UPDATED: 2008: Paul Ryan Traded Stocks On Insider Information From Bernanke As Market Was Collapsing
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
Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.
 |
Donald Trump’s decision to allow one of his lawyers to speak before a grand jury on Friday morning, instead of appealing all the way to the Supreme Court, may have been made out of fear of what the justices on the nation’s highest court might see if they reviewed the case.
According to MSNBC legal analyst Lisa Rubin, under normal circumstances, the former president would have dragged out a legal fight over attorney-client privilege that would have kept attorney Evan Corcoran from testifying under oath about Trump’s possession of government documents at his Mar-a-Lago resort that led to the FBI showing up with a warrant.
As Rubin notes, the fact that Trump let Corcoran testify over three hours raised eyebrows.
“For one, yes, it is indeed unusual, if not unheard of, for a lawyer to be litigating against a party one day and then testifying under court-ordered examination by that same party the next one,” she wrote before suggesting Trump and his legal team were looking at the long game when he might need the predominantly conservative Supreme Court to lend him a helping hand.
RELATED: Revealed: Emails show how Trump lawyers drove Michael Cohen to turn on the president
Writing, “Trump has made clear he believes this Supreme Court — controlled by conservative justices, three of whom he appointed — owes him one,” she added, “My hunch is that Trump’s team let Corcoran’s testimony happen because of what’s likely involved in any request to pause, much less, review a crime-fraud-related ruling: the evidence.”
“Put another way, if Trump had petitioned the Supreme Court to stay Corcoran’s testimony and document production, the justices would have seen some, if not all, of what Judge Howell and the three-judge panel on the D.C. Circuit have already reviewed: proof that Trump misled Corcoran and engaged in criminal conduct,” she elaborated.
Rubin went on to note that Trump would likely appeal any conviction to the Supreme Court, writing, “And for someone whose one last hope, if he is ultimately charged or tried by any of the multiple entities now investigating him, is that same Supreme Court, letting the justices see evidence of his alleged crimes now would be a bridge too far.”
“Trump can’t afford to lose the Supreme Court yet,” she suggested.
You can read more here.
News
No TX Congressional Republican Will Say If They’re Attending Trump’s Rally in Waco – Will He Have Trouble Filling Seats?
Donald Trump‘s Saturday campaign rally in Waco, Texas, falls during the 30th anniversary of the 51-day siege that community is known for, when 86 people died after a failed ATF raid on an anti-government religious cult suspected of illegally stockpiling firearms amid allegations of sexual abuse, statutory rape, and polygamy.
Experts have been warning for a week that Trump’s choice of Waco, synonymous with violent anti-government extremism, was no accident. His rhetoric this week, including most recently Friday when he warned of “potential death & destruction” should he be indicted, has been seen as encouraging violence.
NCRM was among the first news outlets to report experts’ concerns over Trump’s choice to hold a rally in Waco during the 30th anniversary of the deadly siege.
Not a single congressional Republican from Texas will say they are attending, nor has the town’s GOP mayor, according to a report from Insider, which contacted over two dozen Republican lawmakers and other elected officials.
“None of the 30 Texas Republicans Insider contacted about the event said they were going,” Insider reveals.
“Most of the 30 GOP members contacted about Donald Trump’s inaugural visit to the site of a 30-year-old standoff between cult leader David Koresh and federal authorities did not respond to requests for comment about whether they intended to rally with the scandal-plagued candidate and perhaps say a few kind words,” Insider reports.
“Rep. Pete Sessions, a Waco native who now represents the surrounding 17th congressional district, praised Trump for shining a light on his hometown but said he’d have to miss the spectacle,” Insider adds. “Aides to Rep. Troy Nehls, one of the four House Republicans from Texas who have formally backed Trump’s 2024 run, told Insider he wouldn’t be heading to Waco because of a prior commitment in Washington, DC, this weekend.”
Meanwhile, in addition to guest list challenges – the campaign refused to tell Insider who the guest speakers will be – Trump may have trouble filling seats.
Mary Trump, the ex-president’s niece who opposes him, has been running a campaign to get anti-Trump Americans to “sign up” for tickets to the Saturday rally, in the hopes of being able to turn away supporters.
Let’s fill this venue with empty seats.https://t.co/3tGSfan5iw
— Mary L Trump (@MaryLTrump) March 24, 2023
“Donald has a rally in Waco this Saturday,” she also said via Twitter. “It’s a ploy to remind his cult of the infamous Waco siege of 1993, where an anti-government cult battled the FBI. Scores of people died. He wants the same violent chaos to rescue him from justice.”
“But we can stop him. If we book the 50,000+ venue, we can make sure most of the seats are empty when the traitor takes the stage,” she said. “We can no longer fail to hold powerful men accountable for their crimes against our country.”
