OED is correct. Martha Stewart was not convicted for insider trading, she was convicted of obstruction of justice for lying to investigators.
Also, the SEC can only bring civil actions, the DOJ has to bring criminal charges.
OED is correct. Martha Stewart was not convicted for insider trading, she was convicted of obstruction of justice for lying to investigators.
Also, the SEC can only bring civil actions, the DOJ has to bring criminal charges.
wired has some good stuff on Cubans blogging vs the govt bailout of biz.
lets not forget one of his first films was about enron (and for sure the bushies and cheney hated him for that one)
Cuban has now made two big mistakes. The other one was firing Avery Johnson.
The smart thing for Cuban would be to just pay what the sec says without accepting blame. Of course Cuban has insider trading knowledge. He knows the insider personally. The average schmoe investing in a company can't just call up the ceo and ask how everything is going.
The guy on the corner with the hot dog stand certainly *sells* some good dogs doesn't he? The other day he had a lunch hour special and was *selling* some at a reduced price. He wouldn't want to *sell* all his dogs at once though. That wouldn't be good.
Cuban makes these deals all the time. That is why he is feigning surprise. He believes this is how things should work for people like him. That way their wealth can trickle down on us peons.
exactly... wrote:
you have to wonder why people like Cuban and Martha Stewart, worth hundreds of millions of dollars, would risk going to jail over making/saving 250k, via insider trading? Do they have some kind of 'greed gene' or out of control view of reality? 250k to them is like 100 bucks to you or me. What we risk a year in jail and the chaos and humiliation to our lives over saving or not losing 100 bucks? what are these nuts thinking?
Stewart was not found guilty of insider trading. She was found guilty of lying to investigators (and that was questionable from some accounts I read).
My question is: what was Cuban supposed to do with his stock? Is the CEO who called him also going to get prosecuted.
Why would the CEO be prosecuted? If the allegations are true, he passed the information to Cuban with the proviso that it would alter his ability to trade his stock.