Illinois politicians are not known as being particularly adept at avoiding the appearance of impropriety. Dick Durbin is doing his part to keep that stereotype intact. One day after Bernanke and Paulson had a closed meeting with congressional leaders to discuss how to deal with failing banks, the Illinois senator had a very sudden change of heart regarding his personal investments and sold $115k worth of assets himself through his online Charles Schwab account. But far from acting on material non-public information, his spokesman said Durbin was just doing what all the other lemmings were doing at the time.
"Durbin was doing what a lot of other people were doing, taking a look at their savings" and seeing it "start to tank and trying to preserve some level of wealth by getting out of the market," said spokesman Joe Shoemaker