Thread: Durbin cashed out during big stock collapse

This is the exact same thing that Martha Stewart served time in jail for. Dream Boy needs the same justice but my hunch is this will fall down the memory hole.

Durbin cashed out during big stock collapse

WASHINGTON | Asset sales came after meeting with Fed, Treasury chiefs
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June 13, 2009

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. The same day, he bought $43,562 worth of Berkshire Hathaway's Class B stock, the disclosure shows.
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(AP)



Altogether, Durbin sold investments worth $116,000 in September. By Oct. 2, he had invested $98,046 in Omaha, Neb.-based Berkshire Hathaway, the form shows.

The Standard & Poor's 500 index plunged 4.7 percent last Sept. 15 after the bankruptcy of Lehman Brothers Holdings Inc. and Bank of America Corp.'s government-engineered takeover of Merrill Lynch & Co. By the end of October, the index had fallen 22.6 percent.

"Durbin was doing what a lot of other people were doing, taking a look at their savings" and seeing it "start to tank and trying to preserve some level of wealth by getting out of the market," said his spokesman, Joe Shoemaker.

Shoemaker said Durbin didn't capitalize on anything Paulson and Bernanke told congressional leaders at the Sept. 18 meeting.

Whatever information Paulson gave lawmakers wasn't secret or classified and was disclosed publicly the next day, Shoemaker said.

http://www.suntimes.com/news/1620776,CS ... 13.article

Sounds like insider trading to me. Martha Stewart was sent to jail getting a tip from someone with knowledge about the Imclone deal. Durbin acted with information from the top movers and shakers of the monetary system. Or is he immune from investigation because he is a Dem. and therefore a DEMigod?

The Drudge Report now has a link to this story. Will it gain legs?

http://www.drudgereport.com/

There are 14 pages of comments already. Many mention Martha Stewart going to jail for this. But many also mention that Durbin will be protected and that he is a Democrat.

Illinois just voted him back in last year. I did not vote for him.