Durbin cashed out during big stock collapse
WASHINGTON | Asset sales came after meeting with Fed, Treasury chiefs
June 13, 2009
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As U.S. stock markets plummeted last September, the Senate’s No. 2 Democrat, Dick Durbin, sold more than $115,000 worth of stocks and mutual-fund shares and used much of the money to invest in Warren Buffett’s Berkshire Hathaway Inc.
The Illinois senator’s 2008 financial disclosure statement shows he sold mutual-fund shares worth $42,696 on Sept. 19, the day after then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged congressional leaders in a closed meeting to craft legislation to help financially troubled banks.
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Of course, there was no connection between the meeting and his actions.
The fact that Paulson probably said “I wouldn’t be holding any equities” and Bernake “I’m printing money like there’s no tomorrow”, never entered into his thoughts.
Inside information. Insider trading.
Only applies to non “public servants”.
Poor Martha! I’m sure she did less than this fellow. She didn’t create the mess.
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