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Ed Driscoll

Another Rube Identifies?

September 21st, 2010 - 7:53 pm

Well, perhaps tacitly, at least. Mark Cuban checked off all of the appropriate items on the budding “socially conscious” leftwing bobo in paradise billionaire checklist during the past decade:

Fund George Clooney’s obligatory low-grossing anti-McCarthy movie? Check.

Fund Brian DePalma’s even lower-growing obligatory anti-Iraq War movie? Check.

Give leftwing “journalist” Dan Rather something to do in retirement after Dan screwed the pooch? Check.

Vote for Obama for the identity politics? Check:

I voted for President Elect Obama.

The rest of my votes went almost exclusively to Republicans , Libertarians and Independents. [Sure they did -- Ed]

In looking at the Democratic platform, there are a few things I agree with, but on the economic side, other than being ok with him raising my effective tax rate to 40pct, there isn’t a lot of his economic policy that I do agree with him on. So why did I vote for him ?

Its simple. Having an elected black President will do more to energize this country than any economic or social policy ever could. In a single day of voting, our amazing country once again reinvigorated the dream that any child in this country, no matter what circumstances they are born into, can grow up to be anything they want, including President of the United States.

That dream, staying viable, being reinvigorated, will do more for this country than any economic policy or any legislation that could ever be passed.

Yeah, that worked swell for all concerned, eh?

And even after all that, “SEC’s Cuban Insider-Trading Suit Is Revived by Court:”

Mark Cuban, the billionaire owner of the Dallas Mavericks, must face insider-trading allegations by the U.S. Securities and Exchange Commission that were thrown out last year by a lower-court judge, an appeals court ruled.

The U.S. Court of Appeals in New Orleans overturned the lower-court ruling in a decision today. In a 2008 lawsuit, the SEC accused Cuban of trading on confidential information when he sold his stake in Mamma.com Inc., a Canadian Internet search company, just before it announced a private placement of shares.

Cuban argued he had no legal obligation not to sell the stock after Guy Faure, then Mamma.com’s chief executive officer, told him of the impending private offering of below-market shares in a 2004 telephone call. Cuban sold ahead of the deal, which diluted the company’s shares by 8.5 percent.

“The allegations, taken in their entirety, provide more than a plausible basis to find that the understanding between the CEO and Cuban was that he was not to trade, that it was more than a simple confidentiality agreement,” the appellate panel said.

The agency claimed Cuban agreed with Faure at the beginning of their call to keep the information confidential and told Faure after learning details of the plan, “Well, now I’m screwed. I can’t sell.”

The appeals judges stopped short of saying that a confidentiality agreement implicitly contains a duty not to trade and said the final outcome of the case depends on the evidence to be gathered.

But don’t worry, someone will still blame the evils of the unfettered free market for his woes — heck, maybe even Cuban himself.

Related: Bookworm Room on “The new breed of nouveau riche who try to rule our lives.”

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