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Old 10-15-2013, 07:13 PM  
Mr. Laz Mr. Laz is offline
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GOP's chief debt negotiator invested in fund that will skyrocket by default

MONDAY, JUN 27, 2011 07:25 PM CDT
Eric Cantor’s glaring conflict of interest

He's the GOP's chief debt ceiling negotiator. He's also invested in a fund that will skyrocket if there's a default
BY JONATHAN EASLEY
203 120 0


Eric Cantor's glaring conflict of interest

House Majority Leader Eric Cantor, R-Va., meets with reporters in his office at the Capitol in Washington, Monday, June 13, 2011. Cantor praised Vice President Joe Biden for his shepherding of the bi-partisan Congressional panel working to solve the debt crisis. (AP Photo/J. Scott Applewhite) (Credit: AP)
When Eric Cantor shut down debt ceiling negotiations last week, it did more than just rekindle fears that the U.S. government might soon default on its debt obligations — it also brought him closer to reaping a small financial windfall from his investment in a mutual fund whose performance is directly affected by debt ceiling brinkmanship.

Last year the Wall Street Journal reported that Cantor, the No. 2 Republican in the House, had between $1,000 and $15,000 invested in ProShares Trust Ultrashort 20+ Year Treasury EFT. The fund aggressively “shorts” long-term U.S. Treasury bonds, meaning that it performs well when U.S. debt is undesirable. (A short is when the trader hopes to profit from the decline in the value of an asset.)

According to his latest financial disclosure statement, which covers the year 2010 and has been publicly available since this spring, Cantor still has up to $15,000 in the same fund. Contacted by Salon this week, Cantor’s office gave no indication that the Virginia Republican, who has played a leading role in the debt ceiling negotiations, has divested himself of these holdings since his last filing. Unless an agreement can be reached, the U.S. could begin defaulting on its debt payments on Aug. 2. If that happens and Cantor is still invested in the fund, the value of his holdings would skyrocket.

“If the debt ceiling isn’t raised, investors would start fleeing U.S. Treasuries,” said Matt Koppenheffer, who writes for the investment website the Motley Fool. “Yields would rise, prices would fall, and the Proshares ETF should do very well. It would spike.”

The fund hasn’t significantly spiked yet because many investors believe Congress will eventually raise the debt ceiling. However, since Cantor abruptly called off debt ceiling negotiations last Thursday, the fund is up 3.3 percent. Even if an agreement is ultimately reached before Aug. 2, the fund could continue to benefit between now and then from the uncertainty. (One tactic some speculators are using is to “trade the debt ceiling debate” — that is, to place short-term bets on prices as they fluctuate with the news out of Washington.)
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Old 10-15-2013, 07:21 PM   #2
HonestChieffan HonestChieffan is offline
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Debt negotiator my ass. None of these bastards give a damn about the debt. Like cantor is alone Come on. Grow up .
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Old 10-15-2013, 07:27 PM   #3
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the fund is currently trading significantly lower than when that article was written (2011)
any updates in the last 2 years?
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Old 10-15-2013, 09:49 PM   #4
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Everyone in congress really ought to put their assets in a blind trust like the president. If they have no idea where their money is invested and can not find out, then there's no conflict of interest.
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Old 10-15-2013, 09:52 PM   #5
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Quote:
Originally Posted by HonestChieffan View Post
Debt negotiator my ass. None of these bastards give a damn about the debt. Like cantor is alone Come on. Grow up .
I just wonder what your thread title would have been titled had it been a Dem who pulled this shit off. We already know you're the one who would've started the thread.
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Old 10-15-2013, 10:57 PM   #6
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This story is from 2011?
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Old 10-16-2013, 01:17 AM   #7
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Originally Posted by jspchief View Post
This story is from 2011?

I heard a rumor that Todd Haley might be getting canned soon.
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Old 10-16-2013, 02:36 AM   #8
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A bad day for the government is a good day for the tea party. Please bring back the "old" GOP. At least they negotiated when it mattered.
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Old 10-16-2013, 04:10 AM   #9
Superbowltrashcan Superbowltrashcan is offline
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Cantor and his wife are worth millions. I am as big a bleeding heart liberal as comes along, but a whole 10-15K? If someone thinks the "whopping" windfall that will come his way is gonna do much more than pay for a new Harley, you are just silly. I am sure he is gonna lose a lot more investment wise via other holdings if the default economic predictions occur.....
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Old 10-16-2013, 04:35 AM   #10
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It's ticker is TBT. It is up 2.37% since the government shutdown. Will go much higher with a default.
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Old 10-16-2013, 08:51 AM   #11
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Wow a whole $15k? Man if that doubles he could really buy a boat or a pool or something. I bet he is really hoping and pushing for a default...
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