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Uh oh, Ryan sold shares on same day as private briefing on banking crisis

[ The Guardian UK ] - Paul Ryan, Mitt Romney's vice-presidential running mate, 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.

The congressman is facing questions about whether he profited from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector.

Public records show that on the same day, Ryan sold stock in troubled banks including Wachovia and Citigroup and bought shares in Goldman Sachs, Paulson's old employer and a bank that had been disclosed to be stronger than many of its rivals. The sale was not illegal at the time.

Not long after the meeting, Wachovia's already troubled share price went into free fall. It plunged 39% on the afternoon of 26 September alone as investors worried the bank would collapse. It was eventually taken over by Wells Fargo for $15bn, a fraction of its former value.

Continue reading at The Guardian UK




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Seems to be no scandal here

Unless you are willing to completely throw out the statement by the broker. The broker indicated that Ryan held an index fund which in turn held shares of the banks. Thus Ryan actually made no trades, but the fund he owned sold some bank funds and bought others. Unless that is simply a bald faced lie then there is no story here. Now the opther guy, Baucus, who actively traded put options....that's pretty cut and dried insider trading. Since this was first posted on a a lefty blog, I'd say it was a classic attemp to get media to pick it up and run with it. A week later they'd do the classic retraction on page 37c, except this was a stretch to far for even the MSM to run with.

Josh Brueggen
Engineer
Entrepreneur
Gardener
Jack of all Trades
Precinct Commiteeman Precinct 5 Rock Island Co Illinois

There's that name again...

Goldman Sachs...Is there any story of high level creeps that does not somehow have that name involved?

Sigh....

It is depressing....and few seem to be aware that Romney/Ryan offers no change from Obama/Biden.

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis

Splitting Hairs?

What Ryan did may not be illegal, but it certainly is immoral.

Yeh - well MY position is it shows

poor moral fiber and a self serving interest.
Of course so do all those yes votes on all those silly stimulous bills and the such.

What else would you expect from a stooge for the...

...military/industrial/banking complex.

By the way, I sure hope Ryan doesn't consider himself a Christian, having voted for the Iraq war and all.

Christians don't kill tens of thousands of innocent people just because they are a different religion.

So don't do that and say you're a Christian.

It's bad enough he did it in every American's name.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

SteveMT's picture

It is still legal for Congress to insider trade. Info here.

Congress Allowed To Make Insider Stock Market Trades

http://youtu.be/U49xos6dwok

Yes, They Are The Priviledged Class!

They "F" us by making all kinds of laws against the people, while they find ways to spend our hard earned money on worthless programs and grants. If i had my way they would all hang and i would have the event televised, as a warning to all to aspire to the position.

How many millions of people have these bastards murdered or had murdered while they continue to govern unconstitutionally.

This sh#it just infuriates me all the more..

No need to televise it.

Doing it would be enough once it made the rounds.

Patriot Cell #345,168
I don't respond to emails or pm's.
http://www.youtube.com/watch?NR=1&feature=endscreen&v=qo8CmO...
Those who make peaceful revolution impossible will make violent revolution, inevitable.

Lawmakers are above the law

Martha Stewart spent time in prison for just this sort of thing!

Do we really need these kind of stories?

Seems alot of people are more interested in Obama's birth certificate, Romney's tax returns, and now Ryan's investments, than their interest in robbing us blind through taxation and inflation. And in killing thousands unnecessarily while leading us to bankruptcy and collapse.

Quite frankly, I don't care if they are crooks in their personal life, if they'd just follow the Constitution, as their oath requires.

I am much less affected by Ryan's investments than by his policies.

Our focus on these stories also justifies attacks on Ron Paul for racism, or that his interest in a gold standard is to bolster his personal wealth. I spent alot of time defending him, and trying to convince people these things are not what matters.

In times of crisis, if a crook can fix things, that's okay with me.

If the ship is about to go under, and only a felon can right it, then so be it.

Their lack of interest in the Constitution is all we need to disqualify these guys. That should be our focus.

Not to mention we look like desperate fools, especially when the stories don't pan out.

It is hard to believe that a

It is hard to believe that a politician whose personal life is besot with unprincipled behavior could possibly bring ethical thinking or constitutional adherence to the table when elected.

A crook cannot fix things.

Except with a shredding machine. Don't trust these men.

Its Not

his private life!

Retracted

"Let me apologize. I originally had a too-credulous item here linking to a piece at The Richmonder alleging that Paul Ryan has sold bank shares after a closed door meeting with Henry Paulson and Ben Bernanke on the financial crisis in 2008. As Eric Platt explains he certainly seems to have sold the shares on the same day as the meeting, but the meeting happened in the evening by which time the markets would have been closed."

http://www.slate.com/blogs/moneybox/2012/08/13/paul_ryan_use...

Even still, Ryan is a Neocon warmonger monetary interventionist enemy of liberty.

he could have still done it - after-hours trading

is done all the time. sounds like he has been using insider info to me.

RP R3VOLution

Such a coincidence requires a

Such a coincidence requires a big leap of faith to believe it a coincidence.

Where's a Ron Paul When We Need One?

oh yeah he got R-U-N-N-O-F-T by the GOP.

I smell a RAT !

I smell a RAT !

"When the people fear the government, there is tyranny. When the government fears the people, there is liberty."

Rat?

Quick

Interesting

Is there ANYTHING incorruptible about these politicians?

I mean, I'd really like to know that!

There was a debunk made (though I'm not sure the veracity)

Still seems too fishy for me to entirely believe the debunk. Maybe he was told on the phone earlier that day or got info from some other Senator or something like that.

www.guardian.co.uk/world/2012/aug/13/paul-ryan-sold-shares-b...

Nice try

It only directed researchers to Ryan's disclosures where one finds even more interesting patterns in 2008 than just selling the Citigroup+Wachovia and buying GS on one instance.

Sniff, sniff....sniff, sniff?

What's that smell? I smell something rotten!

I smell

BURNT TOAST!

reedr3v's picture

So far the GOP has a perfect record,

in recent times, of choosing easy targets that build the Democrat party. I cannot believe it is unintentional.

How many shares did he sell?

How much were they worth?