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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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BREAKING NEWS

Republican Attempts to Create Special Religious Rights Fail as Bipartisan Historic Same-Sex Marriage Bill Passes Senate

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Far right activists and organizations for months have been falsely claiming legislation to protect same-sex marriages would destroy different-sex marriages and take away religious rights from ordinary Americans, but early Tuesday evening on a bipartisan basis the Senate passed the Respect for Marriage Act, 61-36.

The legislation itself is very simple. It essentially leaves in place the status quo on marriage from the Supreme Court’s 2015 Obergefell ruling. Should right wing Supreme Court justices strike that ruling down, the Respect for Marriage Act would require the federal government and states to recognize any marriages that were legal when they were entered, now and in the future.

35 states currently still have same-sex marriage bans on the books. If the Supreme Court overturns Obergefell, many of those could become law immediately.

READ MORE: Franklin Graham’s Ugly Lie Ahead of Senate Vote on Same-Sex Marriage Bill

In order to overcome a Republican-led filibuster Senate Majority Leader Chuck Schumer on Monday agreed to allow three GOP Senators to offer amendments to the legislation, amendments that would have created special religious rights to discriminate.

An amendment from Senator James Lankford (R-OK) failed, as did one from Senators Marco Rubio (R-FL) and Mike Lee (R-UT). 60 votes were needed for each.

Sen. Lee’s was seen by some as the most extreme, and was strongly supported by the anti-LGBTQ hate group Family Research Council and former U.S. Secretary of State Mike Pompeo.

READ MORE: 37 Senators Just Voted Against a Bill Protecting Same-Sex and Interracial Marriages. All Were Republicans.

Heritage Foundation president Kevin Roberts, in a false claim, had said: “The ‘Respect for Marriage Act’ contains so many infringements and encroachments on religious freedoms and on conscience that Republicans should unite solidly against it. Instead, it should be called the ‘Destruction of Marriage Act.'”

Far right evangelical activist Franklin Graham falsely claimed the “bill strikes a blow at religious freedom for individuals & ministries & is really the ‘Destruction of Marriage Act.'”

The Pennsylvania Family Council wrongly called it “a bill that would redefine marriage and attack religious freedom & Christian social services.”

But despite GOP fear-mongering, the legislation has religious protections built in, protections so strong 20 faith-based organizations including the Church of Jesus Christ of Latter-day Saints, the Mormon Church, have supported its passage.

The bill now heads back to the House for a final vote, and then to President Joe Biden, who has said he will sign it into law.

 

 

 

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‘Punditry, Not Leadership’: McConnell Slammed for Refusing to Say if He Would Support Trump in 2024

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Senate Minority Leader Mitch McConnell is refusing to say if he would support Donald Trump if he becomes the Republican Party’s presidential nominee in 2024. McConnell spoke in broad terms about antisemitism and white supremacy Tuesday afternoon, a full week to the day after the former president had dinner with the antisemite Kanye West, and the white supremacist Nick Fuentes, but could not bring himself to disavow Trump by name.

“First, let me just say, there is no room in the Republican Party for antisemitism or white supremacy,” McConnell said as he began a press conference, his first remarks about Trump’s dinner with West and Fuentes. “Anyone meeting with people advocating that point of view, in my judgment, are highly unlikely to ever be elected President of the United States.”

McConnell did not mention Trump, and moments later, when CNN’s Manu Raja specifically asked about the former president, McConnell would only repeat his previous statement.

READ MORE: RNC Taps Right Wing Extremists to Head Group Designed to Expand GOP Appeal in Wake of Midterm Losses

“Look, let me just say again, there is simply no room in the Republican Party for antisemitism or white supremacy, and that would apply to all of the leaders in the party who will be seeking offices,” he told CNN’s Raju.

Many were critical of McConnell’s refusal to denounce Trump.

Boston Globe opinion writer Abdallah Fayyad said, “McConnell will absolutely back Trump if he wins the GOP nomination.”

Previously, McConnell had said he would support Trump if he is the GOP’s nominee.

“Notice how McConnell said such a person is ‘highly unlikely’ to be elected, rather than manifestly unfit. He needs to keep his rhetorical options open for Trump getting the nomination again,” observed Media Matters’ Eric Kleefeld.

READ MORE: Questions Swirl Around Herschel Walker as New Report Shows His Georgia Residence Was Rented Out for Over a Decade

Law professor and former president and director-counsel of the NAACP Legal Defense Fund (LDF), Sherrilyn Ifill says, “McConnell, Pence, McCarthy and the other folks clutching their pearls today stood beside this man. Distancing from Trump over ‘the dinner’ is way late.”

Political consultant and writer Jamison Foser criticized the Republican Minority Leader, saying: “‘Will not likely be elected’ is punditry, not leadership. McConnell will support Trump if Trump is the Republican nominee; everything else is his attempt to distract from that.”

Before McConnell’s remarks, Ifill had taken the media to task.

