Articles

Silver Bullet to Save the Economy

In Crime, economics/money, industry excesses, stupidity, television on November 18, 2008 by Editor Z

Here is the solution I guess. Go after Dallas mavericks owner and Internet billionaire, Mark Cuban. Great, I guess the stock market should be going up any day now as a result.

Washington Post:

Mark Cuban, the eccentric Dallas Mavericks owner and self-made Internet billionaire, was charged today with insider trading by the Securities and Exchange Commission.

Cuban, 50, is accused of illegally selling 600,000 shares of stock in Mamma.com, a company he himself had described as an “up and coming search engine” in a blog posting from 2005.

Problem is Mamma.com, a Montreal-based start-up now known as Copernic, began raising capital in June 2004 through a process known as a PIPE (“private investment in public equity”) offering. Cuban knew of the offering beforehand and sold his shares hours before it became official, prosecutors allege.

I wonder if this is going to be like the Martha Stewart obstruction of Justice show, that unfolded at the same time as Enron’s demise. Now I am not condoning what Cuban or in her case Martha Stewart have done. If Cuban is found guilty he should face the law and whatever punishment is deemed just. However, when corrupt CEOs in businesses such as AIG are able to bilk money out of the government, while simultaneously taking junkets and paying CEO’s exorbinant bonuses, an insider trading charge is the least of America’s economic worries. I’m just saying.



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