Wednesday, November 17, 2010

How Come Members of Congress Investments Made Money?

The rest of us were wiped out and they made a killing...

Stock holdings are among the assets covered in the report, and the investing tastes of Congress appear to be somewhat conventional, with large-cap, Dow 30 members dominating the widely-held list.

General Electric [GE 15.87 0.01 (+0.06%) ] , parent company of CNBC, is No. 1, with 82 current members of Congress listing it. Rounding out the top five are:Bank of America [BAC 11.729 -0.211 (-1.77%) ] (63), Cisco Systems [CSCO 19.58 0.145 (+0.75%) ](61), Proctor & Gamble [PG 63.415 -0.035 (-0.06%) ](61) and Microsoft [MSFT 25.745 -0.065 (-0.25%) ](54).

In another context, however, Beltway watchers might find it unsettling that some of the most widely-held stocks are those of companies at the center of the financial crisis in 2008-2009.


In addition to Bank of America, Goldman Sachs [GS 165.53 0.43 (+0.26%) ] , Wells Fargo[WFC 26.91 -0.28 (-1.03%) ] , JPMorgan Chase [JPM 39.19 -0.42 (-1.06%) ] and Citigroup[C 4.185 -0.035 (-0.83%) ] were popular holdings. All of them received funding under the TARP. Morgan Stanley, General Motorsand AIG are not on the list.

Another big sector is health care-drugs, which, like financial services, was the subject of major reform legislation in 2009.

Drug industry giants like Pfizer [PFE 16.5793 -0.0207 (-0.12%) ] , for instance, ranked seventh on the list, with 49 members disclosing ownership. RivalsJohnson & Johnson [JNJ 63.12 -0.02 (-0.03%) ] andMerck [MRK 34.6862 0.5862 (+1.72%) ] also made the list of 50 companies.

No comments:

Post a Comment