Dick Durbin Sold His Stocks After a Closed Door Meeting With the Treasury Secretary

  The day after Treasury Secretary Harry Paulson and Federal Reserve Chairman Ben Bernanke met with congress behind closed doors and urged congress to bail out the troubled banks Dick Durbin just happened to sell off over $155,000 in stocks. On the same day shortly after the meeting Dick Durbin bought almost $43,000 of stocks in a Warren Buffett company.

  We are being told that there was no insider information being traded here and that this was just a coincidence. Dick Durbin didn’t use information that was given out at this closed door meeting for personal gain is what he would have us believe. But something sure seems fishy here, doesn’t it?

  Does Dick Durbin really expect us to believe that he attended a meeting with the Treasury Secretary and the Federal Reserve chairman in which a plan to save the banks was discussed and that he did not gain inside information on which stocks he should buy and which stocks he should sell?

  I am willing to admit for the sake of argument that Paulson and Bernanke might not have intentionally given Dick Durbin the information knowing that he would use it for his own personal benefit but I believe that Dick Durbin was able to use whatever was discussed in that meeting to serve his own agenda.

  I will even go a step further and say that perhaps no information was exchanged that could have given Dick Durbin warning about his portfolio, but if this is the case what does it tell us about the plan to bail out the banks if upon hearing the news that the banks needed to be bailed out that Dick Durbin thought that this was an appropriate time to sell certain stocks? Perhaps it tell us that he knew right away that this bailout was a bad idea and he was moving all of his money that could be affected far away from any chance that he would lose this money because of the bailout.

  There are only two conclusions that I can come to after hearing this news; either Dick Durbin was in fact given inside information, or he knew that the bailout was a bad idea and moved his stocks accordingly. Neither scenario is rather attractive.

  Either way a full investigation should be demanded. It is not the nature of the evidence, it is the seriousness of the charges that needs to be considered. It seems I have heard that argument before.

   We need to find out one way or the other if there was insider trading happening behind closed doors with the Treasury Secretary, the Federal Reserve chairman, and Dick Durbin.

  This is too much of a coincidence to be a coincidence. If he is found guikty he should be sent to one of the gulags that he claims American soldiers are running.