I wonder if Martha Stewart's cell is vacant?
According to his 2008 Financial Disclosure Statement, Illinois Senator Dick Durbin sold over $115,000 in stocks and mutual funds the day after a closed-door meeting with Hank Paulson and Ben Bernanke in September of 2008.
http://www.bloomberg.com/apps/news?pid=20601087&s…
If you listen to his mouthpiece, Joe Shoemaker, what the Senator did is really no big deal:
Whatever information Paulson gave lawmakers wasn't secret or classified and was disclosed publicly the next day, Shoemaker said.
Yeah, it's the whole "disclosed publicly the next day" that makes it illegal, Joey.
Looks like Durbin rolled most of the dough into Berkshire Hathaway.
Look for the administration to do absolutely nothing in this case.
So long story short he "only" sold $42,696 mutual fund shares the day after the meeting Sept. 19, which coincides with the day the "insider" information in the meeting became public anyway. And he started selling on Sept. 16 (day after Lehman collapse) through the 19th, and the meeting was on the 18th.
I do not see anything wrong here, he was just trying to dump his "risky" investments to purchase "safer" investments in a time of panic.
edmundo, you're an awful poster. and please stop with the cheesy nicknames like "joey." you do that in pretty much every post.
Edmundo will eat you, you guys have obviously forgotten how much he weighs.
And he is a democrat from Illinois, if you think either the democratic party or that state in particular are not crooked, I have a great position available selling equities in dallas.
Were you drunk when you wrote this?
I don't understand why you are calling me an asshole. I just think that Edmundo misread the article (or at least one detail about it), so I corrected him. Durbin sold $42K the day after the meeting not $115K as Edmundo stated.
That is all I wanted to say, I don't see how that makes me an asshole.
Plus the info from the meeting became public knowledge the following day, so technically he wasn't acting on insider information if he sold the shares the day after that meeting.
x
I'm not that fucking fat. (although my wife was looking at a weight chart today and told me I should be 7 feet tall)
And just to clarify, Durbin is a Democrat from Illinois. I'm not.
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