Eric Cantor's Conflict of Interest re: Debt Limit

From the Daily Caller:
Eric Cantor Hit By Democrats For Potentially Profiting From U.S. Default

House Majority Leader Eric Cantor (R-VA) could face a resolution brought by House Democrats accusing him of having a conflict of interest in the debate over the debt ceiling, the Huffington Post reported late Friday.

According to the resolution, Cantor’s investment in ProShares Trust Ultrashort 20+ Year Treasury ETF means he could stand to gain if the debt ceiling is not raised. The fund bets against U.S. government bonds, and if the country were to default on its debts, the value of Cantor’s fund could increase. (Rep. Cuellar: Cantor’s withdrawal from budget talks good for Democrats)

Read more: http://dailycaller.com/2011/07/09/does-eric-cantor-have-a-conflict-of-interest-in-debt-ceiling-debate/


From Huffington Post:
Eric Cantor Hit By Democrats For Potentially Profiting From U.S. Default

House Democrats are circulating a resolution accusing House Majority Leader Eric Cantor (R-Va.) of having a conflict of interest in the debt ceiling debate, a move that could provide an awkward C-SPAN moment for one of the lead Republicans in the budget negotiations.

The resolution goes after Cantor's investment in ProShares Trust Ultrashort 20+ Year Treasury ETF, a fund that "takes a short position in long-dated government bonds."

The fund is essentially a bet against U.S. government bonds. If the debt ceiling is not raised and the United States defaults on its debts, the value of Cantor's fund would likely increase.

... Read more: http://www.huffingtonpost.com/2011/07/08/eric-cantor-conflict-interest-debt-limit_n_893354.html

The resolution is unlikely to be ruled valid by the parliamentarian, but it could certainly create an uncomfortable bit of political theater when it's read.

"Given the language in this resolution, obviously that would be incendiary, if you chose the right moment," said a House Democratic aide who added that right now, it appeared the party was still shopping around for a member willing to put it on the floor.

:grr::grr::grr:

Kinda like the people who bought "put" options on the airlines just before 9/11.

I bet half the Republicans there can't stand him, but we know how they cover up their own. (Unlike Pelosi asking for an investigation into Wu.)