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Subject: Mark Cuban accused of insider trading
Posted by: Perm Dude
- [431039178] Mon, Nov 17, 2008, 12:17
No, not TSN insider trading, but the real stuff. |
| 1 | skinneej
Leader
ID: 040625911
Mon, Nov 17, 2008, 13:30
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Whew, had a flashback of Modergate there for a minute.
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| 2 | CJ
Leader
ID: 499271021
Tue, Nov 18, 2008, 00:03
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Are we surprised.....might not be a huge deal if he was not such an outspoken person. You think Stern has something to do with this....not really just something to stir the conspiracy folks up a bit.
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| 3 | ole
ID: 391012183
Tue, Nov 18, 2008, 04:15
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i find it strange that now, 4 years later, the SEC is filing charges. why wait that long. fishy...
leave cuban alone. yes, he's an idiot. but at least he adds some excitement to the league.
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| 4 | CJ
Leader
ID: 499271021
Tue, Nov 18, 2008, 09:26
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But does it bother you that he took 850K from an insider letting him know to sell prior to anyone else holding that stock? That seems to be where people start having a problem with the rich who get this nice info over the average guy who could really use money like that where Cuban it is a drop in the bucket. Although he has more and more due to special treatment. I heard he is worth over 2 Billion. That leads me to believe he has been making money hand over fist in his years as Mavs owner. Either way if I were him I would settle this out of court ASAP. Will cost less and no jail time like ole Martha.
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| 5 | biliruben
Leader
ID: 589301110
Tue, Nov 18, 2008, 09:38
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Yeah, he's entertaining, but if some dude gets 5 years for robbing 50 bucks from a 7-11, Cuban should rot in Alcatwaz if convicted.
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| 6 | CJ
Leader
ID: 499271021
Tue, Nov 18, 2008, 09:46
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Or even Vick for dog fighting...I do not like Vick but damn he got the screws nailed to him.
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| 7 | ole
ID: 391012183
Tue, Nov 18, 2008, 12:15
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hehe good point
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| 8 | Kyle
Donor
ID: 052753312
Tue, Nov 18, 2008, 12:19
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I'm wondering if the timing doesn't have to do with basketball but with his purchasing the Cubs. I know baseball's owners don't want him owning a team, and he proposed some ungodly amount of money for the Cubs. They were trying to find something to prevent him from ownership, maybe this is it?
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| 9 | Perm Dude
SuperDude
ID: 030792616
Tue, Nov 18, 2008, 12:27
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That's a very good point, Kyle. My guess is that his finances were getting vetted and this transaction set off a red flag. The SEC was brought in and next thing you know charges are filed.
Whether this was some kind of excuse or not is kinda moot. When you find something like this, you really don't need an excuse.
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| 10 | Logan47474
Sustainer
ID: 421021139
Tue, Nov 18, 2008, 12:33
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There's also discussion that this is payback from the Bush administration for Cuban's role as producer of a documentary that slammed Bush over 9/11.
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| 11 | weykool
ID: 2842717
Tue, Nov 18, 2008, 12:51
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Bili:
Did you even bother to read the story?
To equate sticking a gun in someone's face to what Cuban did is pretty stupid if you ask me.
You are the majority shareholder in a company and the CEO calls you up to you and asks if you are interested in buying more shares from a new stock offering that is going to be at a discount to what the price is on the shares you currently own.
You now have information that the general public or other shareholders do not have access to.
At what point are you allowed to sell the shares and it is not considered based on "insider information".
How many of us would really sit on our shares of stock knowing that it will go down 10-20%?
Was this information that Cuban asked for or was it just dropped on him without his consent?
Perhaps he was contemplating selling his shares and this "information" was the last straw.
Martha Stewert went to jail because she lied about the facts of her case.
The case against Cuban will be a civil case and if found guilty he will be liable for losses avoided and penalties.
Jail time?
Only if idiots are running the system.
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