Another crook from illinois

Discussion in 'Congress' started by del, Jun 15, 2009.

  1. del
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    del BANNED

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    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.


    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....

    "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.

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

    because what possible difference could a day's head start make, right?
    :eusa_hand:
     
  2. WillowTree
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    WillowTree Diamond Member

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    [ame=http://www.youtube.com/watch?v=yoctearsjtY]YouTube - Ball Hog[/ame]
     
  3. FactFinder
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    FactFinder VIP Member

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    Now whooda thunk sweet little Durbin would stoop to insider trading?
     
  4. WillowTree
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    WillowTree Diamond Member

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    Didn't we put Martha Stewart's ass in jail for that??
     
  5. Xenophon
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    Xenophon Gone and forgotten

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    No willow, they jailed Martha for lying, she never did get convicted of insider trading.
     
  6. Harry Dresden
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    Harry Dresden Latinum, Plantinum,Silver,Gold Member Supporting Member

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    dont you folkes understand....the politicos can do stuff like that....just make sure if you do it you dont get caught....
     
  7. Meister
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    Meister VIP Member Supporting Member

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    It's all about market timing isn't it? :lol:
     
  8. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    The motto here in Illinois is "Vote early and vote often!" The large number of Democrats in the Chicago area is what keeps the state a Democrat stronghold. Just about every other area of Illinois goes Republician. I live in Ogle County. In the township that I vote in, it is about 99% Republician every election. All the money goes to Chicago. Folks needing stuff down state rarely get much of the pie. They truly love the crooked politicians here in Illinois. We've got more ex-Governors in prison than any other state! It's a two to one ratio. Two years of government service to one year in prison. Our state seal is going to be changed next year. The new motto will be "IF YOU CAN'T BEAT 'EM, CHEAT 'EM!"
     
  9. Care4all
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    Care4all Warrior Princess Supporting Member

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    if he sold it on the 18th that would have been insider trading, if he sold it on the 19th before paulson's announcement, that also would be insider trading to me...however, if he sold it after this news came public, then it would not be insider trading, nor illegal....but he did still get a day up on all of us with the info, like any other insider.

    wow, just looked up berkshire hathaway class A stock price and it was around $100,000 A SHARE, one share for goodness sakes!

    Their Class B stock was selling for around $3000 A SHARE, one share of stock! Holy Moley mother of goodness, that is a lot of money per share!
     
  10. Navy1960
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    Navy1960 Senior Member

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    This story concerns a young woman named Cindy. It occurred some years ago but could have happened yesterday given the constant internal regeneration of the Cook County machine, currently under the command of Mayor Richard M. Daley and about four dozen loyal aldermen, each with their own longstanding loyal organizations.

    Cindy was working her way through college in night classes. After school late one evening, she went grocery shopping and was walking home on a deserted residential street on Chicago's North Side carrying two bags.
    How Chicago's political machine endures corruption: One voter's story | Top of the Ticket | Los Angeles Times
    [​IMG]

    It's always amusing to me when I see stories about "crooks from Il." when this is actually considered to be business as usual there. Has it escaped anyone's noticed that the President is a Chicago political product?
     

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