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Can You TRUST Him? Paul Ryan sold shares on same day as private briefing of banking crisis

Vice-presidential candidate denies he profited from a 2008 meeting with Fed chairman in which officials outlined fears for financial crisis

by Dominic Rushe, TheGuardian:

Paul Ryan, Mitt Romney‘s vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis.

The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector. His office said he had no control over the trades.

Public records show that on the same day as the meeting, Ryan sold stock in troubled banks including Wachovia and Citigroup and bought shares in Goldman Sachs, Paulson’s old employer and a bank that had been disclosed to be stronger than many of its rivals. The sale was not illegal at the time.

Not long after the meeting, Wachovia’s already troubled share price went into free fall. It plunged 39% on the afternoon of 26 September alone as investors worried the bank would collapse. It was eventually taken over by Wells Fargo for $15bn, a fraction of its former value.

Read More @ Guardian.co.uk

2 comments to Can You TRUST Him? Paul Ryan sold shares on same day as private briefing of banking crisis

  • Frank Zak

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  • Glitter1

    On the day of the crash in 1929, Bernard Baruch and Winston Churchill were on the trading floor of the NYSE when the market sold off and crashed. While they were witnessing the crash, Churchill lamented that he is ruined and broke. Baruch asked why he said that, Churchill said his life savings was in the Stock Market.Baruch told him his positions were sold prior to the drop and that his money was secure.Now after coming into this knowledge of what occurred that day, you should come to several conclusions: 1.)Baruch had prior knowledge (insider onfo)to the crash. 2.)They knew of Churchill’s holdings and got him out ahead of time. 3.)The markets were manipulated back in 1929 before there were highly technical tools like computers. 4.)Not only is there insider trading/knowledge currently going on,Ryan and the entire Congress are in on the Con. They know when to buy and sell.

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