Skip to comments.A Democratic Senator gets caught in insider trading
Posted on 06/18/2009 7:49:52 AM PDT by richardb72
Sen. Richard J. Durbin, Illinois Democrat and assistant majority leader, looked like such a great investor. On Sept. 19, he sold off $42,696 in mutual-fund shares, and quickly sold off another $73,000 during the rest of September. The stock market collapsed after that. Within two weeks, by Oct. 3, the Dow Jones Industrial Average had fallen by 9 percent. A month later, by Oct. 17, it had plummeted over 22 percent. On Tuesday this week, the average is still down about 25 percent from Sept. 19.
If Mr. Durbin ever leaves his day job as a Democratic politician, he should have a plum position waiting for him as a market timer. On second thought, maybe not. It turns out that on Sept. 18, Mr. Durbin participated in a closed-door meeting with then-Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke. The Fed chairman and Treasury secretary briefed Mr. Durbin and other congressional leaders on the financial crisis and efforts to help financially troubled banks. . . . .
(Excerpt) Read more at washingtontimes.com ...
Too bad there will never be any charges, and barely any mention in the press.
I suspect that most IL people don’t even know about this or understand this and think Durbin is still their “tribune”.
Nothing will ever happen.
Insider trading...that's too complicated and besides, doesn't everybody do it?
However, when a Republican unzips his pants, somewhere, a child is not fed, a homeless person is dumped on the street, and old person dies because the greedy money grubbing GOP refuses to give out free air conditioners to the elderly.
Martha Stewart went to prison for less than that.
As Rush said....Martha Stewart went to prision for less than this.
Tuban Durbin is a Democrat. Democrats are above the laws, the SRM will just spin it as a baseless GOP attack.
I really should read the thread before posting...:)
Bernanke involved in insider trading? but, he's a hero!
They’re all power-hungry CROOKS. Vote Them All Out
The U.S. Securities and Exchange Commission believed that Martha Stewart was told by her friend Sam Waksal that his company ImClones cancer drug had been rejected by the Food and Drug Administration before this information was made public.
This rejection was a huge blow to his company and the price of its stock went down dramatically.
However, Martha Stewart wasnt financially hurt because she had her broker sell her 4000 shares before this news was made public.
Yeah, the only people that will know anything about this are FReepers and those that might have caught it on FoxNews.
If there is a D after the politician’s name, then there can have been no crime committed.
If there is a R after the politician’s name, then all activity starting with breathing is indictable.
The 22 million Rush listeners also know about it.
It probably would not have mattered, my post was only 15 seconds ahead of yours! :)
Total state controlled media silence from ABC, CNN, CBS, etc. No well deserved jail time fore Durbin.
the democrat party = the federal government = the thieving Chicago Machine = the state controlled media.
This is the totalitarian regime that was the nightmare the Founding Fathers most feared.
Nothing here, Folks
I’m no Durbin fan, but my daily market analysis had me bailing out of everything in August — giving me a slight loss (I had some nice gains early in 2009) for the year.
I know. There are way more that will know but it won’t matter because the dems are in charge and they aren’t going to ask for his resignation like the right would. I was just trying to be cynical.
“Yeah, the only people that will know anything about this are FReepers and those that might have caught it on FoxNews.”
The left is clever. They have managed to create an environment to keep the sheeple stupid. More than once I’ve related information to people, and they ask: “Where did you hear that, FOX?!” In their small mind, if it comes from FOX, Drudge, or FR, it’s tainted, invalid information. To many Americans, the only valid source of information is the SRM.
Are you going THERE? Or to frozen money Jefferson, LA-Dem? Or to Bwarney Fwanks or Chrissy Dodd's mortgage bubble guilt? Or to Algore''s billions making Global baloney schmaltz? Or to the more than once dailey breaking of law and shredding of the Constitution White House. Or the love affair with the media and Obama?
Good grief! Don't you know a Republican senator admitted to having a brief affair while separated from his wife? GET REAL! and move on to where it is really at.
Martha Stewart saved some $50,000 by acting on insider information. Eventually, she lost $50million in addition to five months in prison.
This Dem saved $28,924.00 to date, but due to his insider government contacts and participation in high level talks. He should get a far stiffer penalty.
Martha Stewart was never put in a fiduciary position of public trust.
This clown was, so the penalty should be at least double. Besides, Martha traded in only one firm’s stocks, this guy got real busy with all kinds of insider transactions based upon knowledge that was not yet made publicly available to John Q. Public.
PRISON TIME IS CALLED FOR!
How about Michelle Obama's $300,000.00 per year bribe for her 20 hour per week no-show job at the hospital?
Members of Congress are EXEMPT from INSIDER TRADING LAWS
Yes it is an outrage and they should all be in jail for the rest of their lives.
Wowsers, a corrupt Dem politician. This is such a shock.
So, is it raining where you are?
Well, there’s the Martha Stewart precedent ....
“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place”
the good Senator “mispoke” much too openly...he let the peasants see what we all know is happening...and he’s being outed...
They put Martha Stewart away for less than this.
In all fairness to the media, it's really not news when the 'rats have affairs. I mean, it's expected of them.
True. That is the genius of liberalism, declare all forms of behavior as normal, and then you can get away with any or all of it.
Oh, well, as Martha Stewart once said, “Only the little people go to prison”.
Sorry, voting time is over. So is marching, letter-writing, and singing protest songs.
What's left, you ask?
The unspeakable, I whisper.