6.27.2009

Who's guarding the hen house?

WASHINGTON -- As financial markets tumbled and the government worked to stave off panic by pumping billions of dollars into banks last fall, several members of Congress who oversee the banking industry were grabbing up or dumping bank stocks.

Anticipating bargains or profits or just trying to unload before the bottom fell out, these members of the House Financial Services Committee or brokers on their behalf were buying and selling stocks including Bank of America and Citigroup -- some of the very corporations their committee would later rap for greed, a Plain Dealer examination of congressional stock market transactions shows.

link: Members of U.S. House Financial Services Committee snapped up or dumped bank stocks as bottom fell out of market - Metro - cleveland.com


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