Eric Cantor, House Minority Whip: Betting Against America?

Time to call the Cantor the Clown and let him know we know.

From Think Progress:

Eric Cantor’s financial disclosures reveal that he bets against U.S. Treasury bonds.

[Cantor], the Republican whip in the House of Representatives, bought up to $15,000 in shares of ProShares Trust Ultrashort 20+ Year Treasury ETF last December, according to his 2009 financial disclosure statement. The exchange-traded fund takes a short position in long-dated government bonds. In effect, it is a bet against U.S. government bonds — and perhaps on inflation in the future.

If Cantor truly cares about “America’s prosperity,” one would have to wonder why he is literally betting against its financial future. The Washington Independent’s Annie Lowrey adds that “Cantor is not a very canny investor. The fund is down 31 percent this year.”

  Who do you suppose will profit most from the economy tanking?

Please call HOUSE MINORITY WHIP Eric Cantor, and ask him where is he making sacrifices for America?

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12 Responses to Eric Cantor, House Minority Whip: Betting Against America?

  1. The Last Word:

    White House: Eric Cantor did not say a word in the meeting. Did Potus put him in his place or what?

  2. Cantor’s bet against U.S. should be criticized

    U.S. Rep. Mike Rogers, those voters living in Livingston County and the 8th Congressional District would greatly appreciate knowing your position on a fellow congressman selling U.S. Treasury Bonds short. (Short sales make money when U.S. Treasury Bonds fall in value and their interest rate increases.)

    In a Wall Street Journal story, it was revealed that House Majority Leader Eric Cantor had as much as $15,000 invested in ProShares Trust Ultrashort 20-plus Year Treasury Exchange Traded Funds. As the name implies, this mutual fund aggressively shorts long-term U.S. Treasury Bonds. The ProShares EFT produces maximum return on investment when U.S. Treasury Bonds lose value and the interest rate the U.S. has to pay for bonds sold increases.

    Cantor, R-Va., recently shut down negotiations on increasing the debt ceiling that would allow the United States to pay its bills including the interest on the national debt. If the United States should default, Congressman Cantor would maximize the profit on his bet against the United States of America. This is a blatant conflict of interest and brings into question his ability to continue in his present role in Congress.

  3. creolechild says:

    Again, thanks to Paddy and The Political Carnival for covering this!

    Video- Damning Unaired 1994 Ad Could Still Hurt Romney

  4. GOP Negotiations/Conflict of Interest?

    What would happen if Republicans positioned themselves to gain monetary rewards if the debt ceiling is not raised? Would there be repercussions for a House Majority Leader who stands to win financial gain for tanking our economy? Would you believe that this is not merely a hypothetical? reported:

    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 was up 3.3%.

    Or in other words, the person who is playing hardball in bipartisan debt discussions stands to benefit substantially if negotiations collapse and the debt ceiling is not raised, causing the U.S. to default on their loans.
    Our elected officials should be working towards stabilizing our economy, not betting against it.

    -Eric Cantor’s Investment, Susan Davis, Wall Street Journal, 6/18/10,

    -Eric Cantor’s glaring conflict of interest,, 6/27/10

    • Ametia says:

      Keep bringing it, SG2. this is what Halperin, Chuckie T and nem should be reporting on, but naw its WEINERS & DICKS! Penis eny is so not attractive.

    • rikyrah says:

      Boehner: ‘I Have No Idea’ Whether McConnell Debt Backup Plan Could Pass House

      House Speaker John Boehner (R-OH) kept the door wide open Thursday to foregoing a deficit reduction plan and giving President Obama the authority to raise the debt limit unilaterally, with no policy strings attached. But pressed on whether this strategy, first proposed by Senate Minority Leader Mitch McConnell, would pass the House if all else failed, he couldn’t say.

      “Mitch described his proposal as a last ditch effort in case in case we’re unable to do anything else,” Boehner said at his weekly press availability, “And what may look like something less than optimal today, if we’re unable to get to an agreement, might look pretty good a couple of weeks from now.”

      McConnell’s plan would give Obama the power to raise the debt limit, contingent on notifying Congress and vetoing a so-called “resolution of disapproval.” He and Senate Majority Leader Harry Reid are currently hammering out specifics, which would likely include some deficit reduction measures.

      “I think it’s worth keeping on the table,” Boehner said. “There are a lot of options that people have floated and frankly I think it’s an option that may be worthy at some point.”

      I asked Boehner whether, under the worst-case scenario, such a plan could pass the House of Representatives.

      “I have no idea,” Boehner said.

      President Obama has admonished Boehner and other Congressional negotiators that they must decide on a path to resolving the debt limit impasse by Friday.

  5. Pingback: Afternoon Open Thread - Jack & Jill Politics

  6. What’s up, Eric? Are you betting against your own country?

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