Romney’s Veep Pick Paul Ryan Likes to Trade Stocks: Oddball Bank-Share Trades in Charts
Paul Ryan, Romney’s vice presidential nominee, made a bunch of odd-looking bank trades during the financial crisis. The internet loved the suggestion that this was scandalous insider trading, but that suggestion was quickly shot down -– in part because it looks like he trades about as well as this baby. (We jest.)
The trades are still fascinating to look at, however -- like rubbernecking a wreck on the highway. Using a list of trades published by Berkeley professor Brad DeLong, we compared the trades to the charts of the stocks he traded.
Wells Fargo (WFC)
Ryan sold a Wells Fargo position of between $1,000 and $15,000 on January 14, 2008. Here’s what the stock looked like that month:
And that year:
JPMorgan Chase (JPM)
Ryan sold part of his JPMorgan Chase position, also between $1,000 and $15,000 (as were all his positions, incidentally) on January 22, 2008. He sold more of his position on July 17 and on September 18.
Goldman Sachs (GS)
Go figure, Ryan bought and sold Goldman Sachs stock eight times. He bought on January 22, 2008. He sold on February 22, bought on June 16, sold on August 18, bought on September 18, sold on October 20, sold on November 5, and sold on December 8.
What was it about Ryan and Citigroup? He apparently did not know what to think of it. He sold part of his Citigroup position on January 22, 2008. He then bought stock on February 22, sold again on March 24, bought on April 24, sold on June 16, bought on July 17, sold on August 18, sold on September 18, bought on October 20, and sold on December 8. Whew.
Filed under: Company News