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Profit Over Patriotism: Eric Cantor’s History Of Betting Against America

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Thursday, July, 7th, 2011, 7:32 pm

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House Majority Leader Eric Cantor has been betting against the American people and this nation’s economy since 2009.

Jonathan Easley wrote at Salon:

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.

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 is up 3.3 percent. Even if an agreement is ultimately reached before Aug. 2, the fund could continue to benefit between now and then from the uncertainty.

A $15,000 investment is pocket change for a person of Cantor’s means, but the fact that he would bet against his own country speaks volumes about the character of the man.

During a February 28 speech at Harvard, Cantor said, “Our people want the government to do less. Our businesses want us to stop spending money we don’t have,” he said. “We all assume everyone deserves a fair shot at success. Yet many Americans are wondering what happened to their fair shot in life?”

It is interesting that Cantor would dare to speak of fairness when he stands to financially profit from the potential devastation of millions of Americans through a misfortune which he will have helped directly and intentionally cause. In an April 10 appearance on Fox News Sunday, Cantor said, “I have to believe that the president and the White House are beginning to sense the American people get it. You know, we have a fiscal train wreck before us. And unless we act, and act deliberately, we’re not going to enable our kids to have what we have. It’s plain and simple as that.”

What Eric Cantor doesn’t tell anyone is that his investment portfolio reveals that he is rooting for and willing to profit from said fiscal train wreck.

According to A Completely Unofficial Blog About Eric Cantor, the conflict is even more extreme than the Salon article made it appear. From his 2009 disclosure form, here are the investments Cantor selected for himself,

$1-15,000 ProShares Trust Ultrashort 20+ Year Treasury ETF (TBT)
$1-15,000 iShares Barclays TIPS Bond Fund (TIPS)
$1-15,000 WisdomTree International Basic Materials (DBN)
$1-15,000 SPDR SP Metals Mining (XME)

So yeah, that acronym TIPS ring a bell? It should if you read Paul Krugman..
TIPS, as I read it is basically the interest difference between nominal U.S. Bonds and Treasury Inflation-Protected Securities. Eric Cantor’s bet on the iShares Barclay’s TIPS Bond Fund is ANOTHER bet that U.S. Treasury Bonds will lose value (relative to inflation).

Cantor has a history of betting against America. The difference is that in 2011, he now has the power make sure that his bets pay off.

Conflict of interest, abuse of power, it doesn’t matter what you call it. Eric Cantor’s desire to make a profit based on the pain and misery of very people that he has taken an oath to represent is just plain wrong.

Eric Cantor is the Republican House leader who can’t wait to see America fail.

In fact, he’s counting on it.

Your financial destruction will be Eric Cantor’s gain.

I guess this is what Republicans mean when they refer to one of their own as a “Real American.”

Profit Over Patriotism: Eric Cantor’s History Of Betting Against America was written by Guest Contributor for PoliticusUSA.
© PoliticusUSA, Thu, Jul 7th, 2011 — All Rights Reserved

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