The story that broke earlier today suggesting that Rep. Paul Ryan (R-WI) may have been among those who traded on insider information at the outset of the financial crisis to make personal gains has been proven untrue.
Benjy Sarlin reports:
"Peter Schweizer, the conservative Hoover Institution fellow whose investigation of insider trading by members of Congress prompted the STOCK Act, said Ryan’s trades bore no resemblance to those by lawmakers like Rep. Spencer Bachus (R-AL), who shorted finance stocks after high-level meetings."There is still something to be learned about the man GOP leaders are parading around as a numbers genius and some sort of budget wizard. Brad DeLong took a long look at the disclosure documents at the heart of the matter before arriving at this takeaway:
"The impression I get from these 27 transactions in individual bank stocks in 12 months, 17 of which involve not net injections or withdrawals but rather switches between banks, is of a guy who simply does not know what he is doing."
There you have it.