Texas jury finds billionaire Mark Cuban not guilty of insider trading

[jakeXT]

Source: Reuters

DALLAS, Oct 16 (Reuters) - A Texas jury found Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, not guilty on Wednesday of insider trading for the sale of his stock in an Internet company in 2004.

Cuban, 55, estimated by Forbes magazine to have a net worth of $2.5 billion, was accused by the U.S. Securities and Exchange Commission of trading on non-public information when he sold his 600,000 shares in Internet search company Mamma.com - worth $7.9 million - and avoided a $750,000 loss.

Read more: http://mobile.reuters.com/article/idUSL1N0I613O20131016?irpc=932

[Gothmog]

1. Sounds like a good verdict

To win the SEC had to prove that Cuban had agreed to hold the information as confidential or that he knew that the information had been "misappropriated" It sounds like the SEC did not meet this burden

[JI7]

2. isn't he a liberal ?

[Bigredhunk]

3. He Can Be Liberal'ish

But I wouldn't call him a liberal.

-He was combatative on Bill Maher's show re: tax rates rising. He wasn't against increases tax rates on the extremely wealthy, but he argued that it wouldn't do that much in and of itself.
-He wrote a piece on HP last fall re: Robme maybe being good for the country. It was sorta' like, "Well, he's (Robme) done well with managing his business(es). Maybe we don't know everything about the guy. Maybe he would be the guy to turn the country around."
-I remember him saying, re: the strong economy under Clinton, the best thing Clinton did was get out of the way of business. That's why the economy was strong - Clinton left business(es) alone.

I think he's probably a social liberal/fiscal conservative.