REUTERS/Kevin Jairaj-USA TODAY Sports
Dallas Mavericks owner Mark Cuban shoots baskets before a Mavericks game.
In 2013, Cuban beat an insider trading case that was brought against him by the Securities and Exchange Commission.
Following the acquittal, Cuban appeared on CNBC and said the case was "personal."
The whole interview is really worth watching, as Cuban gives his thoughts on the various failings of the SEC, namely saying that they use "lawyer-think," bringing more and more cases but failing to build investor confidence, which he says is the SEC's tasks of ensuring fair markets and building investor confidence.
This morning, Cuban tweeted out some of his thoughts on the reports involving Mickelson, Icahn and Walters.
Carl Icahn has never met or spoken to Phil Mickelson, yet he is in the middle of a media firestorm re Insider Trading. #headlineporn
- Mark Cuban (@mcuban) June 2, 2014
Nov 2008 I found out I was being charged w Insider Trading by turning on @cnbc. ESPN couldn't cover it enough. They had it 100% Wrong.
- Mark Cuban (@mcuban) June 2, 2014
I went to a Mavs gm shortly thereafter and heard chants of "Insider Trading" the process matters. Ethics matter. #headlineporn doesn't.
- Mark Cuban (@mcuban) June 2, 2014
I looked at the bus that people were throwing me under and it had every major media logo on it.
- Mark Cuban (@mcuban) June 2, 2014
When it came time for my trial,where they could get all the facts,they were missing. When I won unanimously in a few hours it was a crawl.
- Mark Cuban (@mcuban) June 2, 2014
Cuban then had some thoughts for Jeff Schultz, sports blogger for the Atlanta Journal-Constitution, after Schultz tweeted:
Of course what @mcuban ignores is the core of NYT story is true: Feds are looking into series of trades. Period. http://t.co/qv1AdWeRmV
- Jeff Schultz (@JeffSchultzAJC) June 2, 2014
. @JeffSchultzAJC how would you even know what authorities are looking into? U have something u haven't published?
- Mark Cuban (@mcuban) June 2, 2014
. @JeffSchultzAJC explain how a series of well timed trades is illegal? And explain why they haven't pressed charges. #headlineporn
- Mark Cuban (@mcuban) June 2, 2014
. @JeffSchultzAJC they said my trades were well timed as well. They also ignored all the facts surrounding the trade
- Mark Cuban (@mcuban) June 2, 2014
Tom Rotunno, a newsdesk manager at CNBC, also got into the fray after tweeting a link to a CNBC story that said Cuban's tweets were slamming media coverage of the Mickelson story.
.@TomRotunno@CNBC funny. I never said media should back off #headlineporn#youcanthelpyourself
- Mark Cuban (@mcuban) June 2, 2014
This afternoon, Cuban concluded his thoughts, and deftly noted how high-profile legal cases are tried in two courts: the legal court and the court of public opinion.
Until you have woken up to headlines accusing you of wrong doing by the government or others you have no idea how Important due process is
- Mark Cuban (@mcuban) June 2, 2014
ESPN says Mickelson is scheduled to play this weekend at the St. Jude Classic in Memphis before heading to the U.S. Open at Pinehurst in North Carolina on June 12.
At these events, Mickelson will be chided by some fans and supported by others.
But as Cuban knows, due process means that what we think about Mickelson, as well as Icahn and Walters, right now doesn't really matter.
Which is better for everybody.