Monday, November 17, 2008

Cuban Charged With Insider Trading

The Securities and Exchange Commission has charged Dallas Mavericks owner Mark Cuban with insider trading. The SEC alleges that Cuban benefitted from information not available to the public and sold his shares of an internet start up called and avoided an estimated loss of more than $750,000.

Of course, Cuban is innocent until proven guilty. Nonetheless, this should give MLB pause as it is currently considering a bid by an investor group led by Cuban to purchase the Chicago Cubs.

I am not a Mark Cuban fan. His verbal abuse of NBA referees is an embarassment to the sport. His trade of Steve Nash to the Phoenix Suns was one of the most foolish in NBA history. I also don't particularly care for his trashing of American soldiers in the movie Redacted which was distributed by his film company Magnolia Pictures. That same company was also entertaining distributing the 9/11 conspiracy film Loose Change.

Mark Cuban is a successful entrepreneur. But I don't believe he is a force for good in America. I certainly don't think he would be good for the Chicago Cubs.

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