Insider Trading?

[CSpindizzy]

Durbin cashed out during big stock collapse :: CHICAGO SUN-TIMES :: News

I wonder if Durbin gets the same treatment that occurs in the private sector. My guess if the media even picks up on this he gets a slap on the wrist from Harry and the world moves on. Ironic how all this talk of the CEO's cashing out while the average American suffers - but yet Dick gets inside info and cashes out himself.

[g8terh8ter_eric]

Hey there Dizzy, I didn't even know you were still posting over here. Good to see you.

[CSpindizzy]

I'm back...took a long sabbatical from message boards. Time to rant again. I have a lot of catching up to do.

[lawgator1]

Where's the story here?

[KB5252]

Originally Posted by lawgator1

Where's the story here?

an elected official possibly used info given to him during a briefing to make a financial decision that saved him money when so many of his ilk were demonizing people in the financial sector for doing this very thing?

[615 Vol]

Originally Posted by KB5252

an elected official possibly used info given to him during a briefing to make a financial decision that saved him money when so many of his ilk were demonizing people in the financial sector for doing this very thing?

Sounds like the Martha Stewart deal.

[lawgator1]

Originally Posted by KB5252

an elected official possibly used info given to him during a briefing to make a financial decision that saved him money when so many of his ilk were demonizing people in the financial sector for doing this very thing?

He cashed out stock and bought another security and the info he allegedly based it on was public the next day. It was $90k. Did he save himself $500 by doing it one day early? If that case could even be made?

Weak.

[volinbham]

Originally Posted by lawgator1

He cashed out stock and bought another security and the info he allegedly based it on was public the next day. It was $90k. Did he save himself $500 by doing it one day early? If that case could even be made?

Weak.

Not sure if it qualifies as insider trading but the fact he may not have made much money doing it is irrelevant to the issue of whether or not a crime was committed.

Also, the fact that the info become public the next day doesn't disqualify it from being inside info the day prior.

I don't know if this qualifies but neither the subsequent public disclosure or potential small financial gains are arguments against insider trading.

[joevol320]

Originally Posted by volinbham

Not sure if it qualifies as insider trading but the fact he may not have made much money doing it is irrelevant to the issue of whether or not a crime was committed.

if any GOP person did this, they would on the news every day for weeks. law doesn't care about the hyprocisy, as long as the dems are in power.

[hatvol96]

Originally Posted by joevol320

if any GOP person did this, they would on the news every day for weeks. law doesn't care about the hyprocisy, as long as the dems are in power.

Yeah, the media just hammered Neil Bush.

[CSpindizzy]

Originally Posted by lawgator1

He cashed out stock and bought another security and the info he allegedly based it on was public the next day. It was $90k. Did he save himself $500 by doing it one day early? If that case could even be made?

Weak.

He cahsed out based on privileged info given behind closed doors. It was info given to him in private. This info gave him time to take advantage of this. In the business world "the next day" is quite a long time. Had those who lost money on this had the same privilege, they would not have faced losses as well. This man used his office and access to government inside info to profit off of it.

I guarantee you if the D was an R, you'd be weeping, wailing, and gnashing of teeth. Amazing how ethics becomes one sided in politics.

[lawgator1]

Originally Posted by joevol320

if any GOP person did this, they would on the news every day for weeks. law doesn't care about the hyprocisy, as long as the dems are in power.

If it were a member of the GOP and it was the kind of money we are talking about here, I wouldn't give a crap.

Besides, why anyone would think it took a briefing from the Treasury Secretary to note that banks were in trouble is just mind numbingly stupid to me.

Did the briefing influence his decision? Maybe. But again, we are talking such a small amount of money in the guy's personal holdings, I just don't see it as all that meaningful.

[CSpindizzy]

Originally Posted by hatvol96

Yeah, the media just hammered Neil Bush.

Wow. We're getting desperate to go back how many decades to attack a Bush?

Look at Enron and anyone within 100 miles of that company. The Left still beats this dead horse...

[MG1968]

Originally Posted by lawgator1

If it were a member of the GOP and it was the kind of money we are talking about here, I wouldn't give a crap.

Besides, why anyone would think it took a briefing from the Treasury Secretary to note that banks were in trouble is just mind numbingly stupid to me.

Did the briefing influence his decision? Maybe. But again, we are talking such a small amount of money in the guy's personal holdings, I just don't see it as all that meaningful.

yet when a similarly small amount of money is spent on clothes for the VP candidate, most of which was returned, your side went nuts.

[lawgator1]

Originally Posted by MG1968

yet when a similarly small amount of money is spent on clothes for the VP candidate, most of which was returned, your side went nuts.

Let's talk apples and apples. He didn't save the whole $90k, he saved whatever the loss might have been that day on the $90k. And again, it wasn't exactly breaking news that investments in banking stocks were at risk during that timeframe.