Ask Me Help Desk - Insider trading

Insider trading

Or as Steve says "Democrat culture of corruption"...

Illinois Senator Richard Durbin cashed in on stocks and mutual funds worth $115,000 and ;purchased stock in Warren Buffett's Berkshire Hathaway within hours after sitting in a closed door meeting with Sec .Treasury Henry Paulson and Federal Reserve Chairman Ben Bernanke on Sept 19,2008... the day they urged Congress to pass legislation that became TARP according to Bloomberg News and Durbin financial disclosure funds.

Durbin’s spokesman Joe Shoemaker says that the timing is just a coincidence ;that he was just reacting to the gathering storm ,and that he got no insider information during this meeting . Yeah that's believable !Madame Mimi for one has repeatedly said since the meeting that Paulson and Bernanke warned that if Congress didn’t act quickly the U.S. economy would collapse.

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

That of course is the classic definition of insider trading... acting on information before it's public release. Martha Stewart's advice to Durbin is that when the Fed. Regulators come knocking Richard you best tell them the truth. Another good piece of advice For Durbin would've been to put his investments into a blind trust so issues like this could not happen.

They all do it, all of them. Has nothing to do with political affiliation. You just hear about whoever gets caught.

Quote:

Originally Posted by tomder55

or as Steve says "Democrat culture of corruption" ...

Hello again, tom:

As opposed to those righteous Republicans... who don't have people with wide stances... or war hero's who take bribes...

Pot, say hello to kettle.

excon

I guess the big difference is that if this was a Republican it would be all over the NY Slimes and the major networks . There would be a conga line of commentators condemning it and demanding investigation/prosecution and resignation or expulsion from the Senate .

But I expect this will be handled with the same low key response that Charlie Rangel's various financial corruptions received.

I'm sure it's all over your ultra-conservative websites.

Maybe but it is not where the majority of Americans get their news and formulate their opinions. Let's see how much air play this gets ,judging from the past ;it won't make the news cycle for more than a couple of days if that much .

Hello tom:

You're interested in the news. I'm interested in the law. Let me know when he's charged and/or convicted. Short of that, it's just gossip.

excon

Lol of course you never speculate on the news and someone's guilt before someone is charged... especially people like oh lets say Tom Delay or dare I say Richard Cheney ?

Quote:

Originally Posted by tomder55

lol of course you never speculate on the news and someone's guilt before someone is charged ....especially people like oh lets say Tom Delay or dare I say Richard Cheney ?

Hello again, tom:

The Hammer? Vice? Nahhh, they're good guys. We shouldn't gossip about them anymore either. I'll try to stop. Honest, I will.

excon

Durbin cashed out during big stock collapse :: CHICAGO SUN-TIMES :: News

Of course it is in the MSM, and they took a statement from Durbin's spokeman. Real journalism there - no mention of insider trading. No comment from the SEC?

Quote:

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.. .

"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.

Not "alot of other people" were at that meeting, and investing in Hathaway the same day is not "getting out of the market."

G&P

The Sun Times is the Chi town version of the NY Daily News. I guess they had to cover the story. When they editorialize a condemnation of the Senator let me know . I'm looking for election changing coverage like that which was given to Ted Stevens.

Hello again, tom:

Yeah, it was that gol darn left wing media...

Only, I wonder where they were hiding during the dufus years when the Republicans controlled congress. What? They weren't around?

Hmmm. It's true. I shouldn't be asking such inconventient questions.

excon

Please tell me that you are not defending the actions of Durbin . There are many investors who wish they had the information he had on Sept. 19 ,2008. The very definition of insider trading is someone who is privy to financial information not generally known to the public and in a position to influence events, acts on that information for personal benefit.

