GOP Senate Nominee Shorting U.S. Treasury Bonds, Would Profit From Government Default

http://thinkprogress.org/election/2012/07/27/590481/josh-mandel-shorting-treasury-bonds/

By Scott Keyes posted from ThinkProgress Election on Jul 27, 2012 at 12:52 pm

Ohio Senate nominee Josh Mandel (R)
The Republican nominee in Ohio’s Senate race stands to reap a significant financial windfall if the government defaults by not raising the debt ceiling, a move he opposed last year and has indicated he would vote against if elected to the Senate.

According to personal financial disclosure documents examined by ThinkProgress, Josh Mandel’s wife owns an undisclosed amount of ProShares UltraShort 20+ Year Treasury exchange-traded fund (ETF). This ETF aggressively “shorts” U.S. Treasury bills, meaning that it bets against U.S. debt and spikes when Treasury bill values drop. If a default were to occur, the desirability of Treasury bills would plummet and Mandel’s ETF would skyrocket in value.

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