Today's Article
Top U.S.
representatives had
large holdings in the
very financial
institutions which
received billions in
taxpayer bailouts last
year.
representatives had
large holdings in the
very financial
institutions which
received billions in
taxpayer bailouts last
year.
The American Spark
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House Members Owned Stock In Bailed-Out Firms
By Cliff Montgomery - June 26th, 2009
Top U.S. representatives had large holdings in the very financial institutions which received billions in taxpayer
bailouts last year, declares recently released financial disclosure reports.
From stock ownership to mortgages or retirement funds, over 20 House lawmakers held large personal
interests in the Wall Street giants that created last year's economic collapse through unchecked greed and
massive incompetence...and that government officials claimed were just 'to big to fail'.
House Speaker Nancy Pelosi (D-CA) and husband Paul lost between $100,000 and a cool $1 million last year,
thanks to investments in American International Group (AIG). The corporation received $170 billion in federal
loans and other cash payments, easily making AIG the biggest recipient of U.S. bailout dollars.
Republican Whip Eric Cantor (R-VA) and wife Diana possessed stocks, retirement plans and various other
investments worth between $183,000 and $495,000 in many Big Banks which received federal bailout money,
including Morgan Stanley and Goldman Sachs.
And at least 18 lawmakers sitting on the House Financial Services Committee owned stock last year in
companies that received U.S. bailout funds, according to a Washington Post study of lawmakers' financial
disclosure reports which were released on June 10th.
The House Financial Services panel was supposed to oversee the banking and investment industries that
helped bring on the economic meltdown.
Some ethics watchdogs have openly criticized House members who are directly investing in the very
companies they are supposed to police for the American public.
"You wonder if they're voting on things because it's good for the country or because it would increase their
personal wealth," Citizens for Responsibility and Ethics in Washington Executive Director Melanie Sloan
recently told the Post.
The yearly financial disclosure forms had been slated for a June 12th release. But the House clerk--apparently
by mistake--briefly posted online many of the lawmakers' reports, two days early.
These disclosure forms must only broadly state the financial assets and liabilities of a lawmaker, and little else.
Such things as the precise value of finances, primary residence information--including mortgages--and the
annual salaries of spouses do not have to be revealed.
The Pelosis lost hundreds of thousands as AIG's stock lost its value last year. Paul Pelosi reported that he sold
part of his AIG stock on New Year's Eve, 2008. He apparently owned $1,000 to $15,000 of stock in the
company.
The Pelosis' total stock portfolio has fallen at least $730,000 in value since last year's stock market crash. But
they have been able to recoup those losses through gains in other investments.
Nancy Pelosi's husband runs Financial Leasing Services, a San Francisco investment company. The House
speaker thus remains one of the richest members of Congress. Her 22-page financial disclosure report
acknowledged family investments in a Napa Valley vineyard, a Rutherford, CA, hotel resort, a San Francisco
limousine company and a number of San Francisco condos.
Ms. Pelosi reported an income of between $100,000 to $1 million last year from vineyard grape sales alone.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
By Cliff Montgomery - June 26th, 2009
Top U.S. representatives had large holdings in the very financial institutions which received billions in taxpayer
bailouts last year, declares recently released financial disclosure reports.
From stock ownership to mortgages or retirement funds, over 20 House lawmakers held large personal
interests in the Wall Street giants that created last year's economic collapse through unchecked greed and
massive incompetence...and that government officials claimed were just 'to big to fail'.
House Speaker Nancy Pelosi (D-CA) and husband Paul lost between $100,000 and a cool $1 million last year,
thanks to investments in American International Group (AIG). The corporation received $170 billion in federal
loans and other cash payments, easily making AIG the biggest recipient of U.S. bailout dollars.
Republican Whip Eric Cantor (R-VA) and wife Diana possessed stocks, retirement plans and various other
investments worth between $183,000 and $495,000 in many Big Banks which received federal bailout money,
including Morgan Stanley and Goldman Sachs.
And at least 18 lawmakers sitting on the House Financial Services Committee owned stock last year in
companies that received U.S. bailout funds, according to a Washington Post study of lawmakers' financial
disclosure reports which were released on June 10th.
The House Financial Services panel was supposed to oversee the banking and investment industries that
helped bring on the economic meltdown.
Some ethics watchdogs have openly criticized House members who are directly investing in the very
companies they are supposed to police for the American public.
"You wonder if they're voting on things because it's good for the country or because it would increase their
personal wealth," Citizens for Responsibility and Ethics in Washington Executive Director Melanie Sloan
recently told the Post.
The yearly financial disclosure forms had been slated for a June 12th release. But the House clerk--apparently
by mistake--briefly posted online many of the lawmakers' reports, two days early.
These disclosure forms must only broadly state the financial assets and liabilities of a lawmaker, and little else.
Such things as the precise value of finances, primary residence information--including mortgages--and the
annual salaries of spouses do not have to be revealed.
The Pelosis lost hundreds of thousands as AIG's stock lost its value last year. Paul Pelosi reported that he sold
part of his AIG stock on New Year's Eve, 2008. He apparently owned $1,000 to $15,000 of stock in the
company.
The Pelosis' total stock portfolio has fallen at least $730,000 in value since last year's stock market crash. But
they have been able to recoup those losses through gains in other investments.
Nancy Pelosi's husband runs Financial Leasing Services, a San Francisco investment company. The House
speaker thus remains one of the richest members of Congress. Her 22-page financial disclosure report
acknowledged family investments in a Napa Valley vineyard, a Rutherford, CA, hotel resort, a San Francisco
limousine company and a number of San Francisco condos.
Ms. Pelosi reported an income of between $100,000 to $1 million last year from vineyard grape sales alone.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark
e-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
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