This is worth a laugh
Aug 17th, 2010 by David Anderson
Far be it from me not to get an occasional laugh at Ms. Michele Rollins expense, but it will be good natured. The DNC has put out the fact that Michele Rollins dumped Venezuela Oil bonds just before she decided to run for Congress. The story was picked up by Politico today which gave both sides.
The disclosure, filed with the House clerk’s office, does not include the dates Rollins sold the bond but a spokesman said she “first focused on the asset” as she was beginning to detail her financial holdings for her run for Republican Rep. Mike Castle’s open seat.
“Michele first focused on this asset in July 2010 while reviewing the Form B disclosure report draft prepared by her accounting firm,” spokesman Matthew F. Hunter said. “At that point, she ordered the bonds sold immediately, and she no longer owns any PDVSA securities.”
PDVSA, which owns Citgo, is a major part of Chavez’s Venezuelan political system, providing a strong, steady flow of money into the country’s social infrastructure. Chavez, who has increased the oil entity’s power, has not been the strongest of American allies — in 2009, he called America the greatest terrorist in world history.
Realistically, we all know that a quarter million dollar bond out of a portfolio that may easily be 10,000 times that is not a big deal. Some hedge fund manager likely bought it. Still I can imagine her face when she saw on the list that she was funding a socialist tyrant who undermines the U. S. at every turn. That looks even worse than giving a donation to Joe Biden. It had to be heartburn city.
Not wanting to pile on, my only response is a little joke. The Urquhart campaign congratulates Ms. Rollins on the wisdom of ceasing the funding of socialist dictatorial tyrants bent on destroying freedom and undermining the influence of the United States in the world before she sought to be a leader of the United States. It is nice to see we rank higher than Hugo. It was the right move.
Back to unofficial me. That does beg a serious question? U. S. corporations have far flung investments around the world and the influence of those investments does influence policy on both ends. Where should the line be drawn?
She sold the asset, earning between $50,000 and $100,000
And she beat next year’s increase in capital gains tax from 15% to 20% (plus the 3% health care tax). Smart thinking.
How come Chavez the socialist is the only stock making money these days?
Agreed. Smarter thinking would be for the Obama Regime to abandon the tax hikes next year.
Smarter thinking would be for the Obama Regime to abandon the tax hikes next year.
Obama has disappointed progressives in many ways, but I still don’t think he is going to sign tax cuts for the rich.
It’s simple. If you are looking to profit from an investment, and you don’t think that investment will perform well enough in the coming years to offset the increased tax on that profit, you will take your profit this year before the tax increase. I’m curious about how this will play out in the marketplace, especially when people are already nervous.
It was the right move. As one who has tried to manage a portfolio individually, it takes way too much time to do a better than average job. Finding a good manager allows one to focus on what one is good at. However, giving the responsibility to another comes at the risk that Rollins just discovered.
I am willing to bet 90% of Americans have no clue how their pension funds are invested.
I’ll agree with that. I was stunned to learn what I owned. An oil company, an aircraft manufacturer. Even a car company, until Obama nationalized it.
Anyone who can’t be bothered to know where their own money is invested, certainly shouldn’t be entrusted with making decisions affecting taxpayers’ money. Ninety percent of America is not running for Congress. Hope those of you who profess not to know where your money is invested don’t have a portfolio manager who follows the Keynesian Model of economics.
Realistically, we all know that a quarter million dollar bond out of a portfolio that may easily be 10,000 times that is not a big deal.
Actually, supporting a self-avowed, hate-America Marxist dictator is a ‘big deal,’ and if I were Urquhart, I’d push the issue- hard.
‘Never look a gift horse in the mouth.’