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Republican Vice Presidential Pick Paul Ryan sold shares in a number of financial companies including Citigroup, General Electric, Wachovia, and JP Morgan Chase on the same day as then-Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke held a closed meeting with congressional leaders during the financial crisis.
At issue are the sale of troubled banks like Wachovia and Citi, as well as General Electric's struggling capital unit, dated on September 18, 2008 — the same day as the meeting with Bernanke and Paulson according to the Associated Press.
According to The New York Times, the meeting was held in the evening, which raises significant doubt if any member in attendance would have been able to act on the conversation.
And to add - Paul Ryan Traded on Insider Information to Avoid 2008 crash
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. -
...Mitt Romney couldn’t have chosen a better example of the fakery at the heart of today’s GOP.
| This article originally appeared on Salon / by Joan Walsh.
Paul Ryan was born into a well-to-do Janesville, Wisc. family, part of the so-called “Irish mafia” that’s run the city’s construction industry since the 19th century. When his lawyer father died young, sadly, the high-school aged Ryan received Social Security survivor benefits. But they didn’t go directly to supporting his family; by his own account, he banked them for college. He went to Miami University of Ohio, paying twice as much tuition as an Ohio resident would have; the in-state University of Wisconsin system (which I attended) apparently wasn’t good enough for Ryan. After his government-subsidized out-of-state education, the pride of Janesville left college and went to work for government, where he’s spent his entire career, first serving Republican legislators and then in his own Congressional seat, with occasional stints at his family-owned construction business when he needed a job (reportedly he also drove an Oscar Mayer Wiener Mobile for a while).
So, he executed trades before a meeting, which was held in the evening, in which he received inside information that led him to execute his trades earlier in the day? Did he have a time machine, or am I missing something?
I thought congress is allowed to make trading decisions on information the public does not have. I'm not being facicious.
Anyway, maybe it's all a coincidence. Maybe he got wind of the topic of the evening meeting early. As much as I am not a fan of the repubs, I'm sure a dem would do the same.
With this being a big election year there is all sorts of stories about who did what and when and how unfair it is, or illegal, crooked or whatever. The way I see it, it's business as usual and never gonna change.
