Mark Cuban vs. SEC
UCLA corporate lawprof Stephen Bainbridge has gone from thinking that the SEC probably had a case against Mark Cuban to thinking they probably don’t, largely on the strength of Cuban’s presenting his case publicly on his “Blog Maverick” site.
But that raises another question: Should Cuban be conducting his defense in public on his blog?
If Cuban’s point is to clear his name with the public, the answer would seem to be an unequivocal Yes. If, however, his goal is to avoid alienating the goons at the SEC, causing them to spend tax dollars ginning up a case — any case — against him as payback for making them look bad, not so much. We’ve seen time and again that armies of government lawyers with unlimited resources pretty much always find something to charge high profile targets with, even if it’s seldom the thing they started out investigating.
In my line of work they even go after the small fry. Regulators are often just hammers looking for nails to pound.