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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.
Have a look at Ryan's financial disclosure form for 2008--you can click on each page to enlarge them. The "Transactions" section begins on page 12--scroll through and look at all the trades Paul Ryan made on "9-18-08":
On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.
If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.
We are no better off today than we were 3 months ago because we have a decrease in the equity positions of banks because other assets are going sour by the moment.
a word that one UBS executive said “makes people’s hair
stand on end” inside the bank — the Swiss banking giant
has decided to take an unusual step.
The bank’s powerful group executive board in Zurich recently
presented Mr. Wolf with an edict directing him to report all his
media inquiries to the firm’s press office. Since then, most of the
requests to speak to Mr. Wolf have been rejected, according to people
briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf.
One of the biggest banks in the world wants the president’s favorite banker muzzled.
The banker, Robert Wolf, a top UBS executive in New York, is among President Obama’s leading fund-raisers, building more than $500,000 for his re-election so far this year.
A regular presence at big campaign fund-raisers, Mr. Wolf, who is 50, golfs and vacations
with Mr. Obama and is known for e-mailing friends photos of himself with the president.
Originally posted by jibeho
The Thread title is a HOAX!!!!!
It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
Attendance at closed door meetings are not tracked by the Office of the Clerk of the House of Representatives, which keeps records of voting by members.
We've reached out to Paul Ryan's Congressional office to see if he was also at the meeting.
Other representatives have come under scrutiny for trading on non-public information during the crisis.
Earlier this year, Spencer Bachus of Alabama, chairman of the House Financial Services Committee, was cleared of insider trading by the Office of Congressional Ethics after it had opened an investigation of his dealings in financial securities.
Below, Ryan's schedule 4 financial disclosure forms showing financial movements (arrows added to point out transactions in question). S's on the document represent sales by Ryan, while P's indicate purchases.