Economy

Eric Cantor Bets Against the American Economy

As we debate whether or not the Republicans are deliberately attempting to sabotage the economy, don't forget that Eric Cantor has a real life financial stake in America's economic failure. Don't forget this from last June:

[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.

I don't know whether or not Cantor continues to short government bonds, but if he is, he'll make a fortune when and if the government defaults on the debt.

  • andrewdski

    Well, if he hasn’t sold, he’s done a great job “investing” that $15,000. It is now worth a bit over $11,000. Ideology is not a smart investment strategy.

  • mrbrink

    Eric Cantor is the House Majority Leader, not the Whip.

    The Whip is Kevin McCarthy.

    I’ve heard this a couple times now, from varying sources, but to be clear, Eric Cantor isn’t the whip anymore.

    He’s the House Majority Leader of The Free World and he’s a cocksucking pooch humper and his idea of democracy is concentrated in the hands of less than 5% of the population.

    He’s moved up in the world, and that should concern everyone.

  • Another non-surprise. The leadership of the right staking out financial positions that are at least questionable ethically where they could profit from undermining their sworn oath to protect and defend the Constitution? Please…(eyeroll)…

  • ae

    PLEASE make this go viral.Post it on facebook;twitter and every blog you folks know.
    Cantor’s an asshole and we should contact the media and demand answers from him as he was directly involved with the debt ceiling negotiations until he quit THIS week while doing that on the side.

    THIS is a link to all the “News” Networks
    http://theobamadiary.com/contact-the-media/

  • I wonder if he handles his own investments or not. Don’t most high ranking government officials turn their investments over to blind trusts to avoid conflicts of interest?

    • dildenusa

      I’m not sure of the law but I would think that a blind trust would exempt him from disclosing investments. Also $15,000 in a mutual fund is chicken feed. Now if it was 15,000 shares that would be another story since it could be in the millions of dollars in that case.

  • MrDHalen

    Yea, this has to be a serious ethics violation. Thank god our press will follow up on this story and hold him accountable. Oh wait, drop that last part.

  • muselet

    If the US government defaults on the debt, Eric Cantor makes a big profit which will be paid to him in … what? US dollars, which will be dramatically devalued in the wake of the default? Euros, which may well collapse in the economic ripples? Yuan? Gold bullion? Virgins?

    I don’t think Eric Cantor has thought through his investment strategy.

    –alopecia

  • agrazingmoose

    Honestly, I think that we would be better off if the Gambino family held the majority in the House. At least the family has a code of honor.

  • Robert Scalzi

    Wow , How Pro American he is…NOT. This borders on Sedition. If he wasn’t a Congressman it would be just Anti American , but as someone who is in Congress (in a leadership position) and is in effect in a position to make sure the default happens (or not) this is Fucking CRIMINAL, he should be arrested and have to explain himself..Conflict of interest anyone…. what a useless self hating bastard he is.