Dick Tuck
Board Troll
- Aug 29, 2009
- 8,511
- 505
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This is about how politicians from both sides of the aisle trade on inside information. Why there's not been an SEC investigation is beyond me.
Lawmakers reworked financial portfolios after talks with Fed, Treasury officials
Lawmakers reworked financial portfolios after talks with Fed, Treasury officials
In January 2008, President George W. Bush was scrambling to bolster the American economy. The subprime mortgage industry was collapsing, and the Dow Jones industrial average had lost more than 2,000 points in less than three months.
House Minority Leader John A. Boehner became the Bush administrations point person on Capitol Hill to negotiate a $150 billion stimulus package.
In the days that followed, Treasury Secretary Henry M. Paulson Jr. made frequent phone calls and visits to Boehner. Neither Paulson nor Boehner would publicly discuss the progress of their negotiations to shore up the nations financial portfolio.
On Jan. 23, Boehner (R-Ohio) met Paulson for breakfast. Boehner would later report the rearrangement of a portion of his own financial portfolio made on that same day. He sold between $50,000 and $100,000 from a more aggressive mutual fund and moved money into a safer investment.