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The W - Current Events & Politics - Dean solds stocks on "insider" info
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Grimis
Scrapple








Since: 11.7.02
From: MD

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#1 Posted on | Instant Rating: 7.29
Dean Sold Bank Stock After Becoming Gov.
PETE YOST
Associated Press

WASHINGTON - Howard Dean sold $15,000 in stock in five Vermont banks in 1991 after becoming governor and getting what he says was an "inside report" from the state banking regulator.

"It became clear to me that information I might receive in the future as governor could present a possible conflict of interest," Dean said in a statement Sunday in response to questions about the transaction.

Some Vermont banks were experiencing financial problems around the time Dean became governor unexpectedly following the death of his predecessor in August 1991.

Bank assets in the state declined from 1990 to 1991 and fell even more in the first part of the following year, dropping 1.7 percent through three quarters of 1992. Nonperforming loans doubled from 1987, to $239 million by the end of 1991.

The results were weakened capital positions, suspension of dividends and "plunging stock prices at almost all the large- and medium-sized Vermont banks," Vermont Business Magazine reported in December 1992.

Dean revealed his sale of the bank stocks in a 1994 interview with the same magazine, telling an interviewer that he sold his shares because the state official who regulates banks "came over one day and said, `Here's the inside report on all the banks,' and I went `Yikes.'"

Dean added a few details in his statement Sunday, but did not characterize the nature of the "inside report." Dean's spokesman said that when the candidate returns from the campaign trail in a few days he will go through his tax records to see if he can ascertain the names of the bank stocks he owned.

"When I was working as a doctor and serving part time as lieutenant governor, I purchased approximately $15,000 of Vermont bank stocks," Dean's statement said. "As I volunteered to a Vermont Business Magazine reporter, I sold these stocks shortly after Gov. Snelling died and I unexpectedly became governor when it became clear to me that information I might receive in the future as governor could present a possible conflict of interest."

Dean spokesman Jay Carson said Dean's thinking at the time was "I didn't know I had access to this type of information. Now that I do, I need to sell these stocks to avoid even the appearance of impropriety."

Carson also said that many Vermont bank stocks had climbed substantially in value by 1994, in two cases doubling in value and in another going up 15 times.

Within a few weeks of his elevation from lieutenant governor to governor, Dean legal aide Josh Fitzhugh wrote in a Sept. 4, 1991 memo that "Some bank CEOs would like to meet with the governor to increase their `comfort' level."

"One suggestion is for him to attend an executive board meeting of the VBA," stated Fitzhugh's memo, referring to the Vermont Bankers Association.




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A-MOL
Frankfurter








Since: 26.6.02
From: York, England

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#2 Posted on | Instant Rating: 6.22
You know what, I haven't really followed the lead up to the election, but I'm going to presume Grimis sees him as a threat to GWB due to the amount of Dean threads. Would this be accurate?



...full of energy. Multi-orgasmic, if you will, in a cosmic sort of way."

Jaguar
Knackwurst








Since: 23.1.02
From: Phoenix, AZ

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#3 Posted on | Instant Rating: 5.30
Grimis: Do you believe that this article paints Dean in a negative light? Unless there's more to the story that hasn't been unearthed, it seems like a positive thing for Dean.

AMOL: There's no one else from the Democrats that I'm interested in voting for. I was hoping Wes Clark was going to bring some more to the table, but he just hasn't caught my interest.

-Jag



"I'm going to go now and demand beer money from my representative. We simply must deal with the problem of my sobriety." - PalpatineW
Leroy
Andouille








Since: 7.2.02
From: Huntington, NY

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#4 Posted on | Instant Rating: 3.88
    Originally posted by A-MOL
    You know what, I haven't really followed the lead up to the election, but I'm going to presume Grimis sees him as a threat to GWB due to the amount of Dean threads. Would this be accurate?


I think it's safe to say Grimis would be belittling any potential Democratic nominee, regardless.

