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Congressman in charge of debt ceiling talk to make money if US defaults

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posted on Jun, 28 2011 @ 05:40 PM
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Well well well.

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

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.

"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."

Let's say he makes $50 000 from that trade... it's not that much money, but it's for the principle. The guy has a conflict of interest. He should be kicked out of the position as chief negotiator for the debt ceiling talks.

And you can't go after him since congress is immune from insider trading laws. They are above the law.




posted on Jun, 28 2011 @ 05:56 PM
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Originally posted by Vitchilo
And you can't go after him since congress is immune from insider trading laws. They are above the law.


Congress yes...but he is also a person outside of congress and that is where his investments are made. He shouldn't be afforded the protection of congress for decisions and actions that are made outside of work or job related interests.

He isn't investing under the name of "US Congress" he is investing under "Eric Cantor" who's personal financial decisions should have no ties to his elected title.

This unfortunately may apply for prosecution as well as far as "conflict of interest" is concerned. Although I agree there is a 100% conflict of interest between work and personal financials and they do effect eachother.

Everything in this society is a conflict of interest when you really think about it...

Health = conflict of interest
Education = conflict of interest
Energy = conflict of interest
Labor = conflict of interest
Military = conflict of interest
Engeneering/Construction = conflict of interest
Resources = conflict of interest
Technology = conflict of interest

and the conflict ALL STEMS from how $$ is acquired within those industries and how those industries are INTENDED to work and progress.



posted on Jun, 28 2011 @ 06:01 PM
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At the very least he should be brought up on ethics violations. This is just plain wrong in my view.

I'd like to see what he says about this if anyone ever asks him about it.



posted on Jun, 28 2011 @ 06:12 PM
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Originally posted by kro32
At the very least he should be brought up on ethics violations. This is just plain wrong in my view.

I'd like to see what he says about this if anyone ever asks him about it.


I doub't anyone will as the press that are "allowed" to interview and question people such as this are pre-screened and instructed not to "touch" certain topics...and if they do so choose to grow a pair and "touch that topic" it will be a quick "no comment" and that "do good" reporter will never be seen in the MSM again...maybe in some local Kentuky late night news though...maybe...



posted on Jun, 28 2011 @ 06:30 PM
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Originally posted by Sly1one

Originally posted by kro32
At the very least he should be brought up on ethics violations. This is just plain wrong in my view.

I'd like to see what he says about this if anyone ever asks him about it.


I doub't anyone will as the press that are "allowed" to interview and question people such as this are pre-screened and instructed not to "touch" certain topics...and if they do so choose to grow a pair and "touch that topic" it will be a quick "no comment" and that "do good" reporter will never be seen in the MSM again...maybe in some local Kentuky late night news though...maybe...


Or instructed TO do a whole article on it. I, by no means, generally think the MSM does a good job at reporting real issues but I think you've neglected to notice that this article is in Salon, a leading liberal publication. This is the perfect thing for liberal politicians to WANT to talk about and... it appears they have. I'd be very surprised if it didn't appear in more publications especially as the deadline for raising the debt ceiling nears. This is a liberal's dream story...



posted on Jun, 28 2011 @ 08:18 PM
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reply to post by Iamonlyhuman
 


Well I imagine places like msnbc will pick it up. People like Rachel Maddow and Ed Shulz cannot talk about Obama or the Dems since all of that is negative news so recently their entire broadcasts have been about the republicans running for President. This would give them a new topic to add to their hate speech.



posted on Jun, 30 2011 @ 06:26 PM
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We should all bet on the default of the US.. We all know its coming..

But then I was thinking.. If we all bet on this default.. Then the US Dollar would be trash.. SO wouldn't he lose either way?



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