I'll give you another scoundrel. Chris Dodd ;who has had a lead role in Senate Banking oversight for years. Already known is his sweetheart mortgage deals he got as a "friend" of Countrywide founder and CEO Angelo Mozilo. He was able to take out two mortgages with no closing costs attached, at fixed rates of 4.25% and 4.5%, something unavailable to most homeowners. Dodd was also the No. 1 recipient of campaign contributions from Fannie Mae and Freddie Mac as he served on the regulatory committee that oversaw the 2 institutions.

The Hartford Courant recently disclosed that a cottage he owns appraises at triple the value he has been reporting on his disclosure forms. The penalty for filing false financial disclosure forms is $50,000 and up to one year in prison.

I'm not talking here about 2 back benchers .I'm talking about leading members of the Democrat Senate caucus.

I watched ABC Nightly news last night and this issue was not even raised . You know and I know that if this was Mitch McConnell ,or Kyl ,or John Cornyn the major networks would be all over this.

Quote:

Originally Posted by tomder55

Please tell me that you are not defending the actions of Durbin .

He's not. Anyone with reading comprehension can see that.

You always manage to contribute great insight into the discussion. Excon and your replies can be reduced to your initial observation . They all do it . But the truth is that they all don't do it . Not only that ,but I know that if I tried that line both of you would challenge me on it.

Regarding major network bias .
Watch ABC television on June 24. They will devote their entire news broadcasting day promoting the Obama Health care plan. Included in their presentation will be GOOD MORNING AMERICA, WORLD NEWS, NIGHTLINE and ABC's web news featuring "special programming on the president's health care agenda.”

Charles Gibson will broadcast his national nightly news segment 'World News Tonight ' from inside the White House Blue Room. There will also be a prime time special ,'Prescription for America' airing from the East Room of the White House. This will be a town hall forum format of a carefully screened audience. ABC of course dismisses any acusation of bias .

Hello again, tom:

I guess you didn't notice that health care reform is something we care about... It's OK... You watch Fox. You'll learn about tea parties, and how racist Sotomayor is.

excon

I watched ABC last night and it confirmed my point.

Quote:

Originally Posted by tomder55

I watched ABC last night and it confirmed my point.

Well that was a foregone conclusion.

Quote:

Originally Posted by excon

Hello again, tom:

I guess you didn't notice that health care reform is something we care about... It's OK... You watch Fox. You'll learn about tea parties, and how racist Sotomayor is.

Excon

Obama Addresses Doctors' Malpractice Concerns, But Won't Support Payout Caps - Political News - FOXNews.com

Quote:

As the crowd started to applaud, the president urged the audience to "hold onto your horses," stating that he does not advocate caps on malpractice awards which he deems "unfair" to patients who are "wrongfully harmed." That drew boos from the crowd.

Obama had to protect the trial lawyers even though he was speaking to the AMA.

Why does Obama not propose tort reform, this will reduce the healthcare costs of added tests, consultations, procedures just to protect from the lawyers?

Here is more coverage

Obama Urges Doctors to Back Health Care Plans - Political News - FOXNews.com

Actually, I was watching FOX news yesterday, when Obama had this speech with the AMA yesterday.

There was a point when Obama talks about reducing the 20% readmission rate within a month for medicare recipients. That was greeted by silence. Obama does not understand that people that are hospitalized now are so much more sick / critical than just 10 years ago. Somebody with heart failure is already in very poor health. There is only so much that modern medicine can do. The readmission is just an indicator of how really sick, acutely and chronicaly, the patient is.

There were other statements, like "incentives to provide better care" which is INSULTING. The vast majority of doctors and others who work in the healthcare industry [ nurses, PAs, NPs ETC. ] are professionals and as professionals it is in our nature to provide the best care possible. We don't need incentives.

Unlike politicians, doctors don't receive money from lobbyists, and even those doing research are mandated to disclose any industry ties. They are so much more transparent than the Obama administration.

I did not watch the entire speech, it made me nauseated.

