11/17/11

Congressman Need To Have Blind Trusts

The President of the United States has to have his assets in a blind trust.  What this means is that they do not know how there assets are being invested thus 'blind'.

Congressman and women do not have to have blind trusts.  You can see the conflict of interest without me bringing it up.

  • Former Speaker of the House Denny Hastert was worth a few hundred thousand dollars when he was elected to Congress. Despite a Congressional salary that topped out at $212,000, he left Congress a millionaire many times over.
  • Current Speaker John Boehner bought healthcare insurance stocks right before the public option in President Obama's healthcare plan was killed. Those stocks took off after the provision was defeated.
  • Former Speaker Nancy Pelosi bought into the Visa (NYSE: V) IPO despite the fact that the House was working on legislation affecting the credit card industry.
  • During the financial crisis in 2008, Chairman of the House Financial Services Committee Spencer Bachus was in a closed door meeting with Federal Reserve Chairman Ben Bernanke that was so secretive cellphones and blackberries were confiscated. The next day, Bachus bought investments that would rise if the market fell.
Ron Paul reported that he has owned gold stocks while voting on spending bills which if not passed would likely increase the value of gold.  Paul has indicated wanting to return to the gold standard and that's fine, what isn't fine is owning gold stocks the entire time.

C'mon people, really?  Just do the right thing.  All congressman and women should have to have all assets outside of bank accounts in a blind trust.