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.
As Brian says, Dick Durbin is another reason to repeal the 17th Amendment. Until the federal government gets out of the financial regulation business, this kind of corruption is going to happen. I'm reminded of this.
2 comments:
Of course, after the 17th is repealed, the states, through their Senators, could decide that federal regulation of the financial sector is fine and dandy with them. After all, an appointed Senate passed an abomination known as the Alien and Sedition Acts in 1798 (if I have the year down correctly).
Mike P.
There is no form of government of which I'm aware that cannot pass a bad law. If you know of one, I'd love to hear about it.
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