Yet another delicious irony

November19

Federal regulators on Monday charged Dallas Mavericks owner Mark Cuban (“When I die, I want to come back as me”) with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

“It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market,” Scott Friestad, the SEC’s deputy enforcement director, said in a statement.

To wit…

The agency is alleging that Cuban acted with “scienter,” a legal term indicating knowledge of wrongdoing.

Isn’t that an example of “the pot calling the kettle black”?

Nobody regulates the regulators. /1

Are you familiar with the phrase “Chimpanzees with shotguns”?

Peace be to my Brothers and Sisters.

Brian Patrick Cork

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1/ A good example of ruling while not governing might be: SEC steps in to stop short-selling of Freddie Mac and Fannie Mae.

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Tags: brian cork, Irony, Mark Cuban, Securities and Exchange Commission

posted under Brian Cork True, Business, Culture, Finance, History, Life, Tomfoolery

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