No matter how much money someone has they always want more.

It's how the rich get super rich. They're driven to succeed.

Without knowing all the details in this latest example, featuring Dallas Mavericks owner Mark Cuban, it looks like the familiar story.

We've seen it with Martha Stewart and her stock sale.

Cuban, whose net worth is estimated around $2.8 billion, would hardly notice the $750,000 he reported avoided in losses by selling his entire stake in Mamma.com.

But shrewd businessmen make those kind of decisions. They have to be concerned about each dollar. It's how they amass their wealth, especially self-built billionaires like Cuban.

In fact Cuban has probably long forgotten this sale. It happened in 2004.

Still, the Securities and Exchange Commission is serious.

While Cuban is only facing a fine and has to forfeit the money he would have lost, it is a credibility hit for a outspoken man who just recently formed bailoutsleuth.com to provide online oversight on the federal government's $700 billion bailout of financial institutions.

2 Comments

Brenda Mitchell said:

The SEC allowed the mess that we are in today. A $700 billion dollar bailout was the answer and they go after one rich guy for something that may be nothing. The SEC and the group in Washington need to clean their own homes before pulling down a man who was generous enough to donate $1MM to New York after 9/11.

November 17, 2008 4:43 PM

Beth said:

It is just as wrong to ignore the small infractions as it is to ignore the big ones. Just because it has 5 zeros behind the number instead of six or seven doesn't make it "okay"...even with the donation. I agree, the donation was fantastic, but if he broke the rules, he broke the rules and should be punished for it!

November 17, 2008 9:32 PM

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