UPDATE: JUNE 16
Democrat, Dick Durbin cashed out during big stock collapse/ Asset sales came after meeting with Fed, Treasury chiefs
As U.S. stock markets plummeted last September, the Senate’s No. 2 Democrat, Dick Durbin, sold more than $115,000 worth of stocks and mutual-fund shares and used much of the money to invest in Warren Buffett’s Berkshire Hathaway Inc.
The Illinois senator’s 2008 financial disclosure statement shows he sold mutual-fund shares worth $42,696 on Sept. 19, the day after then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged congressional leaders in a closed meeting to craft legislation to help financially troubled banks. The same day, he bought $43,562 worth of Berkshire Hathaway’s Class B stock, the disclosure shows. Read More
Half of the members of the Senate …..
According to the reports detailing senators’ finances in 2008, nearly half of the members of the Senate Banking Committee had holdings in financial institutions that have taken funds from the Troubled Asset Relief Program (TARP). The panel has jurisdiction over the bailout fund and other relief efforts directed by federal regulators to save the nation’s financial system.
Sen. Tim Johnson (D-S.D.), a Banking panel member, has assets in several banks that have taken bailout funds. Along with Goldman Sachs, the senator has several assets in Bank of America funds, worth at least $115,00. Bank of America has received $45 billion in government funds.
Another Democrat invested in bailed-out institutions is Sen. Chuck Schumer (N.Y.). Schumer has assets valued between $15,001 and $50,000 in Morgan Stanley and $1,001 to $15,000 in Citibank, according to his financial disclosure report. Morgan Stanley received $10 billion in TARP money while Citigroup was given $25 billion from the program. Schumer’s assets in the two banks were savings accounts, however, not stock.
Sen. Herb Kohl (D-Wis.), another Banking Committee member, also invested in some of the banks that received federal money. In a separate trust that the senator does not oversee, Kohl had assets valued between $15,001 and $50,000 and another valued from $1,001 to $15,001 in JP MorganChase funds, which received $25 billion in bailout money.
Few Republicans on the committee have significant holdings in companies that have received federal bailout money. Read More
Looks to be that the democrats protected their own investments with tax payers money while not caring about the poor and middle income hard working Americans! And this is what voters put into Washington DC, senators that look out for themselves before looking out for the people of their states!
(1) Corruptocrat Chris Dodd caught lying again
By Michelle Malkin