ODDLY, this diary has been removed from the Most Commented list on Daily Kos. Censored? Very odd, indeed. Still, the more people ask this question, the better. For that matter, check out your own Congress people and look at their assets.
A little background to explain the $12,000,000 government bailout of Domino's Pizza.
In 1995, the government created Dairy Management Inc., a nonprofit corporation that has defined its mission as increasing dairy consumption by “offering the products consumers want, where and when they want them.”
2010 - They (Dairy Management) now understand their mission to be subsidizing Domino’s marketing efforts to the tune of $12 million dollars. The idea is for Domino’s to make a cheesier pizza and for Dairy Management to help them sell it.
Here's Cantor's little Domino's Pizza deal.
I don't mean to pick on Eric, but with the GOP primary, the Bain/Mitt attention, the recent "Pizza is a Vegetable Insanity", and Eric's reluctance to pass an END to Congressional Insider Trading, I feel he brought this on himself. (click on colored print to see source)
How on earth can Congress members double, or more (Mitch McConnell is now worth 10 times what he was worth in 2004), their net worth in a recession?
What do they know that average investors don't know? TONS!
How do they get away from the SEC Insider Trading laws? CONGRESS FUNDS THE SEC!
LET'S PUT CONGRESS INSIDER TRADING INTO PERSPECTIVE: Click this link for the entire Congressional Insider Trading history.
A Georgia State University study reveals that US Senators' average annual stock performance from 1993 - 1998 beat the market average by approximately 12.3%.
Corporate insiders on average outperform the market by 7.4% and
stock portfolios of the average US household underperform the market by 1.5%.
Also, you might want to read Congress Trades Goldman Sachs Shares A Lot! AND DOUBLES THEIR NET WORTH since the recession began for a peek into the Assets and Stock Transactions of your Congress members.
Oddly, if you use my source for investments held by members of Congress at the Open Secrets site to search for Domino's Pizza it doesn't show up. However, if you examine Eric's records, Domino's Pizza does show up.
Eric has done quite well in general, and in particular has done very well with his Domino's Pizza stock.
Do you think the 2011 ruling that "Pizza is a vegetable" helped? Oh yes, it helped.
Why Is Eric Cantor Blocking the Congressional Insider Trading Act?
Eric's Domino Pizza stock history FOR THOSE WHO WANT TO GET INTO THE WEEDS WITH ME.
Cantor's records at Open Secrets are only showing two purchases of Domino's Pizza shares in 2005. I crunched the numbers based on value per share and it looks like Eric has 5,000 shares based on the higher values listed at Open Secrets website.
Domino's Pizza Purchased Oct 12 2005 $1,001 to $15,000
Domino's Pizza Purchased Oct 19 2005 $15,001 to $50,000
Asset Valued at: $16,002 to $65,000
Domino's Pizza $51,002 to $115,000
Domino's Pizza $1,001 to $15,000
Not sure why this low value is listed. In 2007, the stock did slide from around $28 to $12/share.
Domino's Pizza $1,001 to $15,000
In 2008, the stock plummeted to approximately $3/share. Thereafter, it just rises and rises.
Domino's Pizza $16,002 to $65,000
Domino's Pizza $101,002 to $265,000 This is difficult to figure out. The high value of Domino's stock in 2010 is $15.95. If Eric still only has 5,000 shares, this asset would be worth approximately $79,750.
If this asset is worth the maximum shown on Eric's 2010 asset list, or $265,000 at the end of 2010, then Cantor would have to have held 16,600 shares.
If Eric has only 5,000 shares, his Domino's Pizza asset is now worth $169,750.
However, if Eric has 16,000 shares then this asset will be worth $543,200. We will have to wait to see what Open Secrets reports for 2011 to find out.
My opinion, not only should their be a ban (duh), but I'd like to see the Rule Against Congressional Insider Trading
1. Have no time contraints, no grandfathering; and
2. Have clause that says "You're Out if caught, effective immediately"