Congressional Hypocrites Were Betting Against Stocks As Country Collapsed | |
Published on 05-04-2010 | Email To Friend Print Version |
Source: Business Insider Remember all that scorn in Congress about evil shortsellers betting against America and bringing the country down? Well, it turns out Congress-people did it, too. And they used derivatives to do it, which they now say they abhor. (For the record, we have no problem with shortselling or derivatives, and we find the routine scapegoating of both after market
crashes ludicrous. But if you're going to complain about how awful And, yes, most of the folks here were just betting against stocks, not actually selling stocks short. But it's the same idea. To use
their own tortured, populist logic, they were betting against the Jason Zweig, Tom McGinty, and Brody Mullins in the WSJ: Some members of Congress made risky bets with their own money that U.S. stocks or bonds would fall during the
financial crisis, a Wall Street Journal analysis of congressional Senators have criticized Goldman Sachs Group Inc. for profiting from the housing collapse. And Congress is
considering legislation to curb Wall Street risk-taking, including the According to The Journal's analysis of congressional disclosures, investment accounts of 13 members of
Congress or their spouses show bearish bets made in 2008 via |
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