“The most dispiriting aspect of the discussion about Trump’s meal w/those two odious ppl is that I thought there was consensus that Trump is a white supremacist. In which case 3 white supremacists had dinner. Why is Trump getting portrayed as an innocent who was snookered?”

 

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‘Beyond Horrific’: Tucker Carlson’s Fox News Producer Is an Out Gay Man Helping ‘Ramp Up’ Hate Says LGBTQ Journalist

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Fox News propagandist Tucker Carlson, whose nightly show frequently has the largest reach of any on cable news, regularly attacks the LGBTQ community with fear-mongering and hate-filled segments about gay people, transgender people, “groomers” and the latest target: “drag queen story hours.”

His senior executive producer, who oversees Carlson’s media empire at Fox News, is a married, out, gay man named Justin Wells, according to veteran journalist and SiriusXM Progress host Michelangelo Signorile, who is calling it “beyond horrific to think a gay man has helped to shape and widely disseminate a message of hate against LGBTQ people.”

Last week, in the wake of the horrific anti-LGBTQ hate crime mass shooting Carlson hosted a guest, the head of the so-called “Gays Against Groomers,” who told Fox News viewers the attack on LGBTQ people at a gay bar in Colorado Springs was “predictable” and warned that these hate crime massacres will continue, “until we end this evil agenda” of gender-affirming care.

Carlson has repeatedly hosted Jaimee Mitchell, the Gays Against Groomers founder who fear mongers against LGBTQ people, with the apparent consent of Wells, who “helped promulgate the kind of hate that leads to violence,” says Signorile.

READ MORE: Watch: Chasten Buttigieg Says Tucker Carlson Is Focusing on ‘Hate’ After Host’s Latest Anti-Gay Attack on His Husband

“It’s unlikely that any narrative would get broadcast by Tucker without significant buy-in from Justin,” Angelo Carusone, President and CEO of media watchdog Media Matters, told Signorile.

Indeed, referring to the Colorado Springs mass shooting massacre, Signorile noted it is “the same kind of nightclub at which Wells, in years past, danced the night away in Miami Beach and elsewhere, liberating himself from the world outside and surely never imagining he’d be shot dead.”

“Now he’s aided the extremists who deny that sense of safety and liberation to every future generation of queer people,” says Signorile, explaining that “Wells runs the entire Tucker Carlson operation, and is responsible for imprinting the Tucker Carlson brand, which is all about emboldening white heterosexual male grievance, furthering the racist conspiracy of ‘replacement theory’ and pushing an increasingly virulent anti-LGBTQ agenda.”

READ MORE: Tucker Carlson Serves Up 12-Minute Long Homophobic Hate-Filled Rant Attacking Pete Buttigieg Over ‘Equity’

One of Carlson’s frequent LGBTQ targets is Secretary of Transportation Pete Buttigieg, who he has called an “unqualified ‘kid’ who ‘breastfeeds,’ and has no business running the agency,” as Mediaite reported.

“And as Carlson further pushed white nationalism, attacked transgender people and embraced Hungary’s authoritarian leader Victor Orban,” Signorile reports, “Wells, in 2021, was named a Vice President at Fox News, in charge of all Carlson product that airs on Fox News TV as well as on Fox’s streaming network, Fox Nation.”

Signorile says, “it’s quite stunning that Wells would work for Carlson, who has a well-known history of visceral homophobia. That’s something that came to light again last year when it became known that Carlson had offered a tribute to Dan White, the assassin of San Francisco supervisor and gay civil rights leader Harvey Milk, in his college yearbook back in 1991, as well as to the late vociferously anti-gay Senator Jesse Helms of North Carolina, who whipped up homophobia during the height of the AIDS epidemic in the 1980s.”

READ MORE: Tucker Carlson Once Allegedly Bragged He Belonged to a ‘Society’ Named After the Man Who Assassinated Harvey Milk

“I wrote about those jarring revelations when they surfaced last year,” he continues, “as well as about what I dubbed Carlson’s ‘pathological obsession with homosexuality’ throughout his career. Carlson has expressed revulsion at homosexuality, and in one incident he reveled in a violent response. In a TV interview in 2007 he described having smashed a man’s head ‘against the stall’ in a public rest room, after the man ‘bothered’ him.”

“Wells, as a gay man, only emboldens Carlson further,” Signorile concludes. “He gives him permission to launch the ugly attacks and helps Carlson validate, for himself (and likely for executives at Fox News), the vitriol he espouses. That makes Justin Wells’ presence as the powerful gay man behind Tucker Carlson all the more newsworthy. And all the more dangerous.”

Signorile notes that his reporting is not an outing.

“This story is not, however, about a warped closet case, tormented by self-loathing, hiding his true self while bashing those like him. And thus, this story is not an outing, which involves exposing someone who covers up their sexual orientation while publicly presenting as heterosexual — though it certainly may be a startling revelation to a great many. It is, rather, about connecting the dots regarding a reality that seems to have been hiding in plain sight.”

You can read Signorile’s entire report on his Substack newsletter.

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