It’s long been my position that there’s no such thing as “insider trading.” (I could go on and on about why I hold that position, but I’ll spare you right now. Suffice it to say that another word for “insider information” is “information”; the only thing that makes it “insider” is where you’re standing when you hear it.) It’s a made-up crime used by politicians to score cheap points with the electorate by sticking it to mean ol’ rich people.
So, I was glad to see that Mark Cuban was acquitted in his years-long fight with the SEC, and I was glad to see that he went off about the case afterward, Cuban-style:
During an impromptu news conference outside the courthouse, he angrily denounced the SEC and its lead trial attorney, Jan Folena, saying that they lied about the evidence and targeted him because of his fame. He said that defendants of lesser wealth could have been bullied.
“You can’t just call up the SEC and say, ‘I want clarification on this, tell me.’ They won’t do it, right? They regulate through litigation, and that’s its own problem,” Cuban said. “So for Mary Jo White to sit out there, ‘oh, we’re going to have a broken window policy, we’re going to go after little offenders.’ … If you’re gonna bust a window, you can call the cops and say, ‘is it illegal to bust a window?’ There’s not little guy around here who’s going to be able to call the SEC and say, ‘look I have a problem, I need a question answered.’”