[Peace-discuss] Durbin and Ryan on the Inside

[E. Wayne Johnson]

http://www.economicpolicyjournal.com/2012/08/paul-ryan-insider-trading-thief.html


Paul Ryan Insider Trading Thief
He babbles about Ayn Rand, but when it comes to his actions, Paul Ryan 
is a thief right out of the John Maynard Keynes school of using 
government for insider profit gains.

Ryan sold stock in US banks on the same day he attended a confidential 
meeting where top level officials disclosed the sector was heading for a 
deep crisis. He sold stock in troubled banks including Wachovia and 
Citigroup.

Not long after the meeting, Wachovia's already troubled share price went 
into free fall. It plunged 39% on the afternoon of September 26..

Citigroup's share price also fell soon after the meeting. Most 
interesting, though, while selling other bank stocks Ryan bought shares 
that day in Goldman Sachs.

September 18, 2008 was a Thursday. On the following Tuesday, Warren 
Buffett announced that the company he controls, Berkshire Hathaway, was 
making a $5 billion investment in Goldman Sachs. The stock soared after 
the news. Buffett's plan to buy Goldman stock was likely discussed at 
the meeting on the 18th that Ryan attended.

Senator Dick Durbin, who also attended the meeting,  made some unusual 
trades of his own at that time. On the 19th. he sold his mutual funds 
and bought stock in Buffett's Berkshire Hathaway

In 2009, I wrote:

     Goldman stock climbed by more than 40% from its low on the 18th to 
its closing price on the 19th. It would be interesting to know who was 
buying that stock, given that just 4 days later Buffett was going to 
plow billions into the company.

Now, we know who one of the buyers was: Paul Ryan.


On October 3, 2008, Ryan voted for the bailout, which resulted in even 
more money being pumped into Goldman.


Goldman Sachs is now among his largest financial supporters, according 
to the Center for Responsive Politics.