Don't indict Cuban for insider trading just yet

Kevin C, Nashua, NH — Tue, 18 Nov 2008 13:55:59 GMT

Celizic, as usual, you are a moron. You wrote: "In this case, the SEC isn’t saying that Cuban was trying to make money. He was trying not to lose it."

Well, when he sold it, the people he sold it to lost $750,000 instead. DUH!

According to the SEC, (from the MSNBC.com report) "a FEW HOURS after receiving the information, he told his broker to sell all 600,000 shares before the public announcement of the offering."

I repeat, "a few hours". If this is proven, it is clear that his selling was a direct result of the inside information.

This caused great loss to others, so there is a reason it is illegal.

Don't indict Cuban for insider trading just yet

Jim, Richmond, VA — Tue, 18 Nov 2008 14:24:50 GMT

Your car analogy is a little off. Someone still has to buy Cuban's stock so instead of just moving his car he has to replace his car with someone else's brand new car who will suffer the same loss. Now it doesn't seem so ethical.

Don't indict Cuban for insider trading just yet

A H, Austin, Texas — Tue, 18 Nov 2008 15:56:52 GMT

Oh PLEASE! Who here remembers Martha Stewart and her walk of shame? How is this any different? He chose to sell and NOT lose a substantial amount of money but I read this and am angered because he's Mark Cuban - a guy with a lot of money and everyone should give him benefit of the doubt; when it was Martha and Leona, it was justice overdue. Right....

If you are a woman you need to abide by the rules or pay the price. If your Mark Cuban, you scowl, rage in a blog, and get benefit upon benefit poured your direction.

Good ol' boys will always be that. I guess Mark is in that club, probably serves as the treasurer!!

Don't indict Cuban for insider trading just yet

Paul, San Antonio, TX — Tue, 18 Nov 2008 17:17:42 GMT

Mike,
Good column. I was watching and listening to some talking heads earlier on a certain sports network, and many of them did not understand the allegations. They were already putting him in the same boat as Martha Stewart, which was totally different. He hasn't lied to investigators or prosecutors. It is only alleged that he did anything wrong. I am with you, the guy from mamma.com should be in trouble for releasing the information to Cuban as well, if it even happened. And besides, baseball is stupid. Steroids, ties, bad World Series, and now this. I love baseball, but I can't stand MLB or their owners. Cuban is a great owner, and would be good for the Cubs. The owners just don't want someone who would actually care about his players, and not just the bottom line. The Mavs were a disaster before Cuban, and have been a perennial playoff team. The Cubs, until this year, were crappy. This year, they were great, but crappy in the postseason. Cuban would do everything in his power to help the Cubs. But, baseball doesn't deserve an owner like him.

Don't indict Cuban for insider trading just yet

jan howard finder — Tue, 18 Nov 2008 17:24:28 GMT

G'day,

The reason MLB doesn't want Cuban is that he wants to win and knows something about sports!

Their choice is some stock dealer who would be interested in making a buck the hell with the game.

I know, who will win, but the Cubs will lose.

Been waiting since '45 to go back to a Cubs World Series, MLB will do anything to prevent that!

Don't indict Cuban for insider trading just yet

Bill, Salt Lake City, Utah — Wed, 19 Nov 2008 16:31:10 GMT

So Paul in San Antonio wants to give Cuban a free pass because he improved the Mavericks? However, there are SEC rules that approve to executives, board members and large shareholders of public companies. They have to notify the SEC when selling stock and any stock activity prior to major company announcements or events are investigated to see if insider information was used. Mark Cuban took a loss by selling but the people who bought his stock who did not have the advantage of insider information lost a significant portion of their investment the next day when the announcement was made. If Cuban was so ethical, he would own up to what he did and make the amends by repaying the millions he saved by violating SEC regulations.

Don't indict Cuban for insider trading just yet

sergio calderon, pomona,ca — Wed, 19 Nov 2008 19:53:27 GMT

why shouldnt he be judged? Is it because he is white? Remember what columnists have done to black atheletes before they have even had a day in court. Treat Cuban like any other person!

Don't indict Cuban for insider trading just yet

blaine shanghai — Thu, 20 Nov 2008 02:43:05 GMT

What if Cuban shows that the sale was made by his financial advisor with no prior direct or indirect order or influence from Cuban? The advisor just wanted to sell. Big coincidence yes, illegal, no. The onus should be on the SEC to show at the appropriate standard that Cuban used the insider info to cause the sale of the stock.

Don't indict Cuban for insider trading just yet

Mike — Fri, 21 Nov 2008 17:24:07 GMT

The Martha Stewart analgy is incorrect. She was convicted because she lied to the investigators

If Cuban owes up to it and pays the penalty and fine, he will avoid the prison sentence, unlike Martha who lied

I laugh at the MLB owners who refuse to allow him to buy the Cubs. Are they afraid that he will take a losing team and turn them into a continual playoff team?

If he has the money and he is the bidder who is willing to spend the amount Tribune wants, MLB needs to stay out of it

Why is it MLB gets to decide who does and does not get to join their elite ranks? If I had enough money to buy the Cubs, I would, but I bet MLB would prevent me from doing so, because unlike them, I believe in winning and doing so at any costs(like the Yankees and Red Sox)

Don't indict Cuban for insider trading just yet

Mark Barkow — Sun, 23 Nov 2008 04:23:14 GMT

Did you say "And you'd probably sell the stock and lose $700,000". Mike, have you ever heard of a tax write off? I don't care what you say, $700,000 to Mark Cuban is like a $20 bill to the average American. He probably blows it in a month on clothing and eating out for his family! If he knew there was the slightest chance he could get in trouble, it would not be worth the risk to him. It was a foolish thing for him to do. I know that Mark Cuban is a good guy, especially for a billionaire. He does a lot of good things for his community and the country. I would not be coming down hard on him. If he does get a fine for doing it, I would be telling him to give the money to the charity of his choice. I know he has several.