Senators Owned Stock in Bailed-Out Banks

Thursday, June 18, 2009
Sen. Bob Corker has delayed reporting his holdings

More details have surfaced about last week’s disclosure of banking investments held by senators who played a key role in crafting the federal bailout of Wall Street. In additions to the likes of House Speaker Nancy Pelosi, who had considerable holdings in financial institutions, almost half of the Senate Banking Committee had Wall Street investments while deliberating over the creation of the Troubled Asset Relief Program (TARP).

Senator Tim Johnson’s (D-SD) portfolio in 2008 and 2009 included interests in Goldman Sachs and Bank of America. Senator Charles Schumer (D-NY) has assets valued between $15,001 and $50,000 in Morgan Stanley and $1,001 to $15,000 in Citibank, according to a review of disclosure forms performed by The Hill. Senator Herb Kohl (D-WI) has a trust (managed by someone else) that includes thousands of dollars in assets in JPMorgan Chase.
The full extent of senatorial conflicts of interest may not be known until August, as some members have filed extensions and delayed reporting their investment holdings. This group includes Republicans Bob Corker (R-TN), who in the past had numerous interests in bailed-out companies, and Bob Bennett (R-UT). Three Democrats who filed extensions are Mark Warner (D-VA), Jeff Merkley (D-OR) and the banking committee’s chairman, Christopher Dodd (D-CT).
-Noel Brinkerhoff
Senators Held Stock in Bailed-out Banks (by Reid Wilson and Kevin Bogardus, The Hill)


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