Cuban filed a Freedom of Information Act Request to prove with SEC documents that the SEC had a vendetta against him. Knowing Cuban was right, the SEC said it would take months or years for the SEC to comply. Cuban then offered to pay for the legal work at the SEC - in overtime hours, so it wouldn't even take up their regular hours. The SEC is STILL dragging its feet. http://amlawdaily.typepad.com/amlawdaily/2010/10/cubangetscreative.html
How can you embarrass the SEC? My god. Their enforcement attorneys download kiddy porn, and tip their families to investigations. They're scrambling for a reason. When the hammer falls, they'll be taking some of those sons of bitches out in cuffs. All that you see around you isn't just the alignment of the stars. This was premeditated, and the only way it happened was, the cops got envelopes of cash. That's just plain, common sense, which is not in excessive supply lately. Soros may be smarter than me. But he's not that much smarter. Or Paulson, or Chanos, or any of them. And nobody lifts a finger to stop them.
a few years ago an article had a former top trader with soros saying "he doesn't make a move without insider knowledge" I wish i could remember the publication.
It's all very simple. The returns these guys mustered fostered money, power, more money, more power. It is well known that major gatekeepers of big money, insurance companies, pensions, invested with guys like Soros because of the returns offered, fully knowing it was smoke and mirrors. But here's a pension actuary seeing, Hmmmmm, a billion at 5%, or 200mm at 20%. What will it be? Anyone with half a brain can figure out the returns being shown are not attainable without hoodwinks and shenanighans. And it was tolerated. The wholesale gutting of the economic system may change that in the near future. It's that, or you're going to see the populace in the streets with the firearms and ammo they've been hoarding. If you just look at the newsflow on a daily basis, it is making the financial community look more and more the villain on a daily basis. And that is well-deserved. Companies can't even raise capital without the big boys looking to fleece them. What other business tries to screw their customers as a matter of policy?
I don't understand all this highfiving of Mark Cuban. From what I know of this case, the guy is a dirtbag. He was a major investor in a company, got tipped off by the CEO that they were doing a PIPES deal which would surely impact the stock, he sold on the basis of this and avoided a big loss, and of course, in the process stuck someone else without access to insider info with the loss. In my book, that is textbook insider trading and should have him worried aobut going to prison instead of bellyaching about the SEC. I also question the legal strategy. The list of people who have made it personal with the SEC and come out ahead is a short one. So short in fact I can't think of a single name. I can think of plenty of people who ended up with the short straw, and they were a lot more powerful than this Cuban dickhead. Does the name Michael Milken ring a bell?
He was a major investor in a company, got tipped off by the CEO that they were doing a PIPES deal which would surely impact the stock, ---------------- Roughly speaking, the CEO was worried that Cuban would find out about the Pipes offering through the grapevine and sell. Soooo, he called Cuban, and said "Mark you're fucked, you can't sell now cause I told you".