Imagine that - Paul Ryan profiting from insider knowledge

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.

  Guardian

He may not have had control over the trades, but he had knowledge he could pass on to the traders.

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.

And why the hell not?

Until this year members of Congress were allowed to trade on price-sensitive information gathered at Washington meetings. Nor is Ryan alone in having done so. CBS’s 60 Minutes criticised Democrat Nancy Pelosi for buying into Visa’s initial public offering as the House discussed credit card legislation.

This is outrageous.

In April the Office of Congressional Ethics cleared Spencer Bachus, Republican chairman of the House Financial Services Committee, of allegations of insider dealing. Critics had charged he had taken advantage of insider information to trade shares on numerous occasions.

Bachus was present at the meeting that Ryan attended with Bernanke and Paulson. The next day he traded “short” options, betting on a decline in share prices in the financial services sector.

Outrageous.

After the CBS documentary, pressure mounted for change. In April, Barack Obama signed legislation that bars members of Congress and other federal workers from profiting from non-public information learned on the job.

Well, Trump will be reversing that, if he hasn't already.

Ryan was a supporter of the Tarp bailout – a position that has put him at odds with the right wing of his party despite his otherwise conservative credentials.

I'm sure he was. TARP bailed out Goldman Sachs.

Goldman Sachs and Wells Fargo are now among his largest financial supporters, according to the Center for Responsive Politics.

No!

Talking Points Memo quoted Larry Gaffney, an independent accountant for the partnership that handled the trades questioned by commentators, said the shares were not controlled by Ryan.

“Trades are done automatically based on an algorithm on a regular basis,” said Gaffney, in a statement to TPM that was provided by the Romney campaign.

"And, by the way, would you like to buy the Brooklyn Bridge," he may not have said.

...but hey, do what you want...you will anyway.