Friday, June 23, 2006
Billionaire Corporate Crimefighter Launches Website
Batman lives? Perhaps... Billionaire owner of the Dallas Mavericks, Mark Cuban, is apparently a bit of a maverick himself, at least in the context of his income bracket. He is starting a news blog dedicated to exposing corporate fraud. It will go live next month and will be called Sharesleuth.com. His team will research suspect corporations. He will buy or sell shares of stock on the basis of what he learns. Then afterwards he will publicize the dirt he dug up on his website. Some see this as a breach of journalistic ethics, if not quite in the league with insider trading. He counters this charge by saying, "Isn't the smart investor the one who does their research and then makes a buy or sell decision? In our case, we will do the same thing, only we will publish why we are doing it." Hmmm...
"Web Watch: Cuban backs corporate fraud exposé website" from silicon.com
"Cuban Backs White-Collar Crime Investigation Site" from Forbes