Consider it a "preventive strike", although there is no concrete proof he is yet a threat. ;)
ThreepMe
Morcilla








Since: 15.2.02
From: Dallas

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#5 Posted on | Instant Rating: 4.54
    Originally posted by A-MOL
    You know what, I haven't really followed the lead up to the election, but I'm going to presume Grimis sees him as a threat to GWB due to the amount of Dean threads. Would this be accurate?


Considering the amount of defending/pro Bush/Republican threads/replies and the amount of bashing of anything from the Democrats....

I would say that anything that comes close to being a threat to Republicans would be on Grimis' hit list.

So, by default, yes.

;)



I would like to congatulate Al Snow on his contact with La-Z-Boy. Because we all know Al doesn't sell chairs. - Mick Foley
Guru Zim
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Since: 9.12.01
From: Bay City, OR

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#6 Posted on | Instant Rating: 8.83
If only this Grimis person posted to this message board, and could speak for himself...



Willful ignorance of science is not commendable. Refusing to learn the difference between a credible source and a shill is criminally stupid.
AWArulz
Knackwurst








Since: 28.1.02
From: Louisville, KY

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#7 Posted on | Instant Rating: 6.72
I think it's important to expose anyone who runs for a public office.

Tons of material is out there about dubya, but really, no one knows much about the Duck. He is new on the scene, relatively speaking, and obviously, since he's the front-runner, that's who we're talking about.

Just like we heard tons bout dubya in the last election (drinking, how "dumb" he is, alledged drug use, daughters, and much more) we need to know about Dean. He's not just the ex-governor of a backwater state anymore. (apologies to Wieners from Vermont. I would also refer to Indiana, my personal backwater state, as a backwater state).

So sure, we're talking about him. And in case Clark pulls ahead, we have a bunch of stuff on him as well. In our hip pockets. ...

No, when a person gets close to the highest office in the land, reporters with resources look for stories and people with time on our hands like myself and Grimis read them and post them. Because we're basically filling the day.



Rasslin' republicans - visit it soon
godking
Chourico








Since: 20.10.02
From: Toronto

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#8 Posted on | Instant Rating: 2.44
So, wait, what exactly did he do wrong again? He sold stocks to avoid a conflict of interest? OH MAN CALL OUT THE HOUNDS.

If he'd really wanted to make money by anticipating a fall in the price of the stock, he wouldn't have just sold - he would have shorted the stock. Even this article is saying he sold the stocks in 1991 - that means he sold them within five months of unexpectedly assuming the governorship via his predecessor's death (and given that Snelling died on August 14th, it's really four and a half months). There was, one could assume, a reasonable amount of chaos for Dean to overcome.

If this is the best "scandal" the RNC can come up with Dean's sitting pretty in this regard.
Guru Zim
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Since: 9.12.01
From: Bay City, OR

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#9 Posted on | Instant Rating: 8.83
    Originally posted by godking
    So, wait, what exactly did he do wrong again? He sold stocks to avoid a conflict of interest? OH MAN CALL OUT THE HOUNDS.

    If he'd really wanted to make money by anticipating a fall in the price of the stock, he wouldn't have just sold - he would have shorted the stock. Even this article is saying he sold the stocks in 1991 - that means he sold them within five months of unexpectedly assuming the governorship via his predecessor's death (and given that Snelling died on August 14th, it's really four and a half months). There was, one could assume, a reasonable amount of chaos for Dean to overcome.

    If this is the best "scandal" the RNC can come up with Dean's sitting pretty in this regard.


Well, it's hardly the best. I'd say it's an additional "scandal" (small s). Are you telling me that he really didn't have any idea that he would get briefings as gov. on state matters - until he was gov? I don't know, that seems pretty obvious to me - I'd prefer if he just said that he forgot that he had the investment and was reminded by the briefing. It's not like it was millions of dollars - it's possible he just had it in a hedge fund or something. In my mind, it's more the feigned shock that gets me.



