Insider Trading? Not by You, Senator!

Dick Durbin, the Senate’s No. 2 Democrat, reportedly sold more than $115,000 worth of stocks and mutual-fund shares on Sept. 19, 2008 and used much of the money to invest in Warren Buffett’s Berkshire Hathaway Inc.  The twist, according to Bloomberg, is that he did so “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.”

Insider trading? His spokesman says no, and as we’ve discussed at length, there is no such thing as insider trading by Congress anyway.  Full details are available in this post on my Enforcement Action blog over at Compliance Week.

Photo: AP