John Boehner liquidated retirement fund

[Donnachaidh]

http://www.politico.com/news/stories/0610/38621.html#ixzz0txHZJVhW

House Minority Leader John Boehner (R-Ohio) purchased about $700,000 in blue chip stocks in December after liquidating a profit-sharing retirement fund.

Late last year, Boehner sold off between $1,000,000 and $5,000,000 of his Nucite Sales profit-sharing retirement plan, according to congressional financial disclosure documents released Wednesday. Nucite was a plastics company that provided the bulk of his wealth. Boehner’s office says he did not control the investment in the retirement fund.

On the day he that unloaded that retirement fund, Boehner bought at least $698,000 in companies such as Goldman Sachs, BP, AT&T, Chevron, ExxonMobil, JPMorgan, Pepsi and Microsoft. He also put between $100,000 and $250,000 in a UBS liquid asset fund.

Boehner also loaded up on $81,000 on bonds and notes from companies like AT&T Wireless, Duke Energy, General Electric and the now-shuttered Bear Stearns.

Read more: http://www.politico.com/news/stories/0610/38621.html#ixzz0u06jBzzt

[proud2BlibKansan]

1. He is vile

and rich too.

[Enthusiast]

7. Vile? Yes. nt

[Ross K]

2. If he could...

.....he'd liquidate retirees!

[butterfly77]

3. Now these are the kinds of stories I like..

we need more of this.

[gateley]

4. Ouch! The most distressing thing is Pelosi's husband sold his Apple stock last year!

He should have hung on just a little longer!

[global1]

5. All Elected Officials Should Have To Put Their Stock Trading On Hold While In Office.......

they should have to put it in just a cash fund. The potential for conflicts of interest is enormous otherwise.

[safeinOhio]

6. good idea

make them park everything in treasuries.

[Catshrink]

10. Remember the Doonesbury cartoons during Poppy's administration?

He had to put his manhood in a blind trust (the Doonesbury version). Poppy hated Trudeau for that.

Actually, he had his portfolio in a blind trust while he was in office. That was the story anyway.

[proud2BlibKansan]

11. I think they should be forbidden to vote on any legislation they may profit from

Imagine the IWR in 2002. Most of Congress would have had to abstain from that vote since they personally profit from the military industrial complex.

[Bitwit1234]

8. Isn't it funny how most republicans become filthy rich

after serving in congress for about four or five years, as compared to the number of Democrats who are cleaning up. I know some Democrats raise their pot, but the republicans out number them ten to one. No wonder they suck up to corporations.

[KharmaTrain]

9. "He Didn't Control The Investment"...

Of course not, he hired someone to do that for him. They get a nice commission for big transactions and didn't have to have their arms twisted to see a quick bailout for Boner and a quick buck for them.

In some fairness (and not much), many investors dumped dog stocks (if they could) and beefed up in blue chippers as a hedge against the continued drop in the market and economy. The timing of the sales is when the market had recovered (from 6500 in March to around 10k by November) and there was a lot of profit taking and re-investing going on.

The real matter is Boner's obvious confict of interest and this is far more damaging in his ability to speak "objectively" on any matter and shows the world how conflicted and corrupt he is. He's a slimy weasel that should never come near being Speaker of the House.

[tex-wyo-dem]

12. Just a thought, but...

I'm sure many cogresscritters have access to econmic data not available to the general investing public. If boner and others are using this knowledge to direct their investing strategy, then IMO this is the same as insider trading, which is, of course, illegal. Not knowing the details of the SEC laws, however, I can't say if it is technically illegal.