The Senate’s No. 2 Democrat, Dick Durbin, cashed out nearly $43,000 worth of mutual-fund shares after meeting with Fed and Treasury officials on how to rescue troubled banks, the Chicago Sun-Times is reporting.
Durbin’s financial disclosure statement shows that shows he sold mutual-fund shares the day after he met with Fed and Treasury officials an bought $43,562 worth of Warren Buffet’s Berkshire Hathaway’s Class B stock that same day.
He cashed out more than $115,000 worth of stocks and mutual-fund shares during the stock collapse.
On Wall Street, they’d call this sort of thing “insider trading.” On Capitol Hill, I’d guess they’d call it a “bailout.”
Timing is so important in transactions like this, and in Durbin’s case, it looks like bad timing.
Maybe selling his mutual-fund shares was a part of Durbin’s plan to save the financially troubled banks. Hey, it could happen!
Durbin is the senior senator from Illinois, and it sounds like he might be familiar with the former governor, Rod Blagojevich.