Willful ignorance of science is not commendable. Refusing to learn the difference between a credible source and a shill is criminally stupid.
JoshMann
Andouille








Since: 17.11.03
From: Tallahassee, FL

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#10 Posted on | Instant Rating: 3.59
    Originally posted by AWArulz
    I think it's important to expose anyone who runs for a public office.

    Tons of material is out there about dubya, but really, no one knows much about the Duck. He is new on the scene, relatively speaking, and obviously, since he's the front-runner, that's who we're talking about.

    Just like we heard tons bout dubya in the last election (drinking, how "dumb" he is, alledged drug use, daughters, and much more) we need to know about Dean. He's not just the ex-governor of a backwater state anymore. (apologies to Wieners from Vermont. I would also refer to Indiana, my personal backwater state, as a backwater state).

    So sure, we're talking about him. And in case Clark pulls ahead, we have a bunch of stuff on him as well. In our hip pockets. ...

    No, when a person gets close to the highest office in the land, reporters with resources look for stories and people with time on our hands like myself and Grimis read them and post them. Because we're basically filling the day.


I'm all about equal time and whatnot, but it's kinda foolish for either side to claim the moral high ground.

And this is why I hate partisan poltics, because 9 times out of 10 all genuine political arguments break down into a "we're right you're wrong NEENER NEENER NEENER" pep rally.

It's not like there was a blanket denial or the screaming of some right wing conspiracy in the response. But GOD FORBID anyone bring up stuff like Enron and where the Iraq business contracting went to. All of the sudden then it's a massive left-wing conspiracy and a borderline act of treason...and I've said my peace on the whole treason thing and do'nt feel like repeating it.

If you guys want to play Howard Hunt regarding Dean, that's fine...just please don't go all left-wing-media indignant if someone else pulls out something back. If Dean isn't on the level in his answer, I can deal with that...and you know why? I don't carry partisan blinders.

EDIT: The best analogy I can make is like being a fan of a football team and not seeing them fumble the ball or denying that your team's corner just committed pass interference because you're so intent on seeing them win. And there are homers just the same in politics as there are in sports. But then again I'm not crazy about fans who are obsessive homers either.




(edited by Blanket Jackson on 5.1.04 1532)


I Got A Real Red Wagon
vsp
Andouille








Since: 3.1.02
From: Philly

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#11 Posted on | Instant Rating: 0.00
Coming next week:

* Dean wears red tie to fundraiser; obvious salute to his Communist masters

* Dean washes hands with antibacterial soap, ruthlessly murders innocent germs

* Dean seen drinking caffeinated coffee; "We had no idea that he was such a raving drug fiend," claim supporters



"As far as my lack of professional courtesy and my obvious immature humor in referring to using your head as a pickle jar, well, I reserve my courtesy for those whom I respect. Your lack of personal integrity has given me much grief, and I find that thinking of your hollowed-out head sitting on top of my fridge and providing a safe haven for pickles is a comforting thought."
-- the immortal Bill Mattocks
Nate The Snake
Liverwurst








Since: 9.1.02
From: Wichita, Ks

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#12 Posted on | Instant Rating: 4.67
Or, in another case of life imitating the Onion, "Dean shamelessly admits to having sexual relationship with wife!"



Kansas-born and deeply ashamed
The last living La Parka Marka

"They that can give up essential liberty to gain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin
Pool-Boy
Lap cheong








Since: 1.8.02
From: Huntington Beach, CA

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#13 Posted on | Instant Rating: 4.25
Honestly, I think this is one of the few times I will believe what Dean says. Selling his stocks to avoid a conflict of interest is exactly the sort of things all politicians would do. Not from an honest, it would be wrong to have these stocks and access to insider info, rather "Wow, this could really come back and bite me in the future, I really better dump these things."

I rank this right up with the accusations about Haliburton and Cheaney. Fishy enough on the surface to draw a lot of criticism, but in reality quite innocent.

Yeah, Dean sold the stock to cover his butt. It was really the right thing to do. And quite honestly, $15k is a drop in the bucket for him most likely, and I don't think he would do something blatantly illegal to protect that money.



