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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)

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LA Mayor a ‘Communist’ Alleges Fox News Host With Ties to Trump Nominee

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Los Angeles Mayor Karen Bass, a six-term Democratic former U.S. Representative, is being branded a “solid communist” and a “communist sympathizer” by a Fox News host whose husband is a Trump cabinet nominee. The attack comes as the city deals with the massive wildfires that have killed 24 people and caused tremendous and historic damage to over 60 square miles of California. More than 12,000 structures reportedly have been destroyed and 92,000 people are under evacuation orders.

Fox News’ Rachel Campos-Duffy is married to former Fox News host and Republican former U.S. Rep. Sean Duffy, President-elect Donald Trump’s Transportation Secretary nominee. She has a history of throwing around the divisive “communist” label. On Monday, she joined the pile-on of attacks against the L.A. mayor.

“You know, listen, a lot of people have been talking about, you know, who’s to blame, you know, whether it’s [Governor] Gavin Newsom or the mayor,” Campos-Duffy told the right-wing channel’s viewers in what appeared to be prepared remarks. “A lot of people don’t realize that Karen Bass is actually, you know, we talk about these left wing, left wing policies.”

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“She has ties to communism —she was cutting sugar cane in Cuba, um, she’s had 15 trips to Cuba, met with Fidel Castro,” Campos Duffy continued. “She is a solid communist, so don’t be surprised that your policies make your city, um, look like this when you, when you put a communist, somebody, a communist and a communist sympathizer at the top of your um of the heap as the mayor of Los Angeles, it’s uh, not surprising. Um, they manage things— look at how Cuba’s managed and now look at this.”

Campos-Duffy, a devout MAGA supporter and longtime Trump defender, earlier this month called January 6 rioters “political dissidents,” a term traditionally reserved for individuals persecuted for opposing authoritarian or oppressive governmental authority or policies.

Bass has indeed has traveled to Cuba, according to multiple reports, and “spent part of the 1970s working construction in Fidel Castro’s Cuba with the Venceremos Brigade, a group that has organized annual trips to Cuba for young, leftist Americans for half a century,” The Atlantic reported in 2020.

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That was five decades ago, work that began when Bass was 19 and doing volunteer work.

“The best way to think of Bass’s politics at the time—and now—is ‘as a Black activist who was deeply concerned about what the activists are raising today: systemic racism,'” Bass told Edward-Isaac Dovere, when he wrote for The Atlantic. She added: “I was also deeply concerned on the international front about issues like apartheid in South Africa and supporting the independence movements in Africa. And a lot of times that did not align with U.S. policy.”

Bass has said point-blank she is not a communist.

“I’m not a socialist. I’m not a communist,” Bass told NBC News in 2020. “I’ve belonged to one party my entire life and that’s the Democratic Party, and I’m a Christian.”

Political commentator Keith Olbermann declared he hopes Mayor Bass sues Campos-Duffy “into the ground.”

Watch the video clip below or at this link.

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Image by Gage Skidmore via Flickr and a CC license

 

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Senator Suggests Unusual Interpretation of ‘Advice and Consent’ Responsibility

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A freshman Republican Senator is promoting an unusual interpretation of the Senate’s role in the constitutionally mandated “advice and consent” responsibility.

U.S. Senator Katie Britt, elected in 2022, is the first woman Alabama voters have sent to the U.S. Senate. She gained national attention, and bipartisan criticism, after delivering the Republican response to President Joe Biden’s 2024 State of the Union Address. During her speech, Britt criticized President Biden’s immigration policies and referred to an incident involving human trafficking, suggesting in her remarks a woman had been sexually trafficked because of Biden’s policies. However, as NBC News reported, the incident occurred two decades earlier, in Mexico, not in the United States.

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At the time, even Republicans were outraged and mystified by her speech. One GOP strategist told The Daily Beast it was “one of our biggest disasters ever.” A Trump advisor told Rolling Stone, “What the hell am I watching right now?” as The Guardian reported.

This weekend, Britt spoke with CNN’s Jake Tapper about President-elect Donald Trump’s cabinet nominees. Senate Republicans are beginning hearings this week, CBS News reports.

Senator Britt, an attorney, told Tapper that Trump’s “great nominees” will be on Capitol Hill, where they will “have the opportunity not only to make their case” to the members of various committees, “but they’ll have their opportunity to make their case to the American people of why they are best, where they are best suited to move President Trump’s agenda forward.”

