Housing News

The Members of the House, The Investments, The Issue

Is there something to be suspicious of?

The online community sure knows how to surprise its readers. In a report by the Washington Post, 20 legislators were found out to have millions of investments in Wall Street financial firms in which the government has provided bailout money the past months. It states, “From stock holdings to retirement funds to mortgages, more than 20 House leaders and members of the House Financial Services Committee had large personal stakes in the Wall Street powerhouses whose collapse last year led to an unprecedented government intervention in the marketplace. In some instances, those lawmakers, like millions of other investors, sold their holdings at steep losses while others retained the stocks at greatly diminished value.” Among those in the list include Nancy Pelosi and Eric Cantor of Virginia.

While we expect the members of the House to declare their equity holdings, even high school students would however surmise that there is indeed a conflict of interest when these same folks would be so supportive of bailing out troubled financial institutions while keeping their investments protected. In the same report, it was stated that there was no intention from any of these politicians to take advantage of their positions.

Call us highly suspicious but there’s no denying that these people were motivated to protect their investments. They can always have the benefit of the doubt but we would never waste our time believing how they never thought of their money at stake. Had they faced foreclosure like Main Street America, they’d be scrambling to pressure banks into easing with their bank’s lending practices (then again this would be impossible given their annual incomes). And Pelosi might be asking for higher budget to affect mortgage rates by way of using Treasury bond influences on them.

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