"We saw it," O'Neal said on "Squawk on the Street." "It's funny how you apologize and then go on another rant. The guy is 81-years-old. He's probably stuck in his ways. This is nothing new."
O'Neal added: "There's proof he's had this problem before. I don't think a lot of people believe his apology was sincere."
Sterling spoke with Cooper in an interview that aired Monday night, and he appeared to tear up when he apologized for the imbroglio and how his comments hurt family members. At another point in the interview, however, he began attacking NBA legend Magic Johnson's character.
"Here's is a man—I don't know if I should say this—he acts so holy," Sterling said Monday. "He made love to every girl in every city in America and he had AIDS."
O'Neal called the attack on Johnson unfair, saying that the world now knows Sterling's "true side." Asked whether he was content with the NBA's lifetime ban on the Clippers owner, Shaq said: "Nobody will be fully happy until the guy sells the team."
O'Neal was speaking with CNBC from the BTIG trading floor in Manhattan, where the 7-foot-1-inch basketball legend got a crash course in a different kind of fast-paced floor action—the kind that only happens on a trading floor.
As part of global financial firm BTIG's 11th annual Commissions of Charity Day, O'Neal joined other big names from the sports and entertainment world, including New York Giants quarterback Eli Manning and actor Michael J. Fox.
In BTIG's New York offices on Tuesday, the superstars worked alongside traders, answering phone calls to collect donations for children's charities.
A four-time NBA champion and 15-time all-star, O'Neal now works as a studio analyst for TNT's Inside the NBA.
—By CNBC's Jeff Morganteen.