http://thinkprogress.org/election/2012/07/27/590481/josh-mandel-shorting-treasury-bonds/
The Republican nominee in Ohios Senate race stands to reap a significant financial windfall if the government defaults by not raising the debt ceiling, a move he opposed last year and has indicated he would vote against if elected to the Senate.
According to personal financial disclosure documents examined by ThinkProgress, Josh Mandels wife owns an undisclosed amount of ProShares UltraShort 20+ Year Treasury exchange-traded fund (ETF). This ETF aggressively shorts U.S. Treasury bills, meaning that it bets against U.S. debt and spikes when Treasury bill values drop. If a default were to occur, the desirability of Treasury bills would plummet and Mandels ETF would skyrocket in value.
That precise scenario could become more likely if Mandel wins his race against Sen. Sherrod Brown (D-OH). One of the top issues Mandel lists on his website is to Stop increasing the debt ceiling. Similarly, when Congress was embroiled in the debt ceiling fight last year, he stated that he would have voted against the debt deal that narrowly staved off a default.
Mandel and his wifes personal financial disclosure form shows an investment of up to $1,001 in the Treasury-shorting ETF (highlighted in yellow):