In contrast, Senator Angus King (I-ME) recently outlined his view of the Senate’s role in evaluating cabinet nominees. In an op-ed last week, he wrote that a president’s “advisors, and especially Cabinet Members, must be qualified for the sake of the people they represent.”

“My position on Cabinet nominees has always boiled down to two priorities: the candidate needs to be experienced and capable, and not have a stance that is hostile to the department or bureau they would be leading,” Senator King added. “The framers of our Constitution set up a Senate confirmation process as a check on the executive branch to make sure that all parts of government are working by the people and for the people.”

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Senator Britt appeared to suggest alignment with Trump’s goals should be a key qualification, telling Tapper that she and the Senate will see if they “are best suited to move President Trump’s agenda forward.”

Tapper continued to press her.

“Why would you think somebody who’s willing to lie about the election results in Pennsylvania is going to restore integrity in the Justice Department the way that you are calling for?” Tapper asked.

After a brief pause, Britt replied: “Look, Jake, I’ve had very direct conversations with each and every one of these nominees that I’ve had the opportunity to sit down with. I take my duty as a United States senator seriously, Article Two, Section Two, mandates that I do.”

“We have an obligation both to the American people and to the president, to ask these tough questions. I asked that question very directly. And with each and every nominee, the answers that I have been given with them, has satisfied me that they’re gonna move forward in that direction.”

Watch the video below or at this link.

READ MORE: Trump Trying to Buy Back His DC Hotel Seen as ‘Magnet’ for Conflicts of Interest: Reports

 

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Wildfire Relief Tied to Debt Ceiling? Trump, GOP Spark Outrage After Mar-a-Lago Meeting

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House Republicans, especially the California delegation, are facing sharp criticism after spending portions of the weekend with President-elect Donald Trump at his Mar-a-Lago resort and residence. They reportedly discussed ways to take the unprecedented approach of tying passage of relief funds—for the Golden State’s historic wildfire disaster—to raising the debt ceiling, as the fires continue to burn and the death toll rises to 24 people.

“Of the nearly two dozen House Republicans who attended the Sunday dinner at Mar-a-Lago, where this option was discussed, several are caucus leaders and appropriators with major influence in upcoming budget reconciliation and government funding negotiations,” Politico reports. “Trump also discussed the wildfires Saturday night with a group of House Republicans from California, New York and New Jersey.”

According to J.D. Wolf of MeidasTouch News, the California GOP members of Congress “chose to leave the state at its most vulnerable moment,” and “have drawn criticism for abandoning their … state during the crisis, opting instead to join Donald Trump at Mar-a-Lago.”

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“California [GOP] Representatives Jay Obernolte, Tom McClintock, Kevin Kiley, Doug LaMalfa, Darrell Issa, Ken Calvert, Vince Fong, and Young Kim were spotted in a photo with Trump this weekend when they could have been back home seeking ways to help even if the fire isn’t in their district,” he declared. “Instead, these lawmakers have prioritized meeting with Trump over exercising leadership in their home state. Their absence sends a troubling message to their state.”

In a stern rebuke, Wolf added: “In doing so, they have not only abandoned their duty to Californians but also cast doubt on their priorities and dedication as elected officials.” He also wrote: “Californians are left wondering if these leaders will ever prioritize their needs over political maneuvering.”

One House Republican from California was “not invited,” according to Politico’s Meredith Lee Hill.

“But all the talk of unity at Mar-a-Lago this weekend only went so far – Trump did not invite David Valadao (R-Calif.), 1 of the 10 House Rs who voted to impeach after Jan. 6, to the mtg of CA, NY and NJ GOP members.”

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Valadao’s presence would have made sense. Hill reports he is a caucus chief and senior appropriator.

Trump, who has a history of trying to withhold relief aid to California, has been accused of politicizing the tragedy, which Politico notes, “could become the costliest natural disaster in U.S. history.”

It may become even more costly.

The Associated Press reports, “firefighters are preparing for a return of dangerous winds that could again stoke the flames on Monday.”

Over the weekend, on his social media website, Trump reposted this:

View the social media post above or at this link.

READ MORE: ‘45, 47, Felon’: Trump Sentenced But Expert Warns ‘Now the Gloves Could Come Off’

 

Image via Reuters

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