Skip to comments.Barney Frank's wise investing eases stock sting (Banking Queen makes out like a bandit)
Posted on 06/22/2009 7:35:54 PM PDT by Libloather
Frank's wise investing eases stock sting
Published: June 22, 2009 at 11:25 AM
WASHINGTON, June 22 (UPI) -- A conservative investment strategy helped shield Rep. Barney Frank, D-Mass., from being bruised by the battered stock market, his financial report indicates.
Frank, chairman of the House Financial Services Committee, put his $896,000 investment portfolio largely in state and local municipal bonds, the Boston Globe reported after reviewing the financial disclosure reports of Frank and other lawmakers.
"It's not just coincidence -- it's putting my money where my mouth is," said Frank, who has ripped Wall Street for risky financial behavior many blame for the swooning economy. "I made money while other people lost money."
While the stock market dropped by 28 percent last year over 2007, Frank's municipal bond investments earned him $42,000. He also took in more than $10,000 in capital gains from his only stock investment fund, Calvert Social Investment Fund.
Frank's overall investment portfolio dipped from about $1 million at the close of 2007 to slightly less than $900,000 at the end of 2008, the Globe reported. However, the decline was attributed to the congressman's decision to sell some bonds, not a drop in return.
Still no investigation of the Banking Queen.
TAX FREE bonds!
That’s pretty selfish of him. We should all be proud to pay taxes.
They don't call it filthy lucre for nothing.
Why does that make me picture some twenty-something twink prancing around in shorts packed with dollar bills?
This guy should go.
Naw, more like “inside trading”.
Its stunning how someone so dumb and incompetent gets put in such a powerful position. Wait, Come to think of it,
there are others in higher positions......
I guess it doesnt SUCK to be barney frank.
I sure wouldn’t want to put MY money where HIS mouth is...
On the 4th, I’m the one in DC carrying the sign that says:
AUDIT THE FED
AUDIT BARNEY FRANKS
AUDIT NANCY PELOSI
AUDIT CHRIS DODD
AUDIT HARRY REID
I left out someone. Maybe I’ll remember by then.
Why again did Martha Stewart go to prison????
Yep, the wrong ones.
So, he invested all his money in state and local municipal bonds.
And when it looked like the state and local governments were going bankrupt (and would therefore default on his bonds) Franks voted to take 897 billion dollars of my money and give it mostly to these state and local governments, so they wouldn’t go broke and they could pay him.
Meanwhile, Obama stole the money of bondholders who invested in companies like Chrysler, forcing them to take pennies on the dollar.
Drip Drip Drip! SOON!
Please, never use the words "make out" in an article that refers to Barney Frank. It's just too disgusting for words...
“I made money while other people lost money.”
Hmm...I’m getting a Clarence Beaks (Trading Places) vibe here...
But the real story here is that Frank wants the Fed Govt. to insure payment of all municipal bonds and that would insure that his investments are golden.