Should Insider Trading Be Legal?
“If companies would tell us more, insider trading would be worth less.” — James Surowiecki, New Yorker magazine
In a stinging rebuke for the U.S. government, a Texas jury acquitted billionaire Mark Cuban of insider trading. The Securities and Exchange Commission (SEC) accused him of using a private tip to avoid a big loss on his 2004 sale of Internet company shares.
Cuban, 55, the owner of the Dallas Mavericks basketball team, lashed out at the U.S. government and lead prosecutor Jan Folena after the verdict, saying the government had tried to bully him.
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