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UPDATED: 2008: Paul Ryan Traded Stocks On Insider Information From Bernanke As Market Was Collapsing

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Editor’s note: Please read the update at the bottom.

In September, 2008, as the stock market was teetering and just about ready to plunge the country and the world into a Great Depression, Congressman Paul Ryan, according to reports, used insider information he received as a Congressman to sell stocks and avoid enormous financial losses. Ryan, who is now the Chairman of the House Budget Committee, “traded on insider information to avoid 2008 crash,” The Richmonder — which published Ryan’s financial disclosure form for 2008 – reports:

Ryan attended a closed meeting with congressional leaders, Bush’s Treasury Secretary Henry Paulson, and Federal Reserve Chairman Ben Bernanke on September 18, 2008. The purpose of the meeting was to disclose the coming economic meltdown and beg Congress to pass legislation to help collapsing banks. Instead of doing anything to help, Ryan left the meeting and on that very same day Paul Ryan sold shares of stock he owned in several troubled banks and reinvested the proceeds in Goldman Sachs, a bank that the meeting had disclosed was not in trouble.

Matt Yglesias at Salon says, “Let’s put this in the ‘the real scandal is what’s legal’ file,” writing:

This kind of trading might be illegal now, but was definitely kosher back then when insider trading rules didn’t apply to congress at all. My guess is that it’s probably fine even under today’s rules, since even though it fits the ordinary language meaning of “insider information” it doesn’t actually make Ryan an insider to the companies in question in a legal sense. But it’s about as clear an example of a public official trying to use his office to obtain personal benefits as you’re likely to find.

Congressman Paul Ryan, who is now Mitt Romney’s VP candidate, has seen his net worth increase “by up to 130 percent in a decade,” according to the Seattle Times:

Federal financial disclosure forms show that last year Ryan, 42, had assets of between $2.1 million and $7.8 million — figures that include a trust valued at between $1 million and $5 million inherited by his wife, Janna, after her mother died in 2010. A disclosure form said Ryan had assets of $479,000 to $1.6 million in 2001.

The disclosure forms do not require elected officials to give exact values of assets or income. Rather, they allow ranges, such as between $1 million and $5 million.

Excluding the inheritance, Ryan’s net worth increased by up to 130 percent in a decade marked by a deep recession and a volatile stock market.

UPDATE: 4:08 PM —

Matt Yglesias has walked back his statement, looking at the timeline of probably events. Whether or not Ryan traded stocks before or after his meeting with Bernanke, it’s reasonable to think he knew what the Bernanke closed door conversation was going to look like. Coincidence, or not?

Via Yglesias:

Let me apologize. I originally had a too-credulous item here linking to a piece at The Richmonder alleging that Paul Ryan has sold bank shares after a closed door meeting with Henry Paulson and Ben Bernanke on the financial crisis in 2008. As Eric Platt explains he certainly seems to have sold the shares on the same day as the meeting, but the meeting happened in the evening by which time the markets would have been closed. One can perhaps construct a scenario by which the Richmonder’s theory of the case holds up, but they don’t have the goods and I shouldn’t have passed their analysis on with no qualification and so little scrutiny of my own.

Related:

Romney: Paul Ryan Will Be My VP (Or, Everything You Wanted To Know But Were Afraid To Ask)

 Image by Peter Larson/Medill News Service

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OPINION

‘Hardball? You Bet’: Dems ‘Need to Be Prepared’ After McCarthy Exit Urges Top Political Scholar

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The American voters sent 222 Republicans and 213 Democrats to the House of Representatives in the 2022 elections, the exact same margin, but flipped, as the 2020 election. But today, with the announcement that ousted, former GOP House Speaker Kevin McCarthy is not only not running for re-election but is quitting Congress at the end off the year, Republicans have a big majority crisis — because of their now tiny majority.

It’s no longer 222 to 213.

After McCarthy’s exit, and with the recent expulsion of now-former Congressman George Santos (R-NY) Republican Speaker Mike Johnson will have a very slim majority.

“The party’s margin in the House fell to three seats from four with the expulsion of Representative George Santos of New York last week,” The New York Times explains. “That leaves almost no wiggle room for Mr. Johnson, who is already dealing with a revolt from the far right for working with Democrats to keep the government funded and faces another pair of shutdown deadlines in mid-January and early February.”

