deal, is beyond me. They should stick to investigating politicians, and leave little people like you alone. I don’t blame you. If you turn down $750,000 here and $750,000 there, pretty soon it runs into real money. You hang in there, hire the best lawyers tht $750,000 can buy, and we’ll beat those no good investigators, yessirree.
Comment by geno -
I, for one, do not suggest your plead guilty unless you are. Your credibility, anyone’s credibility is all we have on this planet. The Cuban’s good name is at stake. If not Criminal charges are on the table, then just give your high powered, highly paid attorneys free reign to push it to the max, and whatever it will be, it will be.
If you didnt do it, there is no way you should ever agree to admitting to doing it. Your goodwill and good name will be forever smudged.
Like most up here, I have no idea if you did it, or didnt do it. Only you in your heart knows what yyou were thinking when hours later you gave a sell order, what the facts were. Yet, if you did do it…there is one thing we’ve seen countless times.. This country can forgive…we just want some understanding by the offending party that they understnad wha tthey did.
thats what makes us so disgusted at these fat cat wall Street CEOs who blew up our economy. there is no sense, no appreciation for the true devestation they have caused our economy, and all working classes.
good luck. dont stress it. its not the end of the world.
Comment by TheyBIncompetent -
In light of the past 6 months US issues, you should be the last thing the SEC agenda!!
SEC and all it’s other socialized communists organizations are becoming the joke of the rest of the world, US markets and regulatory bodies are showing their true Communists colors and quickly loosing all credibility to the rest of the world.
Comment by Tom Jonny -
If what you did is insider trading, then I hope to see hundreds more lawsuits against wall street execs. This is an absolute joke – your loyal supporters are forever behind you.
Comment by John W -
All You people that defend this clown, are clowns too. This country is full up with idiots. This guy is the biggest hypocrite on the planet, now he’s caught and he’s crying foul. Boohoo cry me a river.
Comment by tradervic -
Mark Cuban is an American hero and surely deserves his day in court.
With all the SEC woes with the economic crisis on their watch, they
and their partners in crime on Wall Street should be the one’s being
Comment by Robert -
Pingback: Mark Cuban charged with insider trading. | The Unspun Zone...
Sounds to me like the only crime here is the Mark should be charged with electrifying dance moves.
Comment by Now with RSS! -
A lawyer taught me that:
“When the facts are on your side, you argue the facts.
When the law is on your side, you argue the law.
When neither the facts, nor the law is on your side, you just argue.”
Mark, your attorney appears with his public statement to have
abdicated either a defense based on the facts of the case, or a
defense based on the law. He instead states:
“…the Commission’s claims are
infected by the misconduct of the staff of its Enforcement Division.”
I sure hope for the sake of your bank account that this current
“just argue” defensive strategy is not indicative of the strongest
defense your attorney can come up with. If that’s all there is to
argue, then you should be advised to cut your losses and save the
legal fees by negotiating a settlement quickly.
Comment by Tom -
All those on here wanting Mark to be found guilty, wanting him to go to jail…ALL OF YOU are just vindictive, petty, extremely jealous assholes. You don’t have a billion dollars? Hate the guy who does. I feel sorry for people like you. I don’t have billions either, but I don’t begrudge those who do. Here’s hoping karma comes back to bite all of you in your collective asses.
As for you Mark…good luck. I wish nothing but the best for you.
Comment by Cynthia -
I have long admired you! I truly wish you and your family the best
of luck with this situation. You, yourself, knows the truth. I
just hope that when the time comes you do the responsible thing and
tell the truth regardless of what the truth is. I along with many
other true “Mark Cuban” fans may be disappointed if the truth isn’t
what we want it to be, but will have all the more respect for you if
you stand up and just tell the truth. Everyone makes mistakes.
Although I hope you didn’t and this is just another bogus accusation,
I will forever be a “Mark Cuban” fan as long as you do the right
My thoughts and prayers are with you!!!
Comment by Tracie Ramos -
Pingback: Paid Content : Update: Cuban's Response To Insider Trading Charges: 'Wish I Could Say More'; Lawyer Says 'No Merit'
Broadcast.com is not going to save you on this one…
what GOES up …will come down…
there is an expiration date to everything is life…
THe bell has rung…its your time…no overtime…you are going
Enjoy your prison days.
Comment by victor -
As an attorney, I understand how powerful the machinery of the government can be in these matters. Keep your head up and stay positive through this frustrating process.
Comment by Adam Virant -
Martha Stewart and Ted Stevens sends there regards.
Comment by Mark Moore -
Mark, they are only prosecuting you because you are Cuban. I’m sorry
comrade but this is the risk you run living in the U.S.
Keep up the fight!
Comment by Fidel -
I’m keeping you and your family in my prayers Mark. Hope to see you guy soon.
Comment by Wayne at 1500 -
Pingback: Mark Cuban - Insider Trading…. | Victor Caballero
Mark, with the SEC if youre smart you become a target. Bottom Line.
By the way, forget about the Cubs and please, PLEASE, buy the Padres. You can buy low and turn this town crazy.
Comment by Roberto -
Pingback: Mark Cuban charged with Insider Trading | Domain Name News
Just don’t pull a Martha Stewart (lie…to the feds)…
Everyone makes mistakes, just don’t make one that sends you to a federal prisions
Comment by TheNooge -
Pingback: What Guru’s are Saying : Someone Certainly Earned Their $2000 An Hour
I believe in you and what you say to be true.
Hang in there and know your fans love you.
Comment by David -
Mr. Cuban may be one hell of a businessman.
He may be a successful owner of a NBA franchise.
But, if the SEC is right, (and there is no reason to
think they are not), he is an idiot. He tried to do
the same think Martha Stewart did only on a much larger
basis. $30,000 profit vs $750,000. Don’t think for
one minute that he is so rich that this $750,000 doesn’t
mean anything to him. It does. What will get him in trouble
is the same thing that got Martha, Lying about it. He
can cry all he wants to but if he did what the Feds say he
did, then he deserves all he gets.
Comment by JBinIL -
go get them man!
Comment by Johnnyo -
Hmmmm, now we know why you are so rich. These charges surely aren’t going to help in your bid to buy a MLB team. Hope you have a good lawyer, the government is tough to beat on these cases. There is no get out of jail early in Federal Jails, might be best to attempt a plea bargain.
Comment by Xeifrank -
You are one greedy bastard.
Most guys who unloaded Broadcast.com ( your college roommate’s start-up)and cashed out would over a billion would not use inside info to avoid paying less than 1 million. You are a real piece of crap.
Comment by Tom Gordon -
I wish you nothing but luck. With all the good you’ve done, its
pretty annoying to see that you were chosen as a scapegoat for the
horrible job the government has done with regulation.
Keep up the great blog!! You are truly an inspiration.
Comment by mran -
This is an amazing example of persecutorial indiscretion and will go down as a flaming indictment of the bush administration. They better go after every single investor that ever dumped their holdings in response to receiving a dilutive offering memorandum. The worst part about this is that it’s clear based upon some of the comments is that most of the public doesn’t even understand why thi is a travesty. What has happened to our societal intellect? Wait, don’t answer that.
Comment by Debunkr -
Pingback: The People vs. Mark Cuban | Deep Into Sports
Should we call you Martha Cuban now? Hey, good luck. Don’t drop the soap.
Comment by Mav -