make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Burr accused of using insider information

READ MORE:
Senator Richard Burr is causing a stir among political bloggers. After reportedly talking to treasury secretary Henry Paulson during last fall's banking crisis, Burr called his wife and told her to withdraw cash from their bank's ATM. Critics believe the senator used insider information to aid his family. Earlier this week MSNBC's Keith Olbermann called Burr the day's "Worst Person in the World". Burr says the incident was blown out of proportion. “I have opportunities to use information that we hear in Congress every day to make decisions," Burr said. "I have never done that. Nobody's ever questioned my integrity. It's politics, and I think people really are disgusted about the process.” The senator said he wasn't trying to remove all of his money, just enough to get by. Burr added that every American should keep some cash on hand and not be totally dependent on ATMs and banks. Senator Burr has already announced his intent to run for re-election in 2010. He was in Wilmington Friday evening as the keynote speaker at the New Hanover County Republican Party's Reagan Day Dinner.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

If I had any information

If I had any information inside or otherwise that my bank was about to fail, you better believe my money would come out. Can't blame the guy for using common sense.

I'm not a Republican, and I

I'm not a Republican, and I do not care if he runs for re-election or not. However, anyone who listened to a news broadcast during last fall's banking crisis knows they were advising people to not retain any amounts greater than the FDIC would insure in any given bank. That is common sense and that is what the pundits on tv were advising. If he thought the bank was going to fail, he would have called his wife and told her to close out the accounts and withdraw everything instead of getting a few hundred bucks out of the atms. If Chris, Jerry, or Sonya tells you that a hurricane is coming and it might be a good idea to go to the bank and withdraw some cash as if the power goes out the atms won't work, is that illegal in some way or an abuse of power? No, it is common sense and good advice. So was this. They weren't advocating a run on the banks to drain them, simply have some cash on hand. If this made Burr the "worst person in the world" for the day, then all of the despots and tyrants in the world must have had the day off. Along with the murderers, rapists, kidnappers, abusers,.....

Insider information?

I'd suggest that you "experts" look up the elements of proof on what constitutes using insider information for illegal gain. Had he called his wife and told her to sell stock in a bank that as about to fail (and that information was not public knowledge) THAT would be using insider information. Withdrawing money from a bank account in no way. shape, or form constitutes insider trading or any other crime. A bank account is not risk capital or an investment, and is thus not governed by SEC regulations. In fact, it's value is guaranteed by the FDIC, and Burr obviously knows that. Even if he withdrew amounts over what the FDIC guaranteed, he would be doing what every prudent saver should do - never place more than the FDIC guaranteed amount is a bank account. The Socialists are going to have to come up with a LOT more than this imaginary ethical lapse to get Burr out. The truth is that they want him out to get a fillibuster-proof majority and complete their plans for destroying the United States of America.

No kidding

Isn't there like a $400 limit on how much cash you can pull out of an ATM anyway? Somehow I have a feeling that the Burr family has more than $400 in their bank account(s). Again, this would be a real story to me if he was selling stock in the bank, but this is a non-issue. Sounds like they are having a more difficult time finding "the worst person" now that dems are running the senate, house and exec offices... Whatever will they do when they run out of the republicans to pick on?

i COULD NOT AGREE MORE. IF

i COULD NOT AGREE MORE. IF HE GETS IN TROUBLE FOR MINSIDER TRADING, THEN ANYONE WHO HAS PULLED MONEY OUT OF A BANK IN THE PAST YEAR MUST BE ARRESTED. GOOD LUCK WITH THAT ONE.

Time to clean house in

Time to clean house in Washington,DC vote every single one out of office. Then we must demand a term limit be set. They've all been living the life of luxury on the back of we hard working Americans! They have no concept of how much health insurance cost, they don't pay into the social security system, unyet every year they give themselves a pay raise!

so...

so, he had possible information of a banking crises and he made sure if the banks did fail, he had his money hidden under his bed...