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SEC Gets Busy Putting That $900 Million Budget To Good Use, Appeals Mark Cuban Case
Another entry from the X-files. Apparently banks trading on material inside information before their research reports are issued does not constitute criminal breach of preexisting regulations. So, instead, the WSJ reports in a developing story, that the SEC will focus on what it does best: focus on "making examples" out of heinous abusers of efficient markets, especially those that have already been cleared of wrongdoing. This is bar none the best use of taxpayer money. Ever. Never mind the billions of dollars stolen each day under the SEC's nose by future employers of the SEC's "best and brightest."
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Well, it couldn't have happened to a more pompous douchebag.
I am Chumbawamba.
not true - it could have happened to you
LOL
+100...lol
Is there a honest politician in DC? (Grayson probably) Mark Cuban is a douche-bag but how about figuring out who frontruns the economic #'s every week or bought call options before the surprise rate cut back in August 2007 (mkt gapped 5-9% on expiration morning).
I hope Mark Cuban and his rebel mentality aggressively takes the SEC on... this just an SEC smokescreen for the MSM so the SEC can appear to be actually doing something productive... what a joke!
this just an SEC smokescreen for the MSM so the SEC can appear to be actually doing something productive...
Wow, an early candidate for post of the day!
But the day's not over yet DH... and neither am I.
BTW... next year they are going after Madoff.
I think the SEC may be out of money by next year :-)
Mark Cuban's net worth is:
As of 2009, Cuban is #296 on Forbes' "World's Richest People" list, with a net worth of $2.3 billion
SEC only has a $900 million budget?... I like Mark Cuban's odds... I'm rooting for him... I hope if the SEC wins their appeal he keeps them in the legal netherworld of depositions, interrogatories, and production of documents until their $900 million has evaporated.
The SEC learned their stuff on the streets of New York. They playin' the crowd for suckers. The end of this video explains how the game is really played.
http://www.youtube.com/watch?v=o2kO_5cNF5k
RUT that morning gapped 42.5 pts from 760 to 802.50. I remember because someone bought my 1000 RUT 800 calls for 25 cents at 4:14pm. No one to this day has ever bought a single contract that far out, so close to expiration. Cost me 225k on that alone.
The SEC is an absolute disgrace, and arguably criminally corrupt.
spot on. ZH readers should read the links from this site to scribd. His attorneys filed docs requesting attorneys fees. In so doing they provided a glimpse of what's behind the curtain down there.
Hey, not to mention their increased focus on the repo market. Anything to keep the focus off the looting of society
So ....what is it going to take to get rid of the SEC ?
missed Madeoff, but will get Cuban. I've nvr laughed harder from reading a headline on the website.
They can't find people violating security law a little closer to home? Get these guys some glasses.
It's horrifying that America has devolved to the point that one can break the law flagrantly, right in everyone's face and there are no consequences.
Want to appropriate hundreds of billions of dollars for the U.S. taxpayer to your private money-losing business? Just call you Congressman.
Want to front-run the market in broad daylight. Just do it.
Want to get a $700 billion dollar TARP set up to buy assets, but then just give the money to the banks? Just lie to Congress.
You want to torture people and lock them up forever without trial in violation of domestic and international law? Go for it.
Want to fire U.S. attorneys for not pursuing politically motivated cases? Just do it.
Honestly, in America you can break the law openly. Everyone from the public, to the media, to the law, to government, to your competitors can know about it. And NOTHING happens. As far as I can tell, the judicial branch hasn't weighed in on anything of real import since deciding the 2000 election.
All this financial collapse, killing the dollar, manipulating the market, whatever else is going on. That stuff isn't "what has happened to the old America." What has happened to the old America is the collapse of law and order, and the fact that we no longer take justice seriously.
We f**king TORTURED people, and nothing happened to ANYONE. Really think about that. We grabbed innocent people (among the guilty ones), threw them in cells for 8 years (and counting) with no legal recourse, and physically tortured them. And EVERYONE in America knows this. And not only has no one faced justice for this, but it is still going on!
Anyone who expects Justice to find Wall Street doesn't understand how far gone our country already is.
The government isn't 'the cop' anymore. The government is one of the felons. In my opinion, we are coming into a very dangerous time. The corruption and open class warfare is going to rip this country apart, from sea to shining sea. The oligarch is stealing everything that isn't nailed down right before they hop on their private jets and fly off into the sunset.
