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Dallas Maverick Owner a Victim of Political Persecution?

Entrepreneur billionaire Mark Cuban, the owner of the Dallas Mavericks, responded forcefully to the insider trading complaint filed against him by the SEC yesterday, saying that the case is based upon official's win-at-any-cost ambitions." The feds allege that Cuban sold shares of a soon-to-be-doomed Internet search company in 2004 while the price was still high.

So what could be the potential political motivation behind Cuban's charges? Cuban financed Loose Change, a film about 9/11. A source close to Cuban just provided a New York Times reporter with an email sent to Cuban from an SEC lawyer in 2007. The email has the subject "Loose Change" and SEC Chairman Christopher Cox was also copied. It states:

Previously, I thought you were merely foolish and naive. Now, however, I see that you are also a hypocrite. I guess your belief in free speech has severe limitations. If someone else is the victim of an absurd conspiracy theory, you defend your right to participate in smearing the good name of a patriot like President Bush. But, when you are the subject of a parody of the attack you have endorsed, you suddenly issue threats. I think I will email this to Chairman Cox myself. I think he will enjoy it. I’m sure he is also a Laker fan. Since Chairman Cox may not know the background, I will explain. Mark Cuban is the owner of the Dallas Mavericks and has participated in distributing the vicious and absurd documentary, “Loose Change,” which posits that President Bush planned the demolition of the World Trade Center as a pretext for going to war against Iraq.

Do you think Cuban is suffering political payback, or is this email from the SEC lawyer (who was later punished for it) just evidence of stupidity?


