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The Republican nominee in Ohio’s Senate race stands to reap a significant financial windfall if the government defaults by not raising the debt ceiling, a move he opposed last year and has indicated he would vote against if elected to the Senate.
According to personal financial disclosure documents examined by ThinkProgress, Josh Mandel’s wife owns an undisclosed amount of ProShares UltraShort 20+ Year Treasury exchange-traded fund (ETF). This ETF aggressively “shorts” U.S. Treasury bills, meaning that it bets against U.S. debt and spikes when Treasury bill values drop. If a default were to occur, the desirability of Treasury bills would plummet and Mandel’s ETF would skyrocket in value.
$1,000 or less? That's it? And he's not changing his vote on the issue anyway, so it's not influencing him. What kind of profit can you hope for from an investment that size? $300?
Mandel and his wife’s personal financial disclosure form shows an investment of up to $1,001 in the Treasury-shorting ETF (highlighted in yellow):
In addition, it appears as though Mandel’s wife may own up to $15,000 in additional holdings that bet against U.S. Treasury bonds. As shown below, Mandel lists on page 18 ownership of up to $15,000 of “ProShares Trust Ultrashort (Bond).”