How did we turn into a Russian-style klepto state so suddenly? Maybe it's been going on forever, and I missed this trend when I was younger (I'm 34).
But it's really been a revelation over the last seven or eight years to realize that we don't actually have law and order in America.
I've been cynical about political parties forever, but I thought law-and-order and the court system was the one thing we could fall back on. As you said, once the cop has gone off duty, shit flows downhill fast.
Your post makes me want to cry...with justice like this, good people are in danger, and the only people with real protection are the very successful criminals that pay for most of the political campaigns in order to keep legal their criminality.
Our legislators, supported by the MSM, OFFICIALLY SANCTION CRIMINALITY.
3 great comments in a row. There is no justice, just the 'appearance' of it, and that is hazy at best.
Justice in America means a visible target or a nobody gets the book thrown at them, and the faceless Wall Street robber barons gat away scot free. I do not say this in jest, but that Russian dude who said the US would break up into smaller regional governments may be right.
How can this nation be unified when those in Texas and the midwest pay to bail out wall street, Floridians and californians? They will say you are on your own.
There will come a day when justice is truly served. He will come riding on a white horse.
Bread and circuses. The fall of the empire is nigh.
Next time you turn around they will be throwing actual people into literal gottos among genuine lions to epic LOLZ
Anything to distract the masses and deflect attention from the real playaz and the ongoing looting of the USTreasury.
cougar
The ten most dangerous words in the English language are, “Hi, I'm from the
government and I'm here to help.”
(Ronald Reagan, July 1988)
SEC is one with the criminal oligarchy
Actually, it's sadder than that: The SEC *thinks* they're not, and they are.
And what's even more pathetic, is that the "criminal oligarchy" will throw them under the bus in a nanosecond when the time comes. They are tools, and they don't know they're tools.
The SEC is filled (I know this personally) with truly weak individuals. They are for the most part, 'incapable' people who lack any sort of a broad vision for markets or economics. They think in terms of regulations, and of preserving the well-oiled machinery of our current machinery -- not in terms of affecting change -- or even what that change might be. They're your basic bureaucrats. "Change", to them is what gets people fired.
And when we pass the critical point of inflection in our economy (soon), it's going to be entertaining watching these nimrods defend their positions, their agency and their salaries. The American people will want fall-guys, and if you think it's going to be the bankers, you're wrong. It'll be these poor sods.
Speaking of pompous db's, we can grow them here in Dallas. How about them Cowboys and their owner Jerry Jones.
How can any of the pathetic middle-management douchebags at the SEC actually get up and go to work in the morning, knowing that they are absolutely useless?
I'm going to laugh when it's their turn at the we-can't-afford-your-pension-anymore guillotine, and they need to "justify" their salaries.
Don't think that day isn't around the corner...
You guys are greatly overestimating the worth of the SEC. During this same period a time, a lawyer in the SEC Fort Worth office sent many emails directly to Cuban. These emails were not about insider trading. They were about Cuban's political views and how he ran the Dallas Mavericks basketball team. The SEC lawyer sent these during "work" hours using his SEC email address. Of course Cuban promptly released all of these to the public on his blog. .
No word from the SEC on what "action" they took with their lawyer. Probably got promoted!
Here is a WSJ link that talks about it all:
http://blogs.wsj.com/law/2008/11/20/a-maverick-exchange-the-emails-betwe...
Now this whole SEC thing is beginning to make sense. Some very powerful people got pissed that Cuban's film company, Magnolia Pictures, was going to distribute Loose Change 9/11. Apparently he got intimidated in to not doing the movie deal. But maybe they think he still needs to be taught a lesson? What were they afraid of with that movie?
http://www.loosechange911.com/
This is simple. Cuban is behind the site bailoutsleuth.com, which exposes Timmy's corrupt empire. So he is a target.
This is the way Obama does business, no different than Obama henchman Steve Rattner, "Who the f**k do you think you're dealing with? We'll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with."
Obama to appear on Dancing with the Stars to boost his ratings...
They also gave Rangle a pass to continue to chair tax committee and avoid taxes...I'm sure he has pictures of Pelosi doing something very naughty!
There was a time long ago when A=A. Instead today A=anything you make of it and I do mean make/force/coerce/conjure/conceal/bribe/extort/steal. The day you were born they slipped the yoke around your neck and every day since they've been daring you to pluck it off. What are you waiting for?
Mary Shapiro should be crapping her pants...I would if Cuban wanted my head on a sharp stick!!! Who's going to save her????