Cantor could rake in windfall if debt ceiling isn’t raised
OPS_admin | Jun 30, 2011 | Comments 0
Economists have said that failing to raise the debt ceiling could be catastrophic for the U.S. economy, but at least one lawmaker stands to gain financially if the country defaults on its debts.
House Majority Leader Eric Cantor’s (R-VA) latest financial disclosure statement indicates that he owns up to $15,000 of ProShares Trust Ultrashort 20+ Year Treasury EFT, a fund that will likely skyrocket as U.S. debt becomes less desirable.
“If the debt ceiling isn’t raised, investors would start fleeing U.S. Treasuries,” Motley Fool’s Matt Koppenheffer told Salon. “Yields would rise, prices would fall, and the Proshares ETF should do very well. It would spike.”
“Cantor’s involvement in the fund and negotiations is not ideal,” he added. “I don’t think someone negotiating the debt ceiling should be invested in this kind of an ultra-short… It looks pretty bad.”
Cantor pulled out of negotiations to raise the debt limit last week saying, “Now is the time for these talks to go into abeyance.”
Full Story Here: Cantor could rake in windfall if debt ceiling isn’t raised | The Raw Story.
Filed Under: Crime, Legal Issues
Comments (0)
-
If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
LEGALIZE Democracy
" We the corporations" On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. __________
MOVE to AMEND
a project of the CAMPAIGN TO LEGALIZE Democracy
Help end Corporate personhood
-
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
moveon.org
