Archive for the Financial Category
November 24, 2008Rolling into Thanksgiving week, we learn that the US Government is pouring $20 billion in cash into the failing Citigroup and guaranteeing another $306 billion of the company’s so-called “toxic” mortgage assets.
Only four years ago, though, Citigroup and Barack Obama’s bank intimidation and voter fraud group ACORN were proudly trumpeting the creation of those “toxic” mortgages as a bold step forward in “responsible and innovative lending practices.”
Continue Reading “Citigroup Bailout Day: Congratulations On ‘Innovative Lending Practices’” »
Regional retailer Boscov’s is making national headlines as Pennsylvania Governor Ed Rendell and a couple municipalities in Pennsylvania and New Jersey scramble to find funds to bail the failed department store chain out of bankruptcy.
All three automobile company CEOs traveled to Washington DC in private jets yesterday in order to beg Congress for 25 billion of your hard earned tax dollars to save their cash starved companies.
Continue Reading “Private Jets Fly Auto Fat Cats To DC Beg Fest” »
FOX Business Channel is reporting that the SEC has confirmed they’ve filed insider trading charges against American billionaire entrepreneur Mark Cuban related to the company shares of search engine mamma.com, now known as Copernic, Inc.
The SEC’s charge, a civil complaint rather than a criminal charge, alleges that Cuban traded on Copernic based on information that was not public knowledge.
From WSJ.com:
The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in a private offering.
The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.
Cuban is the owner of the NBA’s Dallas Mavericks and chairman of HDNet.
