McCain, other lawmakers invested in GSEs: report

[DogPoundPup]

Source: Yahoo/Reuters

WASHINGTON (Reuters) - Dozens of members of the U.S. Congress, including presidential candidate John McCain, had investments last year in Fannie Mae and Freddie Mac, possibly putting a keen edge on their interest in the companies' troubles, a watchdog group said on Wednesday.
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Twenty-eight legislators had between $598,100 and $1.7 million of their own money invested in Fannie and Freddie in 2007, the latest period for which financial disclosure forms are available, said the Center for Responsive Politics.

Republican Arizona Sen. McCain "reported having up to $10,000 invested in the two companies -- up to $9,000 worth in bonds and up to $1,000 worth of stocks," said the nonpartisan center in a report on its Web site at www.opensecrets.org.

Lawmakers who were invested in the companies may have sold off their holdings in the last eight months as the companies' fortunes declined precipitously. Disclosure reports for 2008 are not yet available, the center said.

On Sunday, the federal government seized control of Fannie and Freddie and placed them under federal conservatorship, virtually wiping out investors in their stock.

Fannie shares on Wednesday were off 23 percent at 74 cents each in New York Stock Exchange trading, down from a trailing 52-week high of $68.60, while Freddie shares were off 25 percent at 66 cents each versus a 52-week high of $64.25.

Twelve members of Congress owned between $60,800 and $246,700 of the now almost-worthless stock, said the center.

Read more: http://news.yahoo.com/s/nm/20080910/pl_nm/fannie_freddie_congress_investments_dc

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REUTERS MISSTATES CALIFORNIA REPUBLICAN Rep. Mary Bono Political Party affiliation!!!

<<<California Democratic Rep. Mary Bono held bonds last year in the companies worth between $126,050 and $365,000, "making her investments in Freddie Mac and Fannie Mae more valuable than those of any other member of Congress," the center said.>>>

[Voice for Peace]

1. was this it? lonestarnot's scoop?

[kevinmc]

2. California Democratic Rep. Mary Bono .... Is a Republican .. n/t

[catzies]

3. Ok, so they held them - BUT WHEN DID THEY SELL THEM??

That's what I want to know.

Yes, we know our lawmakers can take advantage of (to put it mildly) information the public never gets, but if they sold on info no one else had that's insider trading.