Mark Cuban (and Lyle Roberts) on the SEC

Having defied the Securities and Exchange Commission and beaten its inside trading allegations in court, the investor and team owner is not through giving them a piece of his mind: “I think they exemplify what type of organization you should expect when you have nothing but attorneys and in particular former prosecutors running the show. …There is a culture of trying to win, not trying to find justice.” In the absence of bright-line rules, notes Cuban, the commission resorts to “regulation through litigation,” trying to ram through doubtful legal interpretations by way of sheer vehemence of enforcement. [Kevin Funnell/Bank Lawyer’s Blog, Alexander Cohen/Business Rights Center, earlier] Attorney Lyle Roberts, who represented Cuban, will also be known to some of our readers for his blogging at The 10b-5 Daily.

One Comment

  • Regulators operate on the theory that since they are the regulators, then anything they say is the right thing, because otherwise they wouldn’t have been put in charge of regulating.

    And yet if we say the government has too much authority, we are mocked and told to move to Somalia.