Durbin Sold Stocks, Funds Just As Market Plunged

bloomberg.com:

June 13 (Bloomberg) -- The Senate's No. 2 Democrat, Dick Durbin, sold more than $115,000 worth of stocks and mutual-fund shares as U.S. stock markets plummeted last September, using much of the money to invest in Warren Buffett's Berkshire Hathaway Inc.

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Read the whole story: bloomberg.com

Comments

[noneIn2008]

Better yet, how many billions did pump and dump Buffett and Soros make during the recent months as they talked people into investing while they sold.

[FreedomCorpse]

I "bailed" on stocks 2 years before the stock market crash...with no insider information...just what is written on "alternative" investor websites available to anyone who can "google"

[MissElaineous]

I'm a big old greeny pro-bama democrat and see absolutely nothing wrong with what he did. He did what a lot of the more savvy investors did. He saw the shift and switched positions. I wish I'd done the same, but I was camped out on the shores of "De Nile"...

[noneIn2008]

I just wish I got briefings from the Fed and Treasury prior to my trades.
Maybe like Obama's call to doctors to be professionals instead of business persons, we should free Congress from business. Require all of them to move assets to blind trusts while they are in office.

[Samalabear]

So what's the story here? I wouldn't be surprised if it wasn't Blue Dog Dems trying to make a mountain out of a molehill on this one. Getting back at him for the "bankers run the place" remark. There's nothing here to look at.

[angrymadliberal]

Your house is worth $125,000 but you paid $250,000 don"t worry with "Mark-To-Market" Neutered you can say whatever you want to about your home value and no one can refute you!
Now when you go in for a loan, simply declare the house is worth $300,000 and along with your clean "ON-THE-BOOKS Balance Sheet" with no visible other debts means you get money from the FED at 1% interest or maybe less!
Why can"t this world be true for ALL AMERICANS like it is for Wall Street?
We do not own Congress and they DO using ill-gotten FUNDS!
Are the Wall Street Banks really healthy? With "OFF-THE-BOOKS" accounting and "MARK-TO-MARKET" Neutered who knows what the truth is!

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[stunsitfel]

Perhaps he had the same advisor that made Hillary so brilliant at commodities.

[5hy56]

Take back the trillions of $$$ given to the banks, who just sit on it and make it totally ineffective then start government incentive to create realistic industries that give employment and generate real productive income, some of which would hopefully be from exports.

Every other country, especially China and most of Europe have goverment incentives to protect it's industries. No matter what you call it it's a form of protectionism and its inevitable. We should stop being naive and take care of our own house. The only ones who win if we don't are the multinational corporations who don't care where they get their hand out.

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[local21]

I hope Durbin made money on his investments, he didn't do anything wrong.

[ejhickey]

He actually lost money because he invested in Berkshire hathaway. Since Sept 2008 Brk.B is down about 10%-15%, September 19 2008 was a big down day for the market. Durbin probably thought he was moving to something safe. Little did he know that Berkshire had a big bet on derivatives that turned sour.

[Bettysdad]

So what?

Either he's a great investor, or has one managing his money.

Does anyone think he had "inside" info due to his position?

[PhilipTaylor]

Durbin is no better than most of us and Buffett's stock has tumbled also!

[Kungfublood]

Members of the legislative branch of government should be required to sell off all stocks and bonds and be banned from participating in the market for a period of at least ten years from the time they leave office.If they don't like it ,someone less corrupt that works for the good of the citizen might step up and serve in their place.

[NCYvonne]

And you should be banned from posting suchIdiocy.

[PhilipTaylor]

It is unusual but I agree with you!

[1cubfan]

Given the information that Dick Durbin, used much of the money to invest in Warren Buffett's Berkshire Hathaway, leads me to believe he had no insider information. Durbin would have taken the money and avoided the stock market all together

[themodernleader]

When Senator Durbin spoke the obvious that the Senator was owned by the banks, I wrote and warned him to watch his back. In this government, the truth is an orphan. The truth of financial omniscience and omnipotence is everywhere to be heard, read and understood.
The enemies of self government couldn't wait more than three weeks to attempt to destroy a good leader's reputation. Who was behind this undermining of honesty and courage? They are the real underminers of our country.
We are a despicable, guillible, self-absorbed and selfish people to have allowed unwonted wealth to corrupt our government and ourselves. Now we shall pay for our infidelity to the Constitution.

[Squeglen]

HE had insider trading info but was told by his attorney to wait so that he would not get caught.

[vippy]

No, all of the rich almost caused our financial system to go down had our government not stepped in. There was a run on the banks exactly the time mentioned here. Again, the rich don't keep this country going, the middle class is. This is just more proof, however, not all is said in this
article that should have been said.

[NCYvonne]

If Durbin had some inside trader info, he would have sold two days BEFORE the bottom fell out of the market, not two days AFTER!

The $115K he sold was probably $130K a week earlier.