Home -> Law Blog Directory -> Criminal Law Blogs -> SECLaw.com

Criminal Law

: SECLaw.com

The "Controversy" Around Senator Durbin

By Mark H. Astarita, Esq.

Running with headlines like Durbin cashed out during big stock collapse newspapers and bloggers are claiming that Senator Dubin traded on inside information when he sold $115,000 worth of stock in late September, 2008.Durbin didn't sell $115,000 in stock on the 19th, he sold $43,000 of unidentified mutual fund shares, and bought $43,000 in Berkshire Hataway. He didn't "cash out" or "sell out" or "dump", he sold one group of stocks and bought another. Later in the month he sold other investments and bought more Berkshire Hathaway.So, no selling based on any information, it is a net wash. And please keep in mind that Lehman went bankrupt and the markets tanked on September 15, 2009, well before the meeting and the sales.Oh, and one more point...continue to full post

Full post as published by SECLaw.com on June 16, 2009 (boomark / email).