Congressman Who Refuses To Negotiate Raising The Debt Ceiling Is Invested In A Hedge Fund Betting Against Congress Raising The Debt Ceiling

SALON:  Last year the Wall Street Journal reported that Eric Cantor, the No. 2 Republican in the House, had between $1,000 and $15,000 invested in ProShares Trust Ultrashort 20+ Year Treasury EFT. The fund aggressively “shorts” long-term U.S. Treasury bonds, meaning that it performs well when U.S. debt is undesirable. (A short is when the trader hopes to profit from the decline in the value of an asset.) According to his latest financial disclosure statement, which covers the year 2010 and has been publicly available since this spring, Cantor still has up to $15,000 in the same fund. Contacted by Salon […]