Observations and musings on Jacksonville Politics

FL Representative Under Fire For Stock Trades

The Cleveland Plain-Dealer has named US Rep Ginny Brown-Waite (R-Brooksville) as one of the members of the U.S. House Financial Services Committee who engaged in the trading of financial stocks as the bottom fell out of the market last year.  The trades were ironic, the Plain-Dealer said, because these same Representatives would later sit in judgement of these same companies, criticizing them for “greed.”  Some of the trades occurred on the same day Congress voted on bank bailout legislation.

According to the Plain-Dealer, Ms. Brown-Waite purchased up to $15,000 in Citigroup stock the day before the House passed the bailout legislation.  Less than two weeks later, on the same day Bush Treasury Secretary Henry Paulson was pressuring banks to accept the bailout money, Ms. Brown-Waite purchased up to $15,000 in Bank of America stock.

Of course, the lesson here might be to never look to a member of Congress for investment advice.  On October 2, 2008, Citigroup stock was trading at $22.50.  It closed on June 29, 2009 at $3.02.  On October 13, 2008, Bank of America stock was trading at $22.79.  It closed on June 29, 2009 at $13.19.

Ms. Brown-Waite was certainly not the only member of Congress involved in the trades.  The full article can be found here.


Filed under: Florida, Florida Politics, , , , , ,

7 Responses - Comments are closed.

  1. Jim in St. Johns says:

    But the selective headline of your story only mentions the Florida Republican who is “under fire” – care to mention the liberal democrats who are involved?

    Oops, I forgot, JaxPoliticsOnline is a shrill for the left. Sorry.

  2. Abel Harding says:

    Lol. A shrill for the left? I highlighted the one Florida Representative involved—this is not a blog that deals with national stories. We focus on stories that involve Jacksonville and Florida politics.

  3. Seamore Jane says:

    St. Johns gives us the music of the final death moan of the party of middle aged white men. That said, we need a two party system – reds need to get back on their feet and build a new party. We all (Ds and Rs) need the Republican party to be better.

  4. Jim in St. Johns says:

    Goodness Jane, at one time in the South the Democratic Party was the “party of the middle aged white man”, in fact, it was the party of most “white men”.

    That all began to change when the Dems nominated McGovern in ’72. Look at the recent history of the realignment in the South.

    The national media does a pretty good job of the daily drumbeat that “the GOP is dead” as it does as a shrill for Obama. Moderates elected Obama. If Obama continues to favor more left wing policies (I never LISTEN to what Obama SAYS, I WATCH what he DOES.) the moderates will desert him. Obama’s major advantage, in this country of decaying educational standards, is a fully fawning and compliant media, with the obvious exception of Fox (which we all know Obama is very thin skinned about).

    So, GOP ain’t dead – it’s just asleep. Time will come.

    Abel, better pay attention to national politics – with Obama and the grwoing power of the Fed everything that happens here will depend upon what happens in DC, not Tallahassee.

  5. Seamore Jane says:

    for the record, I am a middle aged white man. But I look good baby!

  6. Cammie says:

    I completely agree with Abel, there’s no need for this particular article to go in to the others accused of the same thing. For one, the others all commented immediately, it was Congresswoman Brown-Waite who chose to remain silent. Second, I prefer to be informed about politicians in my neck of the woods, as they are the ones on MY ballot.

  7. Abel Harding says:

    Getting caught up on comments…. I hear what you are saying, Jim. I didn’t intend for it to sound as if I blow off national politics—I’m a self-professed political junkie. In other words, at any given time, I have way too many useless facts in my head about who is running for Senate in New Hampshire or what Chris Dodd’s chances of re-election are looking like…

    However, on this blog, I try to differentiate myself and focus on local politics. There are so many sources for national politics—talk radio, huge blogs, national media, etc. But, local politics are another story. And, local is where we have the hope of making the biggest impact.

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