Paul Ryan falsely was accused today by left-wing bloggers, most notably Matthew Yglesias (formerly of Think Progress now of Slate), of insider trading based on confidential information provided by the Treasury Secretary to Congress on September 18, 2008.
That day, Ryan traded Citigroup stock.
The accusation fell apart when someone noticed that the congressional meeting was in the evening of September 18, after the markets closed and Ryan already had completed his trades. Yglesias issued a retraction, and even New York Magazine defended Ryan on the charge of insider trading (which at the time would have been legal for members of Congress).
If Yglesias and the rest of the left-blogosphere want to chase someone for insider trading based solely on the timing of trades around the September 18 congressional briefing, then they need look no further than their hero Sheldon Whitehouse (D-RI), as I detailed on November 19, 2011, Sheldon Whitehouse, luckiest investor in America?
Sheldon Whitehouse (D-RI), who has been vicious in his attacks on opponents of Obamacare, is accused of insider trading in the days before the October 2008 market crash:
Senator Sheldon Whitehouse of Rhode Island also made a flurry of trades in the days after the Paulson-Bernanke meeting with legislators.
At minimum, Whitehouse sold $250,000 in the stocks below between September 18-24, 2008. He may have sold as much as $600,000 in the stock below according to disclosures.
As I noted at the time, Whitehouse denied that he directed the trading:
Whitehouse spokesman Seth Larson dismissed the book’s accusations, saying the senator is not actively involved in managing the investment fund in question.
Whitehouse “neither directed his financial advisor to undertake any transaction during that time, nor ever took advantage of any exclusive or secret information,” Larson said in an email.
I always found this explanation a little too cute with the terminology. Whether or not Whitehouse “directed” the trades, there are unanwered questions as to how Whitehouse’s money manager had such good timing, whether the money manager traded in similar patterns for other clients, and whether Whitehouse had any communications of any nature with the money manager in the time frame.
It wasn’t only the trading near the time of the market crash which raised questions, Whitehouse also had really lucky timing on the sale of Amgen stock:
I don’t know that Sheldon Whitehouse traded on inside congressional information, but the timing is a lot more suspicious than that of Paul Ryan.
It’s time for Whitehouse to release all the records and make the money manager available for questioning.
It’s also time for the Ryan-haters to realize they wished to hard for something, and now they have it.
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Comments
Paul Ryan – Squeaky clean
Sheldon Whitehouse – About as clean as Cicillini.
The only dirt in the upcoming campaign will come from the democrats and since they have no shame they will enjoy *their* roll in the mud.
o/t obama blames ryan for not passing farm bill he passed 2 weeks ago…
http://tinyurl.com/98nj3gr
Yep… Ya gotta remember that democrats have selective memory. They only remember what is convenient to them.
The “fake Indian” is a prime example..
“I think we’re gonna need some new slimmers…”
Thank God for the internet, blogosphere, the internet and smart conservatives. I really do mean “Thank God” when I say that.
It’s so refreshing and such a relief to not have to depend on the oafish, dull-witted GOP and the slimestream media to get the truth out. Yes, we still depend on them for too many things, but story after story shows that the blogosphere, its myriad of foot soldiers and pantheon of leaders such as the good professor will not be silenced, cowed or fooled by the evil-doers and the dull-witted oafs.
Thanks, professor, for all you do, and bless you. 🙂
The Washington Post commenters were blowing up today about this–so stinking happy that they were 100% wrong!!
Ahh. Wa-Poo comment posters. They’re about as smart as the average ostrich (brain the size of a walnut).
I wonder how many of them are ashamed of themselves. Oh, wait. I’m sure that none of them are because they’re too ill-informed of facts, too partisan to care or too foolish to know the difference.
the RNC really needs to step up on this stuff.
out and out LIES are being spread and the opposition does nothing.
Mistakes happen when your primary source is David Brock’s Institute of Dumpster Diving Report on Paul Ryan.
yeah I grabbed that oppo research (http://www.theconservativevoices.com/files/file/125-media-matters-paul-ryan-oppo-research/) but have not had chance to read it yet.
did you get a chance to?
Glanced through. More thorough reading requires a little more steel in my backbone and something to clamp down on so I don’t scream aloud. Day time reading.
LOL waiting until later today until narcotics dull me then I will look 🙂
Of course he’s guilty. This is too easy. It’s clubbing baby seals. Remember, in 100% of the cases, the following applies:
Elemental Truth of Democrats: “When they accuse the Republicans of anything, they are rest assuredly already eye-ball deep into the same thing.”
What’s wrong with New England that y’all seem to elect such putzes, especially to the Senate? Do we need to combine all your little bitty county-sized states into one Big Blue State called ‘New England’?
U’hm ser’us, y’all. 😐
That’s why I voted with my feet a couple of decades ago.
