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. Cantor scams the USA
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." If America defaults on its debts for the first time ever, then some clever schemers can walk away with $$ millions.
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. The Republicans' point man in the budget negotiations stands to rake in $ millions if the USA defaults on its debts for the first time since 1776.
The Democratic resolution argues that Cantor "stands to profit from U.S. treasury default, which thereby raises the appearance of a conflict of interest," and that he "may be sabotaging [debt ceiling] negotiations for his own personal gain."
"Majority Leader Cantor has compromised the dignity and integrity of the Members of the House by raising the appearance of a conflict of interest in negotiations with the executive branch over raising the debt ceiling," adds the measure.
According to Dayspring, Cantor owns a sizable investment in the ProShares trust. His congressional pension in the Thrift Savings Plan also is invested in the G Fund of government bonds and is valued at over $263,000. The value of his investment in the ProShares fund is highly variable and could change significantly if the government defaults, an event that would trigger hefty profits for Cantor. If Cantor can trash the negotiations, then his investment would skyrocket. Americans seem to think that their "representatives" are working on their behave, but some are more interested in profiting from a difficult situation at the expense of the rest of us.
"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.
Why can't we just have honest negotiators doing the people's business? Where did all the adults go? Did they all die?