Cantor could rake in windfall if debt ceiling isn’t raised

[Ian David]

Cantor could rake in windfall if debt ceiling isn’t raised

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."

More:
http://www.rawstory.com/rs/2011/06/30/cantor-could-rake-in-windfall-if-debt-ceiling-isnt-raised/

[WheelWalker]

1. K&R

[ThomWV]

2. K&R If the guy holding the economy hostage for his own gain he should be in jail

Its not a matter of he should not be negotiating - he has been negotiating. What he should be next is in jail.

[WhiteTara]

3. I asked if he was committing treason

but was told no. He's just an unethical pig. Oh, I mean republican.

[alfredo]

4. Can he make a big profit off the fear of default?

[Ian David]

5. Yes. His stock went up more than 3% already because of it. n/t

[alfredo]

6. I've put the story up on facebook today.

[WCGreen]

7. Wow, how stupid can one political person be....