Ryan - Insider trading was legal when he did it.

Discussion in 'Politics' started by JWBooth, Aug 16, 2012.

  1. JWBooth
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    JWBooth Gold Member

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    The practice was perfectly legal when he engaged in it. Something that has since changed. Quite a guy.

    Paul Ryan sold shares on same day as private briefing of banking crisis | World news | guardian.co.uk
    The Richmonder: Paul Ryan traded on insider information to avoid 2008 crash
     
  2. Moonglow
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    Moonglow Diamond Member

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    Why their is nothing ethically or morally wrong as long as the government legalizes it, or doesn't legalize it.
     
  3. JWBooth
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    JWBooth Gold Member

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    So long as government is the moral/ethical arbiter?
     
  4. JWBooth
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    JWBooth Gold Member

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    Nevermind, It seems that, as shown in other locations the trades did take place prior to Ryan's meet with Bernanke. Timing is marvelously coincidental, but what the hell, stranger things have happened.
     
    Last edited: Aug 16, 2012
  5. blastoff
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    blastoff Undocumented Reg. User

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    Oh, so another no basis for turning a molehill into a mountain again. Got it.
     
  6. PoliticalChic
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    PoliticalChic Diamond Member

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    1. I'm missing the specific connection to Paul Ryan. You might be interested in the book called "Throw Them All Out" by Peter Schweizer, which includes the following:

    2. Nancy Pelosi, the 60th Speaker of the United States House of Representatives with an estimated net worth of $58 million, bought 5,000 shares of V (Visa) at the privileged IPO price $44. This trade showed a profit immediately and the shares went up to about $88 in a matter of days. However, Pelosi worked on major legislation that if it had not been killed in the body she led, would have had a strong negative affect on the price right at that time. The rest of us can't do it because we're subject to strict conflict of interest rules, unlike lawmakers. Plus, we're not invited to participate in IPOs until after the price is run up.


    3. Congressmen are big winners in the stock market. They cultivate companies in their loyalty structure from whom they get insider information often at the committee level. There are many ways they get rich while serving constituents, especially if you know what big deal Warren Buffett will do and when. Many names are given in this book of successful inside information operators within Congress.


    4. The Pay-to-Play regime and the flow of insider information can be used by even the most novice traders using an online brokerage account. One big story is how Congressman Spensor Bachus used a private meeting with Fed Chair Bernanke and Treasury Secretary Paulson. Bachus was in the role of Ranking Member on the House Financial Services Committee. He used the dire information presented to him in this meeting to bet heavily that the market would go down, using option trades. Bachus, working with Bernanke and Paulson from July 2008 to November 2008, scalped $50K out of the falling market. The book has lots of war stories like that.

    5. …the political class is so intelligent that they--get this!--compel CEOs to let them buy lucrative shares in IPOs at very low prices in exchange for passing favorable legislation for those CEOs! And all the while, the stupid idiot people of America--that would be you and me who have a 9 to 5 job, worship God and like to go to a ballgame every now and then--just carry on with their ignorance-is-bliss lives while the political class keeps enriching their wealth, power and influence in this way!! Genius...simply genius!
     
  7. onecut39
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    onecut39 VIP Member

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    Got that right. No need to question ethics. Legal is legal and that's it.

    Legal, ethical and moral. All are synonyms according to the GOP.

    I got it!
     
  8. Papageorgio
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    Papageorgio The Ultimate Winner

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    Funny how Pelosi promised that Congress would be more ethical, yet she doesn't practice it.
     

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