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U.S. VP Candidate Ryan Sold Bank Shares on Day of Fed Briefing - Report

DOW JONES NEWSWIRES U.S. Rep. Paul Ryan, Mitt Romney's vice-presidential running mate on the Republican ticket, sold stock in U.S. banks on the same day he attended a confidential meeting where top-level officials disclosed the sector was heading for a deep crisis, The Guardian newpsaper in the U.K. reported on its website. The congressman is facing questions about whether he profited from information gleaned from the meeting on Sept. 18, 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector, the newspaper said. Public records show that on the same day, Ryan sold stock in troubled banks including Wachovia and Citigroup (C) and bought shares in Goldman Sachs (GS), Paulson's old employer and a bank that had been disclosed to be stronger than many of its rivals, The Guardian said. The sale wasn't illegal at the time, the newspaper added. Not long after the meeting, Wachovia's already troubled share price went into free fall, The Guardian said. It plunged 39% on the afternoon of Sept. 26, 2008, alone as investors worried the bank would collapse, the newspaper said. It was eventually taken over by Wells Fargo for $15 billion, a fraction of its former value, The Guardian said. Citigroup's share price fell soon after the meeting, the U.K. newspaper said. In October 2008 Citigroup was among the largest beneficiary of the troubled asset relief program, the taxpayer-funded bailout of the banking sector, The Guardian said. Newspaper website: http://guardian.co.uk Dow Jones Newswires; dennis.baker@dowjones.com Order free Annual Report for Goldman Sachs Group, Inc. Visit http://djnweurope.ar.wilink.com/?ticker=US38141G1040 or call +44 (0)208 391 6028 Order free Annual Report for Wells Fargo & Co. Visit http://djnweurope.ar.wilink.com/?ticker=US9497461015 or call +44 (0)208 391 6028

Stock News for Citigroup (C)
DateTimeHeadline
02/26/201517:24:56Citigroup to Back Proxy Access for Investors-Update
02/25/201519:19:18Citi, Wells Fargo Detail Regulatory Issues
02/25/201519:03:11Morgan Stanley to Pay $2.6 Billion to Settle Mortgage Cases...
02/23/201513:41:04Goldman Sachs Could Face Lawsuit Related to Mortgage-Bond Sales...
02/22/201518:17:13In U.S., Stocks Hit Records as Volatility Slips
02/20/201519:03:11Springleaf in Exclusive Talks to Buy Citigroup's OneMain
02/20/201511:27:09Citigroup's Consumer Banking Head to Retire in June--Update
02/20/201508:58:22Citigroup CEO Corbat's 2014 Compensation Falls to $13 Million
02/20/201507:31:30Sika: Management Rejects Saint-Gobain Offer to Meet Over Takeover
02/19/201517:28:37Bombardier to Issue C$750 Million of Equity
02/17/201512:54:15FXCM to Stop Trading in Selected Currencies
02/17/201509:03:16Economist Peter Blair Henry to Join Citigroup's Board

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