Another crooked Democrat story

Discussion in 'Politics & Religion' started by jficquette, Jun 13, 2009.

  1. http://www.suntimes.com/news/1620776,CST-NWS-durbin13.article

    "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."

    He should be guilty of insider trading.
     
  2. Members of Congress can trade on non public information.

    They can trade on legislation they are working on or will vote on.

    There are hedge funds who hire "lobbyists" who sell info they garner from the halls of Congress.

    Congressmen use brokers, I suppose the brokers trade on this info also.

    Portfolio's of members of Congress show a net gain over their term in office.

    I suppose if you can't get elected, one might try for a janitorial position in D.C. to get some rug time on what's hot.