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Paul Ryan traded on insider information to avoid 2008 crash

by: The Richmonder

Mon Aug 13, 2012 at 10:26:40 AM EDT

Cross posted from The Richmonder

UPDATE: Ryan's staff has responded and TPM accepts their explanation and calls this story "debunked."

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":

The Richmonder :: Paul Ryan traded on insider information to avoid 2008 crash

Hat tip to Open Secrets for making Paul Ryan's 2008 financial disclosure available online.

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DEVASTATING ... (0.00 / 0)
if further verified (other analysis).

How very Eric Cantor like ... birds of a feather frack together.

Did they vet this guy at all? (0.00 / 0)
I mean, WTF, is this another case of the presidential nominee "liking" someone and picking them, even if it's crazy in just about every other way?

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To your point Lowell (4.00 / 1)
Hi Lowell, thanks for cross posting this for me.  To your point Lowell, they didn't do a very good job of vetting Ryan because this story was sitting there in his Wikipedia profile.  I found it minutes after I heard the announcement.

I have a saying that describes this kind of thing: "Republicans don't vet, they vouch."  In other words, they don't do detailed oppo rsearch, they just ask their friends if someone is "a good guy" and if their friends agree, that's all the vetting they think they need to do.  If I recall, Bill Bennett and his crowd vouched for Palin, and that is why there was no attempt to vet her before McCain's choice was announced.  I believe Bennett also vouched for Ryan.

I wonder what else there is to find . . .  

The Richmonder

[ Parent ]
"What else there is to find..." (0.00 / 0)
You did such a good job here, please go looking

[ Parent ]
Astounding. (0.00 / 0)

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[ Parent ]
I agree (0.00 / 0)
I agree that we hold citzens at a different level than we do our elected officals.

Time To Stop (0.00 / 0)
It's past time to stop the shenanigans that elected officials are allowed to get away with. The latest of those is the near criminal behavior of Eric Cantor and his majority leader office in changing a bill secretly and thus allowing Cantor's wife to continue to trade on the insider information he gets from his office.

They accept bribes in the guise of "campaign contributions." They sell access to themselves to the highest bidder. I could go on.

There are ways to end much of this. One is public financing of elections (would be the best bargain the taxpayers could get) and term limits. Getting rid of full, defined benefit pensions after five years of service in Congress, plus free health care for one's entire family for life, just might make the job less attractive as a lifetime position, also.  

[ Parent ]
Cantor (4.00 / 1)
Let us not forget Cantor's hedging bets when it looked like USA was in danger of debt default. Nothing like betting against the government when you are majority leader.

[ Parent ]
Pelosi (0.00 / 0)
I agree it needs to change but why just call out the Dems when Pelosi and Reid have gotten rich doing it.Reid even had a chance to stop it but didn't.Thats why people are sick of both parties.

[ Parent ]
Remeber (0.00 / 0)

"A liberal is someone who believes in life before death." Henry Howell, July 1969

Yes, the conservative/cowardly/corporate hack media (0.00 / 0)
certainly sees to that!

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[ Parent ]
Video: Mitt Romney doesn't believe Paul Ryan is qualified to be president (0.00 / 0)

No, Paul Ryan did NOT work "three years in business." Oh well, so much for that pick, time to find another one! LOL

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I'm sure you've seen this. (0.00 / 0)

It had the makings of a scandal: Paul Ryan traded banking stocks during the financial crisis the same day as a meeting with top Treasury Department officials, a Virginia blog wrote Monday. But the rumor, which spread rapidly across the Internet, doesn't hold up to scrutiny.

I hadn't seen that. (0.00 / 0)
And I have no idea, really, what to make of it. For starters, I certainly don't believe a word Romney or Ryan say, including stuff like this: "The Romney campaign said Ryan had nothing to do with the trades in the first place." Also, even if the meeting took place in the evening, Ryan could still have had advance knowledge. Who knows, but it's awfully fishy, and I'm certainly not sure the story's been "debunked."

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[ Parent ]
I'm still suspicious myself (0.00 / 0)
But the progressive blogosphere is folding their tents on this story.


Congressmen get briefing books before big meetings and Ryan could have been tipped off by that material, but let's face it, that's just speculation.

The Richmonder

[ Parent ]

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