Monday, November 17, 2008

Your cheatin' heart will tell on you

(Elvis rarity: outtake of "Your Cheatin' Heart")

A few days ago, "entrepreneur" and Dallas Maverick's owner Mark Cuban criticized Barack Obama at HuffPost for not consulting "entrepreneurs" as economic advisors:
Notice anything missing?

Not a single entrepreneur. Yes Warren Buffett started a business, but he will be the first to tell you that he "doesn't do start ups". Which means there isn't a single person advising PE Obama that we know of that knows what it's like to start and run a business in this or any economic climate. That's a huge problem.

If we are going to solve our current economic problems, our president needs to get first hand information on the impact his proposed policies will have on real Joe the Plumbers. People who are 1-person companies living job to job, hoping they get paid on time. We need to know what the impact of his policies will be on the individually owned Chrysler Dealership in Iowa. The bodega in Manhattan. The mobile phone software startup out of Carnegie Mellon. The event planner in Dallas. The barbershop in L.A. The restaurant in Boston.

Entrepreneurs that start and run small businesses will be the propellant in this economy. PE Obama needs to have the counsel of those who will take the real risk inherent in creating companies and jobs. Those who put their money and lives on the line with their business.

Well, today we find out more about Cuban's personal experience as an "entrepreneur":
The Securities and Exchange Commission filed insider-trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks basketball team, over his sale of shares in Internet company after he learned it was raising money through a private financing.

The SEC alleges Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, immediately after learning that was raising money through a private investment in private entity, or PIPE. The next day, after the markets closed, the company announced the PIPE financing. When the markets opened the morning of June 30, shares of the company dropped by 9%. By selling his stake, Mr. Cuban avoided more than $750,000 in losses, the SEC alleges. (Read the full text of the complaint.)

I'm pretty sure the Obama team won't be calling you anytime soon for economic or financial advice.

On the other hand, you might find some Republicans willing to listen to you.


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