READ MORE: Comer Threatens ‘Contempt’ Despite Hunter Biden’s Lawyer Quoting Chairman’s Media Appearances

“When the House returns in January,” The Washington Post adds, “Republicans can lose only two votes from their ranks to pass any legislation at a time when the chamber faces major decisions on government spending and foreign aid. That dynamic could force Speaker Mike Johnson (R-La.), who assumed the post after a tumultuous three weeks following McCarthy’s ouster, to work with Democrats to avert a partial government shutdown as soon as mid-January.”

U.S. Rep. Bill Johnson (R-OH) has announced he will retire and exit Congress early next year.

But possibly even before that, Speaker Johnson’s tiny majority could at some point become an opening for Democrats, according to a top political scientist and scholar, Dr. Norman Ornstein.

“Democrats need to be prepared to act swiftly and decisively if the numbers drop below 218– even if only for a day. Quick motion to vacate, [Hakeem] Jeffries as Speaker, immediate agenda,” writes Dr. Ornstein, a senior fellow emeritus at the American Enterprise Institute (AEI), “where he has been studying politics, elections, and the US Congress for more than four decades.”

Ornstein offers more opportunities should Democrats be able to take the majority back soon.

READ MORE: Jim Comer Decimated by NBC Reporter in ‘Under Two Minutes’

“Reconciliation bill to secure robust spending, eliminate debt limit permanently, taxes on rich to pay for permanent child tax credit.”

He adds, the number of Republican members “would need to get down to 213. But any set of problems– a Covid outbreak, for example– could bring those numbers down, if only for a day or two. Have a plan ready! Hardball? You bet.”

David Rothkopf, the noted foreign policy, national security and political affairs analyst and commentator, responding to Ornstein’s remarks appeared to urge Republicans to join with Democrats to elect a Democratic Speaker, or even to switch parties:

“This. C’mon you GOPers from purple districts. Trump will have you purged and sent to Siberia. We just need 2 of you. You can be unloved by the GOP or heroes to the rest of America! Make your move now.”

Of course, special elections will be held to replace both Santos (scheduled for February 13, 2024) and McCarthy (likely summer, according to The Post), and at some point Johnson.

But with the extremely large number of members of Congress who have exited or will be, as Ornstein says, Democrats need to be ready.

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Comer Threatens ‘Contempt’ Despite Hunter Biden’s Lawyer Quoting Chairman’s Media Appearances

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Republican House Oversight Committee Chairman Jim Comer is now threatening Hunter Biden with “contempt” of Congress if he refuses to testify behind closed doors. The President’s son has repeatedly offered to testify in public.

Abbe Lowell, the attorney with “close ties inside the Trump White House” who is now representing Hunter Biden, Wednesday morning again reiterated his demand that any testimony before the House Oversight Committee be in a public hearing, and he used Chairman Comer’s own words to make his point.

But Comer, who is moving toward impeaching President Joe Biden despite having offered no actual proof of any impeachable offense, was quick to tell Politico: “He’s been subpoenaed. We expect him to show up. They don’t get to make the rules.”

“I would expect Congress to hold the president’s son in contempt,” Comer said, if Hunter Biden refuses to testify in a closed-door session.

READ MORE: Jim Comer Decimated by NBC Reporter in ‘Under Two Minutes’

“As indicated in my November 28, 2023, letter,” Lowell wrote to Chairman Comer earlier on Wednesday, in a letter published by The Washington Examiner, “Mr. Biden has offered to appear at a hearing on the December 13, 2023, date you have reserved, or another date this month, to answer any question pertinent and relevant to the subject matter stated in your November 8, 2023, letter.”

Lowell made clear his motivation for a public hearing before cameras.

“He is making this choice because the Committee has demonstrated time and again it uses closed-door sessions to manipulate, even distort, the facts and misinform the American public—a hearing would ensure transparency and truth in these proceedings.”

But Lowell cited Comer’s own words from a few of his numerous media appearances to demonstrate how the Chairman welcomed an open-door public hearing. The Daily Beast’s Justin Baragona noted that Lowell, in his letter, “again cites Comer practically daring Hunter to publicly testify.”

