House Speaker Nancy Pelosi and her husband took a bath on some investments last year, notably on his AIG stock, which lost between $100,000 and $1 million in value from 2007, according to financial disclosure reports cited by both the Washington Post and the Wall Street Journal this morning.
Michigan Democrat Thaddeus McCotter was left holding the bag on Chrysler stock, of which he once owned as much as $15,000 worth, now worth a tiny fraction of that amount.
Yes, for all of their keen insight and fine executive skills, elected officials can still lose money in the market, it seems.
Sometimes they can do it rather efficiently: Rep. Dave Camp (R-MI) bought Citigroup stock in September 2008, only to sell it for a 30 percent loss a few weeks later, the Journal found.
Though they can lose money as well as anyone, they don’t always feel the same pain: while the Pelosis are no doubt unhappy about their AIG loss, they “made up those losses in other investment gains,” the Post reported. The couple’s net worth hovered between $25.1 million and $84.4 million at the end of 2008, the Journal notes.