Home About Chat Users Issues Party Candidates Polling Firms Media News Polls Calendar Key Races United States President Senate House Governors International

New User Account
"A historical political resource." 
Email: Password:

  Durbin cashed out during big stock collapse
NEWS DETAILS
Parent(s) Candidate 
Contributorkal 
Last Editedkal  Jun 16, 2009 07:08am
Logged 0
CategoryGeneral
AuthorBloomberg News
MediaNewspaper - Chicago Sun-Times
News DateTuesday, June 16, 2009 01:00:00 PM UTC0:0
DescriptionAs 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.

Altogether, Durbin sold investments worth $116,000 in September. By Oct. 2, he had invested $98,046 in Omaha, Neb.-based Berkshire Hathaway, the form shows.

The Standard & Poor's 500 index plunged 4.7 percent last Sept. 15 after the bankruptcy of Lehman Brothers Holdings Inc. and Bank of America Corp.'s government-engineered takeover of Merrill Lynch & Co. By the end of October, the index had fallen 22.6 percent.

Share
ArticleRead Full Article

NEWS
Date Category Headline Article Contributor

DISCUSSION