As you probably heard in the last few days, the SEC (Securities and Exchange Commission, not the Southeastern Conference) recently charged Mavericks owner Mark Cuban with some insider trading that allegedly netted him about $750k by selling stock in MAMA, or Mamma.com.Apparently, Cuban had some information that was supposed to be confidential and he used the info to sell the stock before the info that he knew became public. Which is just about the exact definition of insider trading. Only, as we've learned, it looks like a phone transcript between Cuban and Mamma.com pretty obviously clears Cuban's name, but that's neither here nor there.
We just wanted to point out a little piece of information that might be helpful to the SEC, since they need something to base their charges on. How about this: Cuban posted on his blog, blogmaverick.com, November 17 about the charges against him, after not posting anything for three days. The last post?
Titled: I hate to lose.
So what if the post is about his Mavericks and their sluggish start to the NBA season, isn't it a little ironic that his last post is about how he hates to lose, when he's being charged for selling stocks so that he didn't lose a big chunk of change? Or, maybe, the last post is forshadowing how the case will be resolved--with Cuban doing everything he can not to lose.
Either way, the SEC might as well take this possible Freudian slip into evidence. It's better than anything else they've got.
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