What was Mark Cuban doing at 2:00 AM this morning? Posting to his blog about a new OIG report critical of the SEC. But the Dallas Mavs owner, who’s currently facing insider trading charges from that very agency, insists that his late night blogging has nothing to do with his own situation. He’s just a normal guy interested in “all things financial and the government during this financial crisis.”
So what parts of the report (.pdf) did Cuban find interesting?
- SEC employees are allowed to trade stocks, but the controls used to conduct internal investigations into insider trading by SEC employees are wanting.
- There have been several instances of SEC staff engaged in retaliatory investigations against companies that have complained about naked shorts
- Six SEC employees in the last six months have been referred to the Justice Department for possible criminal prosecution.
So obviously, Cuban’s interest in this report has nothing to do with his own situation. It just so happens that he’s been charged with insider trading, and part of his defence is that an SEC staffer had a personal vendetta against him. But yeah, nothing to do with him.