Lawmakers reworked financial portfolios after talks with Fed, Treasury officials
By Kimberly Kindy, Scott Higham, David S. Fallis and Dan Keating, Washington Post, 6/25/12
In January 2008, President George W. Bush was scrambling to bolster the American economy. The subprime mortgage industry was collapsing, and the Dow Jones industrial average had lost more than 2,000 points in less than three months.
House Minority Leader John A. Boehner became the Bush administrations point person on Capitol Hill to negotiate a $150 billion stimulus package.
In the days that followed, Treasury Secretary Henry M. Paulson Jr. made frequent phone calls and visits to Boehner. Neither Paulson nor Boehner would publicly discuss the progress of their negotiations to shore up the nations financial portfolio.
On Jan. 23, Boehner (R-Ohio) met Paulson for breakfast. Boehner would later report the rearrangement of a portion of his own financial portfolio made on that same day. He sold between $50,000 and $100,000 from a more aggressive mutual fund and moved money into a safer investment.
full: http://www.washingtonpost.com/politics/lawmakers-reworked-financial-portfolios-after-talks-with-fed-treasury-officials/2012/06/24/gJQAnQPg0V_singlePage.html
AC_Mem
(1,979 posts)Maybe there should be a congressional investigation into congressmen moving their money when they were given highly confidential information about the collapse of the 2008 economy.
oh... right, its ok as long as you are a republican.
We need to step up and help the democrats win - our way of life depends on it.
Annette
Skittles
(152,918 posts)The lawmakers, many of whom held leadership positions and committee chairmanships in the House and Senate, changed portions of their portfolios a total of 166 times within two business days of speaking or meeting with the administration officials. The party affiliation of the lawmakers was about evenly divided between Democrats and Republicans, 19 to 15.