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