Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Senator's Mutual Fund Sales Fall Under Scrutiny Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 16, 2009

A Senator's Mutual Fund Sales Fall Under Scrutiny

by: Meredith Mazzilli

Speculation has swirled as of late around the mutual fund trades carried out by Senator Dick Durbin last fall. Durbin’s financial statements show that he unloaded nearly $43,000 in mutual fund shares after he was urged in a closed meeting by former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke to help pull together bank bailout legislation. Durbin then turned around the same day and purchased $43,562 worth of Berkshire Hathaway’s Class B stock.

On Monday Fox News asked "Did a Powerful Democratic Senator Use Inside Information for Financial Gain?" and Bloomberg also reported on Durbin’s selling activity.

Some claim that there was nothing unusual about Durbin’s trading activity, and that he was simply acting as any investor may be expected to in a similar situation. Furthermore, the information regarding the bailout was disclosed publicly the next day.

Spokesman Joe Shoemaker noted that "Durbin was going what a lot of other people were doing, taking a look at their savings start to tank and trying to preserve some level of wealth by getting out of the market." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use