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http://2012.talkingpointsmemo.com/2012/08/paul-ryan-insider-trading-rumor-quickly-debunked.phpTPM2012
Paul Ryan Insider Trading Rumor Quickly Debunked
Benjy Sarlin
August 13, 2012, 4:35 PM
It had the makings of a scandal: Paul Ryan traded banking stocks during the financial crisis the same day as a meeting with top Treasury Department officials, a Virginia blog wrote Monday. But the rumor, which spread rapidly across the Internet, doesnt hold up to scrutiny.
The meeting in question took place on Sept. 18, 2008, between Federal Reserve Chairman Ben Bernanke, then-Treasury Secretary Hank Paulson and congressional leaders including Nancy Pelosi, John Boehner and Harry Reid. The Richmonder, a progressive Virginia blog, noted on Monday that Ryans financial disclosure form from 2008 showed that he sold stock in Citigroup and JP Morgan, who were in crisis, the same day and bought stock in Goldman Sachs, which proved to be stronger. The blog claimed that Ryan also attended the meeting. The implication, they stated, was that he was using information gleaned from the briefing for personal profit.
It was wrong. In fact, the meeting with Bernanke took place in the evening after trading hours, meaning Ryan wouldnt have had time to execute the move if he wanted to.
The Romney campaign said Ryan had nothing to do with the trades in the first place. They were part of a Russell 1000 index fund that automatically traded stocks as part of a pre-set formula. Ryans disclosure forms include several similar trade patterns at various points throughout the year.
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Bucky
(54,041 posts)I hate it when elections come down to which candidate has the best plan for making the country safe & prosperous. That's so boring. Couldn't at least one of these guys grope waitress or something?
Oh, you dumbfuck. You even got that backwards. Sheesh.
gordianot
(15,242 posts)chknltl
(10,558 posts)The difference between Dems and republicans is that facts sometimes do get in the way of a good story for us. Good catch, knr let the word get out.
valerief
(53,235 posts)pnwmom
(108,990 posts)The stock market went up at the end of the day, because rumors of the bailout meeting were spreading.
But Ryan sold, instead -- at the same time that Republican leaders were going on record opposing the bailout.
Maybe the Romney campaign is telling the truth now. But Reagan's slogan applies: Trust, but verify.
Bandit
(21,475 posts)I believe every prominent Republican knew the writing on the wall even before the actual meeting took place. IMO he is a Republican so I suspect he did indeed use insider trading when he dumped his bank stocks..
nc4bo
(17,651 posts)I don't know jack about stocks or trading, I just found the counter comments for a bit more investigating to be interesting.