Tuesday, October 31, 2006

 

Sue Kelly against investing in mutual funds!

Sounds kind of crazy, huh? Like something only a desperate person might say, instead of a 12 year veteran of Congress. After all more than 90 million Americans own mutual funds, including many of Sue Kelly's constituents. But judging by this video clip, Sue Kelly seems to think you're not a responsible investor if you don't know what stocks your mutual fund manager owns. And studies routinely show that most Americans have no idea what the funds they own invest in.

Of course, if Sue really wants to change the subject from her own unremarkable 12-year record and that of the Bush administration that she actively supports, and poke around into John Hall's financials, she probably should have made sure that her own much larger holdings were sparkly clean first. Yet as we can see by a quick scan of opensecrets.org, Sue has plenty of the very same investments that she wags an accusing finger at John Hall for owning. Of course, there is a key difference: Kelly and her husband, Ed, own these stocks directly, which is a bit different than owning Fidelity Magellan.

So what's in Sue portfolio? A number of companies that Sue has subpoena power over, as chairwoman of the House Subcommittee on Oversight and Investigations, assuming she was actually doing her job. Here's a quick run-down of a few major scandals in Sue's portfolio:

American International Group Earlier this year, AIG reached a $1.64 Billion settlement with Eliot Spitzer over accounting fraud and other issues. Kind of makes one wonder why Sue never poked around in AIG, but perhaps it had something to do with the fact that she owns as much as $100,000 of AIG stock, according to her latest financial disclosure form.

Bed, Bath & Beyond Sue also owns as much as $100,000 worth of Bed, Bath & Beyond stock, which on Oct. 10, announced that the federal Securities and Exchange Commission is investigating the company over its stock options practices dating back to 1993. Oddly enough, Sue's committee has yet to hold a hearing on this growing problem, even though the Wall Street Journal first disclosed the problem back in March.

Then there's Ed's $50,000 investment in Fannie Mae. Fannie Mae has been the subject of multiple federal investigations, though none launched by Sue Kelly.

There's lots of different stocks that Sue and Ed could have bought. Either they have a knack for buying into scandals or they're just lucky that way. Come to think of it, maybe they should have bought some plain-vanilla mutual funds like John Hall did.

Routing around through someone's portfolio isn't particularly enjoyable for anyone. And it doesn't really tell you anything about the type of Congressman that someone will be, which is why John Hall's folks aren't spending their time on this. But Sue Kelly started this game with her ridiculous charges that she's blasting on local airwaves. And, if she wants to continue playing, there's plenty more examples to choose from.

Comments:
Sue is really grasping at straws with the mutual fund stuff; I've never heard anything so ridiculous in my life. I think the voters of NY-19 are smarter than this. And on her vote against the energy bill this year, we all know that she was "released" to vote this way by the Republican leadership because they knew they had the votes to get it passed. Then, she could do back to her district and have something to use to claim independence. Nothing could be further from the truth; Kelly is a "go-along-to-get-along" Republican and there are no ifs, ands, or buts about it. Kelly's crap is just making me angrier and angrier at her incompetence and disrepect for the intelligence of the voters in this district. We have to fire Kelly!
 
Well, if you are going to talk about Sue Kelly's financial investments, and American International Group, your readers should know the WHOLE STORY. Yes, Sue Kelly owns a great deal of stock in this company, but as Paul Harvey would say, "now for the rest of the story". If you look at her FEC filings, you'll find this company through their PAC have also been a LARGE contributor to Sue Kelly's campaign.

As for oil companies...if you go back to 1995 and work your way up to the present, Sue Kelly has had investment holdings in almost EVERY major oil company you could think of.

Maybe Porgie over on You Tube will pick this up and do another video on Sue Kelly between now and the election.

Keep up the GREAT WORK Take 19.
 
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