Lowell cited Comer’s remarks on October 31 on “The Benny Show.”

READ MORE: ‘Does America Need More God?’: Mike Johnson Laments LGBTQ High School Kids

“We’re in the downhill phase of this investigation now because we have so many documents, and we can bring these people in for depositions or committee hearings, whichever they choose , . . . .”

Also, his September 13 statement on Newsmax.

“Hunter Biden is more than welcome to come in front of the committee . . . he’s invited today. We will drop everything.”

He also cited Comer’s “November 8, 2023, statement in your cover letter addressed to me: ‘Given your client’s willingness to address this investigation publicly up to this point, we would expect him to be willing to testify before Congress.”

(Emphasis included in Lowell’s letter.)

“We look forward to working out the schedule,” Lowell concluded.

READ MORE: ‘Authoritarianism’: Florida Says Its Public Schools Exist to ‘Convey Government’s Message’

 

 

 

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Jim Comer Decimated by NBC Reporter in ‘Under Two Minutes’

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Republican House Oversight Committee Chair Jim Comer melted down in an interview with NBC News Capitol Hill correspondent Ryan Nobles on Tuesday as he once again appeared unable to prove President Joe Biden engaged in money laundering or other illicit acts.

“So sir, there were the two checks,” Nobles told Comer (video below), “the $40,000 check and the $200,000 check that came from the president’s son and into the President’s bank account. There was also subsequent bank records, which were provided through the [Oversight] Committee, that demonstrate that there were also subsequent pieces of information that went from the President to the president’s son.”

Comer repeatedly denied Nobles account.

“That is not true,” Comer claimed.

READ MORE: Comer Says Biden’s Bank Records ‘Don’t Lie’ but His Claims Are Quickly Debunked

“So that you’re saying that that information has been made up then?” Nobles tried to confirm. “Where did that information come from? That came from the Committee.”

“I don’t know,” Comer claimed. “We haven’t seen that information.”

“That is Committee information that is collected from the bank records that your committee has obtained,” Nobles, in something of a “Perry Mason” moment, informed Chairman Comer.

“Just show the check,” Comer insisted.

“Do you have a canceled check for every wire transfer that’s ever come into your account?” Nobles asked.

“Yes,” Comer declared.

“And that’s what has been shown, there is bank records that demonstrate an exact same amount of money,” Nobles explained, as Comer talked over him.

READ MORE: ‘Authoritarianism’: Florida Says Its Public Schools Exist to ‘Convey Government’s Message’

“Are you saying, okay, sir, are you saying those bank records do not exist?” Nobles pressed, “That show the money leaving the President’s account and into his son’s?”

“They were money laundering. You see wires going all over the –” Comer charged.

“Sir, answer this specific question: Is there a bank record that demonstrates the exact amount of money that came from the President’s account into his son’s account that matches the checks that then went back to him? Does that exist? Yes or no?”

“No, no!” Comer blared. “There’s money coming from a law firm.”

“That doesn’t exist? That doesn’t exist, sir?” Nobles asked.

“It does not exist. It’s coming from a law firm. Who put who put the money in the law firm? How do you know the money came from Joe Biden? It could have come from one of Hunter shell companies. You have no idea,” Comer replied.

“Okay. So you are saying that that money that that money exists?” Nobles, making his case, concluded. “That transfer does exist there in the bank records that you and your committee –”

“No!” Comer then declared. “You don’t know what that transfer is.”

READ MORE: No Regrets: Tuberville to Continue Blocking 4-Star Generals While Releasing Hold on Other Officers

Tim Mulvey, the former communications director for the U.S. House Select Committee on the January 6 Attack responded to the clip, writing: “In my experience, when a chairman goes on tv and can’t answer even the most basic questions about ‘blockbuster’ evidence without utterly unraveling, it might not be the strongest case.”

“In under two minutes,” wrote Adam Cohen of Lawyers for Good Government, “James Comer goes from checks that confirm harmless transactions between Joe and Hunter Biden ‘do not exist’ To ‘they exist, but we claim they might be suspicious.'”

White House spokesman Ian Sams posted the clip on social media late Tuesday night, with a snarky comment.

Watch the video below or at this link.

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