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New York

Cox: Gillibrand Touts STOCK Act While Betting Against America

Today New York GOP Chairman Ed Cox responded to Senator Gillibrand’s new ad highlighting transparency in Washington and passage of the STOCK Act:
“Senator Gillibrand once again demonstrates an uncanny ability to say one thing and do another.  In her latest campaign ad, she touts transparency in Washington and uses passage of the STOCK Act as an example of her record of accomplishment.
“True to form, Senator Gillibrand has done an about-face and is now trying to claim credit as a champion of reform of the broken rules she exploited and profited from. 
“During the worst years of the financial crisis, a close examination of the trading activity by Jonathan and Kirsten Gillibrand reveals a strategy with a singular focus – betting against America.
“Based on the number and frequency of the Gillibrands reported trades, it’s clear that it was a daily focus with huge stretches of time dedicated to shorting American companies.  Further, the Gillibrands’ strategy was so narrowly targeted at profiting from the demise of the U.S. housing sector that it’s disgraceful, not to mention simple-minded and clearly beneath a U.S. Senator.
“If Senator Gillibrand is genuinely concerned with transparency and serious about cleaning up corruption in Washington, she should disclose to the public where she got the foresight to invest against the housing market at a time when most of the country was unaware of its imminent collapse.”
The facts:
  • 2005: $2K – $30K nominal value year-end short positions; $201 – $1K in income for the year from shorts.
  • 2006: $0 nominal value year end short positions; $202 – $1200 in income for the year from shorts; 17 transactions of face value btw $5K and $75K.  (The same year they reported the nominal value of their calls to be btw $1K and $15K.)
  • 2007: $38K – $220K nominal value year end short positions; $52K – $165K in income from that; 141 total transactions in total nominal amount of btw $62K and $763K.  (No calls.)
  • 2008: $2K – $55K of nominal value year end short positions; $275K – $763K in income; 258 transactions in a nominal amount of btw $455K and $1.95mm.  (The same year they reported calls with value of btw only $17K and $84K.)
  • 2009: 0 – $2K of nominal value year end short positions; $5K – $16K in income off of 7 transactions in total amount of btw $5K and $75K.  (The same year they reported calls with value of btw $17K and $81K.)
  • 2010: 0 in year end short positions; 0 in income; 15 transactions of btw $6K and $91K in nominal value.
TOTALS: Between 2005 and 2010, he reported between $332K and $946K in income from shorting the US mortgage industry, housing industry and overall economy.  There are 441 transactions in total.  Nominal amounts of all transactions are between $533K and $2.96mm. 
More detailed information available on request.

Rusty Weiss

Rusty Weiss is a freelance journalist focusing on the conservative movement and its political agenda. He has been writing conservatively charged articles for several years in the upstate New York area, and his writings have appeared in the Daily Caller, American Thinker,, Big Government, the Times Union, and the Troy Record. He is also Editor of one of the top conservative blogs of 2012, the Mental Recession.

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