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In reply to the discussion: Paul Ryan traded on insider information to avoid 2008 crash! [View all]JackRiddler
(24,979 posts)50. Because Congress members were immune from insider trading law.
Until recently:
http://www.nytimes.com/2012/03/23/us/politics/insider-trading-ban-for-lawmakers-clears-congress.html
The idea I suppose was that they can't do Congress business without hearing a lot of inside information, so they shouldn't be punished for that if it appears to bleed through into their financial dealings.
Anyway, it's banned now but would have been legal in 2008.
Of course it was still unethical and worthy of condemnation.
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Seems like a double standard where rules applied to Martha but not Ryan. So can I at least
Justice wanted
Aug 2012
#15
A wholly dishonest, devious, and despicable person imv with more than a dash of
indepat
Aug 2012
#44
Are you absolutely 100% certain that insider trading statutes do not apply here? If so,
coalition_unwilling
Aug 2012
#19
Make it law to forbid insider trading by elected representatives and name it for Ryan.
SleeplessinSoCal
Aug 2012
#56
What do you think. In your opinion, do they rise to 'doing something wrong' forgetting legal distinc
stevenleser
Aug 2012
#8
Also based on the transactions, he was regularly trading many of those stocks throughout the year.
cbdo2007
Aug 2012
#14
Note, too, that September 18 was awfully late to be selling bank stocks.
mahatmakanejeeves
Aug 2012
#23
If it makes anyone feel any better, it looks like he lost money every time he traded GS stock
cbdo2007
Aug 2012
#13
How much time passed between that meeting and the public getting knowledge of these Banks' health?
Ian_rd
Aug 2012
#38
Business Insider article on this, already getting a lot of tweets and Facebook recs:
highplainsdem
Aug 2012
#41
He made the trades before the 7 pm meeting, but that doesn't let him off the hook.
pnwmom
Aug 2012
#54
I did this above. Look for my posts. He lost money on most of his stock trades related to this.
cbdo2007
Aug 2012
#61
if this story is verifiable in a rock solid way - this can be very, very big
Douglas Carpenter
Aug 2012
#59