G&P

I have been watching all the news on the health care debate because I am concerned. I am concerned that the CBO said it would take 10 years and a Trillion dollars to insure just one third of the people who are uninsured . I am concerned that Obama claimed he can find savings by screwing the elderly ,the middle class ,and health care providers by reducing reimbursements to providers of Medicare and Medicaid patients.

There is plenty of coverage on the issue . So much so that Obama doesn't need a network fronting and cheerleading for his policies in the guise of objective coverage. Isn't GE's NBC network enough ? At least they have a financial stake in the policy

http://michellemalkin.cachefly.net/m...09/06/oabc.jpg

If I were in my 20s and 30s I would be concerned.

When they say they want everybody to have health insurance it is because a lot of the young and healthy CHOOSE NOT to have health insurance for whatever reason. If they make health insurance mandatory it means they capture more money from this demographic so the can SPREAD the cost of healthcare. Take money from the young and healthy and SPREAD it to the old and sickly as well as the illegals as well as to the ER gun and knife club. They already have a model for doing this, its called social security and we know they will be solvent when this generation of 20 and 30 year olds retire when they themselves reach their 80s :rolleyes::eek:

G&P

Here's a good one .
Conservatives for Patients Rights requested the rates to buy a 60 second network spot immediately preceding the broadcast of the Town Hall meeting. But ABC is refusing paid ads for its health care program that night . Here is the statement of Rick Scott of Conservatives for Patients Rights
“It is unfortunate - and unusual - that ABC is refusing to accept paid advertising that would present an alternative viewpoint for the White House health care event. Health care is an issue that touches every American and all potential pieces of legislation have carried a pricetag in excess of $1 trillion of taxpayers’ money. The American people deserve a healthy, robust debate on this issue and ABC’s decision - as of now - to exclude even paid advertisements that present an alternative view does a disservice to the public. Our organization is more than willing to purchase ad time on ABC to present an alternative viewpoint and our hope is that ABC will reconsider having such viewpoints be part of this crucial debate for the American people. We were surprised to hear that paid advertisements would not be accepted when we inquired and we would certainly be open to purchasing time if ABC would reconsider.”

Back to the culture of corruption . Look for the media to make as big a deal over the illegal firing of Americorp's Inspector General Gerald Walpin as they did over the legal firings by President Bush of the Federal Attorneys. :rolleyes:

Sen. Claire McCaskill, D-Mo. said the president did not abide by the same law that he co-sponsored – and she wrote – about firing Inspectors General. Senate Code translation : did not abide by the law is the same as saying he broke the law.

Hello tom:

I know what you're fraid of... If the truth gets out, instead of the fear stuff you guys are spewing, everybody is going to want what Obama wants - not what your side wants.

Hell, with his ability to communicate, I'd be scared too.

excon

Of course they're going to want what Obama says, because 1] he gives no details, he speaks in ideals that everyone can relate to; 2] Obama never mentions the costs, higher taxes, generational wealth transfer, more red tape etc..

Obama is perfect for the twitter mentality of sond bites. Where is the MSM to ask the hard questions, to ask the practical questions of how what politicians propose gets paid for?

It is easy not to think and just agree with Obama.

G&P

Quote:

Originally Posted by NeedKarma

They all do it, all of them.

All of whom?

Quote:

Has nothing to do with political affiliation. You just hear about whoever gets caught.

As far as I have seen in the original post, Tom never mentioned anyone's party affiliation. He never said that Democrats are guilty. What he said was the Durban is guilty. Why are you making this a partisan issue?

Elliot

Edit: my mistake - Tom does mention a Democrat culture of corruption.

I withdraw the comment.

It is now day 3 since I posted this and as yet the major media has not made even a minor mention about what should be a lead story about corruption from the 2nd ranking Democrat in the Senate.

If this was Jon Kyle do you think they would be so mute ?

USA Today did report on his support for Obama's financial system reforms and the Tehran Times reported on his savvy investment strategy. Other than that it's still pretty quiet.