Secular Apostate

Insider trading – simple definition: Insider Trading is the trading in a security (buying or selling a stock) based on material information that is not available to the general public. It is prohibited by the US Securities and Exchange Commission (SEC) because it is unfair and would destroy the securities markets by destroying investor confidence… [D]oes that mean you are not an insider unless you are on the company’s management team, financial or development teams, or someone hired to handle the material information? In a word, “No”.The SEC includes in its definition of insiders those who have “temporary” or “constructive” access to the material information.

To read the Securities Act of 1933 for yourself, go here…

So, it is interesting to read, here:

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.

Altogether, Durbin sold investments worth $116,000 in September. By Oct. 2, he had invested $98,046 in Omaha, Neb.-based Berkshire Hathaway, the form shows.

Insider trading? You make the call.

Will there be penalties? Repeat this phrase after me: The Chicago Way. Dick Durbin was Obama’s Senate colleague from Illinois until The One was elected President. Now Obama’s Senate seat is occupied by Senator “Payola” Burris, friend and colleague of former Governor Blagojevich. Have you heard of him? Stinky, stinky Illinois. Stinky, stinky Durbin. Stinky, stinky Obama.

Of course, given the cast of tax cheats already in the Obama Administration, including a Secretary of the Treasury who apparently can’t use TurboTax™, no one should be surprised.

And these people preen on the stage of Moral Authority and Standing Up For The Little Guy.

Pish.

This entry was posted on Monday, June 15th, 2009 at 3:26 pm and is filed under politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.