Join The Conversation
ilanac13 ilanac13 8 years
i think that the email itself is written in the tone of someone who's bitter and immature so i don't know what credibility i could even put towards it. it's insane to think about what people will say when they want to get their point across when the so obviously don't like someone. i think that there's a lot to be said about the allegations for insider trading since it was not a nominal amount of money....
Jude-C Jude-C 8 years
That SEC lawyer is a jackass, but so is Cuban if he engaged in insider trading.
longhornlass04 longhornlass04 8 years
Well said bastylefilegirl! I couldn't put it any better. :)
sexylibrarian sexylibrarian 8 years
Many criminal acts done by Bush and his administration have gone unpunished.
sexylibrarian sexylibrarian 8 years
I think the concept behind "Loose Change" is very far fetched. I do however think that the Bush administration has gone after many people who have not agreed with them. Valarie Plame anyone?
bastylefilegirl bastylefilegirl 8 years
At most Cuban is going to be fined due to the email leak and the fact that Cuban probably has pretty good lawyers etc. The fine he will pay is going to come out of his freaking piggy bank he has on his desk too. Also he was already out of the race for buying the Cubs the Good Old Boys network that is MLB isn't going to allow Cuban to buy the cubs. Which is kind of stupid because like him or not look what he has done for Dallas remember when the Mavericks were a joke now they sell out the stadium, have one of the best arena's in the league, and players actually want to go there....I"m just saying.
bastylefilegirl bastylefilegirl 8 years
And for all those who are saying that it's just like Martha Stewart's it's a little different yes still insider trading but a little different. Martha's was for her own company and she got in trouble for lying about the insider trading as well hers was a lot more heinous!
em1282 em1282 8 years
"Good luck buying the Cubs now. They'll never win the World Series, so he's better off anyway." No arguments from a White Sox fan over here. ;) And 9/11 being planned by Bush? Riiiight...
bastylefilegirl bastylefilegirl 8 years
No but I think he is being punished for his celebrity. Let me just start off by saying on some level he was set up the person who called him blurted out information that put him in a position that was no win. The person who called him basically told him that people where diluting the stock he didn't not ask for this info he was given it. The person who called him may not be famous but they are just as guilty if not more guilty than Cuban. I also think that the SEC should put as much effort into busting all insider trading not just ones committed by people that are famous....I know that there are probably people in this room who have gotten some inside tips from a friend who works at a company ever so casually and took action based on that tip!
Jillness Jillness 8 years
The reason it is a problem UnDave is that you can't sell stock based on information that isn't public yet. The stock market operates on "known risk", and insider trading cheats that system. Definition of Insider Trading: Insider trading is the trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals with potential access to non-public information about the company. In most countries, trading by corporate insiders such as officers, key employees, directors, and large shareholders may be legal, if this trading is done in a way that does not take advantage of non-public information. However, the term is frequently used to refer to a practice in which an insider or a related party trades based on material non-public information obtained during the performance of the insider's duties at the corporation, or otherwise in breach of a fiduciary duty or other relationship of trust and confidence or where the non-public information was misappropriated from the company.
geebers geebers 8 years
I started the Times article and stopped reading when I got to this part: "After once saying he would not hire the N.B.A.’s chief of referees to “manage a Dairy Queen,” Mr. Cuban paid a $500,000 fine — and spent a day at a Dairy Queen serving Blizzards to fans." :ROTFL:
pinkprincess1101 pinkprincess1101 8 years
I'm with wackdoodle on this well mainly kobe but that's another day another thread, i used to feel that way about shaq too but ever since he left got fired from the lakers he has a different attitude "Lakers are selfish, self-absorbed, self-promoting individuals who cannot work consistently as a team."
Shadowdamage Shadowdamage 8 years
Good god there's so many wankers in this story I don't know what side I would take - if any. The lawyer sounds like a completely unprofessional jackass. His letter reads like a script from a bad movie. If 9/11 was "planned" as pretext to go to war with Iraq, then it was shite planning considering Iraq had NOTHING to do with it, that's a pretty loopy premise to go with. As for insider trading - naughty, naughty. He got caught, he needs to suck it up. Wankers aplenty!!!
indielove indielove 8 years
Hey hey hey...don't go Laker-bashing now. ;)
wackdoodle wackdoodle 8 years
Whoever this SEC Lawyer is who wrote this email should be fired or seriously reprimanded. Possibly even put up for possible disbarment. You never reveal your personal bias and vindictiveness in an email to someone you intend to prosecute and you don't reveal those traits and your pettiness to your boss. And I thought the goal of being able to buy and sell stocks on the NASDAQ was to buy low and sell high and make a profit while doing so. I was unaware that I was suppose to keep stocks that were going to crash and burn because some yahoo might be upset at my taking advantage of the system. now if it can be proved that Cuban had insider information then charge him if it is simply that this lawyer is pissed at Cuban riduculous ego then drop it. And the Lakers. The Lakers have sucked since Magic, Kareem, James Worthy, Kurt Rambus and Pat Reilly retired (well Pat hasn't retired) had epic battles with the Boston Celtics. the current Lakers are selfish, self-absorbed, self-promoting individuals who cannot work consistently as a team. ;-) Remember 9/11/1857! Ha!
organicsugr organicsugr 8 years
Yeah, I verified it. Totally legit.
Great-Sommelier Great-Sommelier 8 years
And, has this email been verified as legit?
organicsugr organicsugr 8 years
Yeah, we've decided to be Rockets fans.
Great-Sommelier Great-Sommelier 8 years
Cuban is such a douche. he is on the news all the time here with examples of his doucheness.
organicsugr organicsugr 8 years
Good luck buying the Cubs now. They'll never win the World Series, so he's better off anyway.
mydiadem mydiadem 8 years
I don't know if Cuban is guilty, I'm not on that jury (and doubt I would be) but whoever the lawyer was that sent that email is a douche. WTF? People like that really grind my gears. UNPROFESSIONAL.
UnDave35 UnDave35 8 years
"On June 28, 2004, Mr. Cuban called’s chief executive after receiving an e-mail message from the executive, who told him of a planned stock offering and asked if he would like to invest. Such offerings often depress share prices, at least temporarily" So an executive told him they were going to offer more stock, and Mr Cuban got mad that his investment would lose money, at least temporarily, based on past experience, and got out of the company. I still don't see the problem.
Jillness Jillness 8 years
UnDave, he was told by the chief executive of the dotcom that they were going to do something which would decrease the value of the stock the following day. He sold off his stock within minutes, before the knowledge was public. That is insider trading, just like Martha.
UnDave35 UnDave35 8 years
"The feds allege that Cuban sold shares of a soon-to-be-doomed Internet search company in 2004 while the price was still high. " Let's see, we had the dotcom surge and bust of the late 90's, and then Cuban buys stock in a dotcom, and then sells when the stock is high, making a profit. How is that insider trading?
stephley stephley 8 years
It's interesting to release an email but how does Cuban support the notion that a year later the SEC that punished that lawyer then decided to go after Cuban? Has the SEC gone after anyone else who criticized Bush? Cuban should have learned from Martha Stewart.
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