Arts & Culture

Mark Cuban Showing Why Money Management Is Probably Best Left To The Jews

Mark Cuban, the 50-year-old owner of the NBA’s Dallas Mavericks and all-around BMOC, has been popped by the US Securities and Exchanges Commission on allegations of insider trading. A couple of years ago this would have appeared to have been … Read More

By / November 17, 2008

Mark Cuban, the 50-year-old owner of the NBA’s Dallas Mavericks and all-around BMOC, has been popped by the US Securities and Exchanges Commission on allegations of insider trading. A couple of years ago this would have appeared to have been no big deal, as famous people simply didn’t go to jail. However, following the gigantic- corporations- collapsing- because- all- of- their- executives- were- hilariously- corrupt trend of the early aughts, it’s a whole new ballgame. If Martha Stewart can spend time up the river, Mark Cuban is hardly untouchable. Cuban is probably best known for the over-the-top excitement and zeal he demonstrates as the owner of the Mavs. Rather than perching himself in the owner’s box like a gargoyle, Cuban attends every game sitting in the stands and sporting a Mavericks jersey, cheering loudly when the team is playing well and letting refs know what’s up when he disagrees with their calls. It is the latter that has led to Cuban being slapped with over a million dollars in fines since buying the team from Ross Perot in 2000. He initially made his money with the start-up software company, MicroSolutions, which he sold to CompuServe in 1990, and then Broadcast.com, which he flipped to Yahoo! for $5.9 billion in stock in 1999 before diversifying his portfolio and getting out before the dot-com crash. Other than his maverick ways as owner of the Mavericks, Cuban has gained exposure as a contestant on Dancing With The Stars, the proprietor of HDNet and holder of the Guinness World Record for the largest eCommerce purchase in history, with his $40 million airplane that he purchased online. The current charges against Cuban revolve around his dealings with Mamma.com, a search engine that Cuban had invested in and subsequently pulled his money out of upon apparently receiving a confidential tip about an upcoming business transaction. Considering the regularity with which I personally use the Internet and had not heard of or visited Mamma.com before hearing of the accusations against Cuban, I would imagine the past 12 hours or so have been the most trafficked in the site’s history. It’s not so good; I can see why he bailed.