After spending nearly five decades with the exception of military service and a few overseas contracts, I finally concluded that nothing was ever going to change in RI, a state that is broke financially and functionally, is leaderless and in general the population is small minded.
My visits are limited to no more than a couple of weeks during warm weather and in most cases, I am happy to leave once again…
Can I ask where you moved to? Are you happy there?
After 45 years, I am looking to bail on this blue-state, kleptocratic, thuggish failure that is called Illinois.
Think NORTH CAROLINA, Willy.
http://activerain.com/blogsview/708163/north-carolina-living-top-10-reasons-to-move-to-the-nc-triangle
Texas! The #1 business friendly state in the union. It’s been that way for years even when the blue dawg democrats ran it.
[…] by the standards of Nancy Pelosi’s Congress, if whiffy.Prof. William Jacobson plays the Sheldon Whitehouse card. Just leave a little room under the bus for ‘Gentleman’ Jim, eh?You might think […]
Professor of law and journalist extraordinaire.
The Renaissance marked the birth of the (American) Conservative. When reason (and reasonable) emerged as a viable alternative to corruption, progressive and traditional.
Why is it wrong for people to take advantage of information which is readily available to anyone who shows initiative and resoucefulness; who use techniques and procedures which do not misrepresent the situation and which any can use, not just a few, to take advantage of a situation? Or are laws against insider trading an example of punishing competence?
What are you talking about? That is outside information, not inside. Inside information is information that is not available to anyone, no matter how smart or well-informed, and that was revealed to one in confidence in the course of ones work. Such as congressmen getting briefings because of their position in Congress.
Inside information is exactly how John Kerry enriched himself to the tune of 200 million dollars:
http://thefinereport.com/2012/05/breaking-john-kerry-is-a-crook/
And what is the difference? In one case the actor is using his position, and his initiative, to take advantage of a situation. In the other case the actor is deliberately misrepresenting the case to gain an advantage over others. That is the difference between ignorance and lies, for ignorance can be over come, while lies are used for immediate gain.
You are convinced that one should never take advantage of ignorance, so you would regulate against it. I, in contrast, recognize that ignorance will always be taken advantage of, and that it is better to encourage initiative by rewarding those who exhibit it. Be knowledge power, then learn, and don’t rely on others to cover for your lack of effort.
Regulations against insider trading only give a false sense of security, for there will always be those better informed, with more get up and go.
Equality of opportunity rarely produces equality of result.
[…] to reporting on the Romney/Ryan 2012 campaign. This chestnut comes by way of Legal Insurrection: Hey Paul Ryan haters, your congressional insider trader suspect actually is Sheldon Whitehouse Paul Ryan falsely was accused today by left-wing bloggers, most notably Matthew Yglesias (formerly […]
In Times of Universal Media Deceit – Finding the Truth is a Revolutionary Act
These people are becoming parodies of themselves. But so thought Charlie Chaplin of Hitler, when Chaplin made “The Great Dictator.”
Unfortunately, like then, the actions of these people have turned out to be anything but funny.
[…] more smear attempts collapse on the liars promulgating them. First up: can someone please tell me why anyone ever took Matt Yglesias seriously? Paul Ryan falsely was accused today by left-wing bloggers, most notably Matthew Yglesias (formerly […]
[…] say, oh, I don’t know, maybe Rhode Island Senator Sheldon Whitehouse. As Prof. Jacobsen at Legal Insurrection notes, “the timing (of his fall 2008 trades) is a lot more suspicious than that of Paul […]
[…] Hey Paul Ryan haters, your congressional insider trader suspect actually is Sheldon Whitehouse- Paul Ryan falsely was accused today by left-wing bloggers, most notably Matthew Yglesias (formerly of Think Progress now of Slate), of insider trading based on confidential information provided by the Treasury Secretary to Congress on September 18, 2008.That day, Ryan traded Citigroup stock.The accusation fell apart when someone noticed that the congressional meeting was in the evening of September 18, after the markets closed and Ryan already had completed his trades. Yglesias issued a retraction, and even New York Magazine defended Ryan on the charge of insider trading (which at the time would have been legal for members of Congress).If Yglesias and the rest of the left-blogosphere want to chase someone for insider trading based solely on the timing of trades around the September 18 congressional briefing, then they need look no further than their hero Sheldon Whitehouse (D-RI), as I detailed on November 19, 2011, Sheldon Whitehouse, luckiest investor in America? […]
[…] say, oh, I don’t know, maybe Rhode Island Senator Sheldon Whitehouse. As Prof. Jacobsen at Legal Insurrection notes, “the timing (of his fall 2008 trades) is a lot more suspicious than that of Paul […]
[…] Two more smear attempts collapse on the liars promulgating them. First up: can someone please tell me why anyone ever took Matt Yglesias seriously? […]