Never has a story hit my feed reader from so many angles, and so often. I can’t even sort through what is simply an update to a previous article, and what is new.
Nevertheless, Mark Cuban has been accused of insider trading by the Securities and Exchange Commission. Mr. Cuban has released a brief statement via his attorneys.
I could certainly be wrong, but at first blush the whole thing stinks. The timing is prescient – right in the middle of backlash against the SEC, and calls for investigations against Congress persons who may have been tangled up in mortgage deceit. The target is ripe for distraction creation – Mr. Cuban is extremely outspoken, a very public face, and can easily afford the disgorgement and fines posed for in the complaint without blinking an eye. It makes for quite the display (as the number of news sources covering the issue attests to) – a highly effective sidebar. Further, few are making hay of the bigger story – Mamma.com was always a problem child, as this WSJ snippet points out. How could the SEC take the word of anyone at a company so embroiled in such far-reaching scandal?
I don’t mind playing by the rules because I consider learning said rules, how they work, and their true intent half the fun. I consider those who don’t lazy.
I don’t think Mark Cuban is the lazy type.
UPDATE: A slightly different SEC angle.