Still on the Shelf- Every Monday

"I will do whatever the Americans want. I saw what they did in Iraq, and I was afraid," -Moamer Kadhafi
AWArulz
Knackwurst








Since: 28.1.02
From: Louisville, KY

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#14 Posted on | Instant Rating: 6.72
    Originally posted by Blanket Jackson

    All of the sudden then it's a massive left-wing conspiracy and a borderline act of treason...and I've said my peace on the whole treason thing and do'nt feel like repeating it.

    If you guys want to play Howard Hunt regarding Dean, that's fine...just please don't go all left-wing-media indignant if someone else pulls out something back. If Dean isn't on the level in his answer, I can deal with that...and you know why? I don't carry partisan blinders.


Well, I don't think I expressed that. I am certainly partisan, and I will say with great confidence that you are too, unless you're dead. Bias is where people are. You may claim you are not partisan, but my experience is that you are. And I don't know you. But so far, I've met no one who is not.

But regardless of that, I am willing to hear arguments from and for both sides. Obviously, I believe in a more conservative agenda - that people are independant and have a right to their own destiny and a right to control their own resources and that our government should be the one stated in the constitution: defending against attack and negotiating with foreign countries on treaties. Not redistributing wealth and building infrastructure. And that basic freedoms be established, within the parameters of safety. So, as long as a candidate adheres to that agenda (mine), I am willing to give them my vote. Or to the one closest to my agenda.

I'll be honest. Bush ain't all that for me. But he's miles closer to what I believe than what Dean is about.

(edited by AWArulz on 5.1.04 2044)


Rasslin' republicans - visit it soon
Grimis
Scrapple








Since: 11.7.02
From: MD

Since last post: 1185 days
Last activity: 982 days
#15 Posted on | Instant Rating: 7.29
I don't think I really implied anything one way or the other. The fact of the matter is that Democrats would be forthing at the mouth if you replaced Dean with Bush in this story

    Originally posted by A-MOL
    You know what, I haven't really followed the lead up to the election, but I'm going to presume Grimis sees him as a threat to GWB due to the amount of Dean threads. Would this be accurate?
No it's not. That's why I want Dean to be nominated.



AWArulz
Knackwurst








Since: 28.1.02
From: Louisville, KY

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#16 Posted on | Instant Rating: 6.72
    Originally posted by vsp
    Dean wears red tie to fundraiser; obvious salute to his Communist masters



Gotta root out them Commies - oh, yeah, Dutch took care of that already, God bless him!

    Originally posted by vsp
    * Dean washes hands with antibacterial soap, ruthlessly murders innocent germs


No, No, that'd be the lefties that believe germs are life. KIll all the bacteria you want. My kids'll make more (it's fun at my house right now - Strep throat for one, and no doubt coming for the other)

    Originally posted by vsp
    Dean seen drinking caffeinated coffee; "We had no idea that he was such a raving drug fiend," claim supporters


He'd lose the Mormon Vote! (Oh yeah, they're family folk - Utah went 67-26 Bush Vs Gore in 2000 (and 4% greenies, who would no doubt vote against Dean for killing Bacteria)



Rasslin' republicans - visit it soon
Grimis
Scrapple








Since: 11.7.02
From: MD

Since last post: 1185 days
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#17 Posted on | Instant Rating: 7.29
Incidentally, would you prefer that Vermont Auditors Faulted Dean Aide on '92 Contract?



A-MOL
Frankfurter








Since: 26.6.02
From: York, England

Since last post: 3790 days
Last activity: 3732 days
#18 Posted on | Instant Rating: 6.22


Is that 'aide' like 'Bush aide shakes hand of Saddam'? ;)



...full of energy. Multi-orgasmic, if you will, in a cosmic sort of way."

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I have to kinda agree and wonder if the right really thought this was something anyone other than their base was going to get behind. Or maybe it was just for their base, but I still don't get it.
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