Boy Did his coincidence help him cash in!
It should probably come as no surprise to anyone that someone like Paul Ryan would trade on inside information gained through his position as a congressman to line his pockets, but this particular instance is especially egregious. Ryan attended a closed meeting with congressional leaders, Bush's Treasury Secretary Henry Paulson, and Federal Reserve Chairman Ben Bernanke on September 18, 2008. The purpose of the meeting was to disclose the coming economic meltdown and beg Congress to pass legislation to help collapsing banks.
Instead of doing anything to help, Ryan left the meeting and on that very same day Paul Ryan sold shares of stock he owned in several troubled banks and reinvested the proceeds in Goldman Sachs, a bank that the meeting had disclosed was not in trouble. This is the guy Republicans want one heartbeat away from the presidency? He seems more than a little shady to me.
All of the relevant documents are
located here at The Richmonder!
This on top the fact
that as his influence on the budget committee grows, so does his personal wealth and stake in mining interests!
Then you realize why he had this to say about TARP:
"Madam Speaker, this bill offends my principles, but I'm gonna vote for this bill in order to preserve my principles." This Ryan flip-flop comes from his 2008 House floor speech in support of TARP, the $700 billion Wall Street bailout package.
Then you wonder how someone as unethical and dishonest as
Paul Ryan(R-Wall St.) can come from WI.
EDITORS NOTE: SInce there is a chance that this has been proven wrong(see comments under tpm link), I decided to give the congressman the benefit of the doubt. So i changed the title to this post and acknowledge that maybe he is so busy helping his Mines grow in profit with his influence he has not had time or the expertise to engage in insider trading.
Hey Psycho,
ReplyDeleteIt's been proven wrong.
http://www.businessinsider.com/paul-ryan-insider-trading-2012-8?op=1
Unless you believe in DeLorian-based time travel.
TPM says it's wrong as well.
Deletehttp://2012.talkingpointsmemo.com/2012/08/paul-ryan-insider-trading-rumor-quickly-debunked.php?ref=fpnewsfeed
Sorry Kev but your link says nothing, however what i do know is false is this
Deletehttp://www.politifact.com/truth-o-meter/statements/2011/dec/12/mitt-romney/romney-says-only-obama-has-cut-medicare/
How many times was that lie brought up at the walkersha "homecoming" rally???
I thought delorian time travel was how Mitt resigned from Bain.
By the way, I hope someone told paul ryan he was NOT from Walkersha....was he hanging out with tommy during the day? if he was i hope somone drove him home
a) Doesn't that count as insider trading and shouldn't someone be investigating it?
ReplyDeleteb) When did the Hellmouth open in WI, and why didn't we notice?
Before you start blowing off the insider trading story, don't forget that Ryan was in the know on previous conversations regarding bank bailouts and TARP. He certainly made those 9-18 trades knowing that Goldman was going to come out OK and the Wachovias weren't, and hebegged for TARP to be passed after making those trades to put things in his favor.
ReplyDeleteAnd the mining story has plenty of legs. You wanna know how a guy making $170 K a year ends up with a net worth near 8 figures by age 42? Knowing the right people and getting the right info goes a looong way.
Paul Ryan believes in the free market only through his speeches. He's a crooked crony capitalist all the way. He's just lucky the D.C. media is as paid off as he is, cause now he can lose and make millions in wingnut welfare instead of being just another washed-up politician
I hear rumors the Republican party has a farm team. Pick James O'Keefe types, feed them a steady diet of b.s. and wingnut welfare; get 'em fattened up in the head and wallet.
DeleteNext thing you know, Wallah, your next congress critter or senator.
Jake as i noted, not ready to call this completely bogus yet ....
DeleteSo Michelle Obama having that cushy job at the hospital, you know the one when she left to head to DC no one replaced her. Or President Obama's great land deal with Tony Rezko. No problems there. They all do it, doesn't make it right but your selective outrage is a little bit funny. So the Obama's are worth millions now too any problems with that?
ReplyDeleteThis is not a conservative blog, I think you made a mistake. There is nothing funny about the selective outrage. There has never been a pro-Ryan column here. Also, you might not want to bring up cushy jobs here either. I have a feeling you are not from Wisconsin. LOL Very funny, acting as if Democrats are the corrupt ones, especially here on this blog. Ironic and funny.
DeleteWell President Obama worte a best selling book, and paul ryan has .....ummmm.... ahhhhh ....ummmm....eeeee.....never been in the private sector.....
DeleteThe trades reveal that Ryan doesn't understand markets.
ReplyDeletehttp://delong.typepad.com/sdj/2012/08/reflections-on-paul-ryans-transactions-in-individual-bank-stocks-in-2008.html
And this is one of the idiots who repealed Glass-Steagall.
Most recent Brad Delong post on this
ReplyDeleteYes, Paul Ryan's Flacks Snookered Benjy Sarlin: Republicans Lie, All the Time, About Everything Blogging
'I don't know what was going on. But it appears that Ryan's flacks are--for some reason--simply making s@#& up.
That is all…"
Brad Delong or Benjy Sarlin. Pick one to sniff out bs concerning trading strategies and explanations of same. One knows what an index fund is and how they operate; and the other?
So the only reason it can't be true is that the meeting with Bernanke took place in the evening? Like Ryan has never played games with emails before and couldn't have received the tip beforehand?
ReplyDeleteAlso, Kev, when you commented, were you wearing your Green Lantern or Ironman pjs?
actually ryan or his staff would have been completely briefed beforehand. They would have never went blind into a meeting of such importance AND if they did he should just go home right now and get a job in Janesville.
Deletejerky boy can't spell DeLorean correctly either.
Delete