For over seven years, Senator Bob Corker has stood against the U.S. housing system for political gain. Turns out, from 2006 to 2014 he bet against it for tens of millions in personal gain.
The July 1 article Yahoo! Finance begins:
“The idea that Wall Street came out of this thing just fine, thank you, is just something that just grates on people. They think you didn’t just come out fine because it was luck. They think you guys just really gamed this thing real well.”
So said then-Senator Edward E. Kaufman, a Democrat from Delaware, at the Congressional hearing in the spring of 2010 where assorted members of Congress lambasted Goldman Sachs’ activity in the run-up to the financial crisis.
But it turns out two members of Congress actually made money from that crisis, according to publicly available documents. During the crisis years, two now-senators, Mark Warner (D-Va.) who was the governor of Virginia until his Senate term began in 2009, and Bob Corker (R-Tenn.), who took office in 2007, were invested in a fund that appears to have made sizable profits from Goldman products that were designed to bet against the real estate market.
I want to thank you for your continued interest in the plight of the GSEs and our work to see that they and shareholders are justly treated. As always, we’ll continue to let you know about any important developments in the status of the GSEs or the conservatorship. For the latest news on this issue, visit www.investorsunite.org.