Image via Shutterstock
News
‘Utter Cowardice’: Jim Jordan Blasted for Telling Reporter He Can’t Read Trump’s Violence-Threatening Post Without Glasses
Countless GOP lawmakers over the years have professed ignorance over Donald Trump’s tweets as reporters ask them to respond, often claiming they hadn’t read them, but House Republican Judiciary Chairman Jim Jordan took that performance to a whole new level Friday afternoon.
NBC News senior national political reporter Sahil Kapur asked the Ohio Republican congressman to weigh in on Trump’s social media post threatening “potential death & destruction” if he gets indicted.
“Jordan said he hasn’t seen Trump’s post,” Kapur said via Twitter. “When I showed [it] to him on my phone, he said he can’t read well without his glasses.”
“He added he’s reviewing DA Bragg’s letter,” Kapur added.
READ MORE: ‘Big Shoe Drops’: Bad Day for Trump on Multiple Fronts in Special Counsel’s Grand Jury Probes
Jordan, who didn’t need glasses to appear on Fox Business just two days ago (photo) is getting blowback.
VICE News Deputy DC Bureau Chief Todd Zwillich explained the progression.
“The stages of ignoring incitement,” he tweeted. “2016: I don’t respond to tweets —> 2018: I havent seen the tweet —-> 2023: I literally can’t see the tweet.”
“Utter cowardice,” declared former GOP Congressman Joe Walsh. “Not at all the @Jim_Jordan I knew & served with in Congress 10 yrs ago. Or…maybe it is.”
“The sheer dishonesty and cowardice of these people,” lamented MSNBC’s Mehdi Hasan, echoing Walsh’s remarks.
Government watchdog group Citizens for Ethics said the “extent to which Trump’s backers in Congress are going to not condemn [his] calls for violence are ludicrous.”
RELATED: Ninth Wrestler Comes Forward to Say Jordan ‘Snickered’ When He Complained of Sexual Abuse: Report
Some tied Jordan’s inability to see the post to his apparent inability to see or remember all the Ohio State wrestlers who say they complained to Jordan when he was their assistant coach, about being sexually harassed or assaulted by the team doctor. To this day despite numerous reports and people publicly coming forward, Jordan denied it ever happened.
“Apparently, Jim Jordan is unable to see wrestlers being sexually abused or Donald Trump social media posts,” attorney and Republican turned Democrat Ron Filipkowski tweeted.
“Well, @Jim_Jordan has shown before that he has trouble seeing threats right in front of his nose, so this checks out,” tweeted historian Kevin M. Kruse.
But Jordan’s Democratic colleagues on the Judiciary Committee may have served up the best response: “Why do you need your glasses to condemn violence @Jim_Jordan?”
Trump Desperate to Keep Any Possible Criminal Evidence From Supreme Court: Legal Expert
No TX Congressional Republican Will Say If They’re Attending Trump’s Rally in Waco – Will He Have Trouble Filling Seats?
‘Utter Cowardice’: Jim Jordan Blasted for Telling Reporter He Can’t Read Trump’s Violence-Threatening Post Without Glasses
‘Big Shoe Drops’: Bad Day for Trump on Multiple Fronts in Special Counsel’s Grand Jury Probes
‘Pits Parents Against Parents’: House Republicans Pass Anti-LGBTQ Florida-Style K-12 ‘Parents’ Bill of Rights’
'UNPRECEDENTED'3 days ago‘Unlawful Incursion’: Manhattan DA Schools Jim Jordan for Demanding He Testify in Ongoing Trump Investigation
RIGHT WING EXTREMISM3 days ago‘Burn It to the Ground’: Kari Lake Undeterred After State Supreme Court Smacks Her Down
News2 days agoLindsey Graham Admonished by Senate Ethics Committee
RIGHT WING EXTREMISM3 days agoWatch: GOP Lawmaker Orders Grieving Parkland Parents Removed From ‘ATF Overreach’ Hearing
RIGHT WING EXTREMISM2 days ago‘Pits Parents Against Parents’: House Republicans Pass Anti-LGBTQ Florida-Style K-12 ‘Parents’ Bill of Rights’
News3 days ago‘Going Full Fascist’: Morning Joe Blasts Trump’s Latest ‘Dehumanizing’ Attack on Manhattan DA Alvin Bragg
News2 days agoJim Jordan Busted for Helping Trump ‘Tamper’ With Probe: ‘Beyond All Bounds of What’s Legal’
News3 days ago‘Repercussions’: Biden White House Warns Uganda ‘Kill the Gays’ Bill Could Force US to Cancel $950 Million in Annual Aid
