Senators who oversee the $700 billion Wall Street rescue package held stocks in many of the banks bailed out towards the end of last year, according to financial disclosure reports released Friday.
According to the reports detailing senators’ finances in 2008, nearly half of the members of the Senate Banking Committee had holdings in financial institutions that have taken funds from the Troubled Asset Relief Program (TARP). The panel has jurisdiction over the bailout fund and other relief efforts directed by federal regulators to save the nation’s financial system.
For example, Sen. Tim Johnson (D-S.D.), a Banking panel member, has assets in several banks that have taken bailout funds. Along with Goldman Sachs, the senator has several assets in Bank of America funds, worth at least $115,00. Bank of America has received $45 billion in government funds.
Another Democrat invested in bailed-out institutions is Sen. Chuck Schumer (N.Y.). Schumer has assets valued between $15,001 and $50,000 in Morgan Stanley and $1,001 to $15,000 in Citibank, according to his financial disclosure report. Morgan Stanley received $10 billion in TARP money while Citigroup was given $25 billion from the program.
Sen. Herb Kohl (D-Wis.), another Banking Committee member, also invested in some of the banks that received federal money. In a separate trust that the senator does not oversee, Kohl had assets valued between $15,001 and $50,000 and another valued from $1,001 to $15,001 in JP MorganChase funds, which received $25 billion in bailout money.
Few Republicans on the committee have significant holdings in companies that have received federal bailout money.
Sen. David Vitter (R-La.) holds stock valued at between $1,001 and $15,000 in Goldman Sachs, Bank of America and JP MorganChase. He sold stock in Citigroup in March, after the stock had experienced significant losses from highs a year before, and in Wells Fargo in April, when it was below, but near, recent highs.
===snipped===> "And Ye Shall Know The Truth And The Truth Shall Set You Free"
WAKE UP AMERICA....IT$ OUR COUNTRY!!!
Love "Light" and Energy
[Report: 237 millionaires in Congress] No kidding!!!!!!!
[Billionaire Madoff tied to intelligence agencie$; THE BIG DUHHH]
Member$ of US House Financial $ervices Committee $napped Up or Dumped Bank $tocks as Bottom Fell Out of Market
Top 10 Richest US Senators' Top Stock Trades in 2007 & Potential Conflicts of Interest: