Uh oh, Ryan sold shares on same day as private briefing on banking crisisSubmitted by wacko bird on Mon, 08/13/2012 - 20:49
[ 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