Paul Ryan Sold Bank Shares on Same Day as Private Briefing of Banking Crisis

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CGI: Paul Ryan Sold Bank Shares on Same Day as Private Briefing of Banking Crisis

Posted By: CGI_admin [Send E-Mail]
Date: Thursday, 16-Aug-2012 14:31:10

From CGI's BillsBest: Posted by Bill Rummel See? You don't have to work on Wall Street to personally profit as an Insider. You just have to be on their payroll! Vice-presidential candidate denies he profited from a 2008 meeting with Fed chairman in which officials outlined fears for financial crisis Paul Ryan, US House of Representatives' budget committee chairman The congressman is facing questions about whether he profited from information gleaned from the meeting in September 2008. Paul Ryan, Mitt Romney's vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis. The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector. His office said he had no control over the trades. Public records show that on the same day as the meeting, Ryan sold stock in troubled banks including Wachovia and Citigroup and bought shares in Goldman Sachs, Paulson's old employer and a bank that had been disclosed to be stronger than many of its rivals. The sale was not illegal at the time. Not long after the meeting, Wachovia's already troubled share price went into free fall. It plunged 39% on the afternoon of 26 September alone as investors worried the bank would collapse. It was eventually taken over by Wells Fargo for $15bn, a fraction of its former value.Read more>> http://chasvoice.blogspot.com/2012/08/paul-ryan-sold-bank-shares-on-same-day.html