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New York, 1:34 PM
Sat Nov 28
12 posts in the last 24 hours
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06/19/09
04/21/09
But, alas, he did not put on the condom of fiduciary responsibility.
04/21/09
Apparently a year or two earlier the magazine had sent a reporter to follow him around for a legit profile about an interesting billionaire who funds cricket and runs the island of Antiqua like his personal fiefdom. Then they apparently later realized this guy is Mini-Madoff and turned it into a hit piece, which Sanford made incredibly easy by openly admitting to being a raging asshole.
That's some journalism efficiency!
04/21/09
11/20/08
*knocks on wood*
11/20/08
11/20/08
Let me guess Pittsburgh, Mt Lebanon, Indiana University or PITT? You don't think you'll find that level of douchiness in one of those places? When was the last time you were home?
11/22/08
11/20/08
11/20/08
[www.stephenbainbridge.com]
11/20/08
1)If you are an insider/ director/ officer and breach your fiduciary duty to the company/ shareholders by acting on inside information
2) If there is the tipper tippee situation and the tippee knew the tipper was in da wrong
3) If you were given confidential information and told not to act on it but you did.
Looks like Cuban thinks that if he can defend the third prong he is on the clear. The FCC is going to try to say he was guilty of all three. I think it will be difficult to argue he was not an insider. They call him to get advice on major transactions in the business and he was the largest holder of outstanding stock yet he was not a constructive insider? Lastly, this is an FCC filing not DOJ. Even if he is guilty he will only get a fine. He's a billionare . Who Cares?
11/20/08
I care. Insider trading is all case law. This could have real, lasting impact on how insider training is defined and tried, especially because Cuban has the resources to make this a long-term, complicated case.
11/20/08
And another thing! ;D I wish the media would stop hailing him as a tech genius, he was just lucky enough to own an awesome domain name that he sold to Yahoo for a billion bucks at a time when everyone had shitloads of cash for nothing. He's a douche.
11/20/08
He is a pretty sharp guy. Look at all the people who were millionaires in the tech bubble and lost it all.
11/20/08
11/20/08
11/20/08
11/20/08
11/20/08
11/20/08
Ha ha ha except no and Cuban's going to lose this case horribly.
11/20/08
If Martha had said, "Damn straight I sold those shares on a tip from Sam", she'd still be CEO of the company that bears her name.
11/20/08
He won't go to jail, no. But he'd be smarter to pay the fine and get this over with - Cuban will lose.
11/20/08
It is still considered insider trading if you sell on news that you didn't know was non public information.
People do buy and sell off of news like that every day, it's just that most people are never given a look at when they do this because they don't own more than 5% of a company.
11/20/08
Of course. Like I said, I don't think it will be an effective defense - just explaining the apparent tack the lawyers have taken.
11/20/08
11/20/08
11/20/08