North Carolina's Dole, Hayes have millions in AIG stock

[babylonsister]

North Carolina's Dole, Hayes have millions in AIG stock
By Lisa Zagaroli | McClatchy Newspapers


WASHINGTON — Some N.C. members of Congress have more than a typical stake in the health of the financial services industry.

Most notable are Rep. Robin Hayes, a Concord Republican, and Sen. Elizabeth Dole, R-N.C., who have substantial personal investments in American International Group, the insurance giant that was rescued by a federal loan.

Hayes had between $2.8 million and $11.5 million of his personal fortune invested in AIG, according to his 2007 personal financial disclosure forms. That was more than any other member of Congress, the Center for Responsive Politics said.

Dole had between $1.1 million and $5.3 million invested in the company's stock. Lawmakers are required to report each asset in ranges, such as $500,000 to $1 million, rather than specific amounts.

Lawmakers may be asked in coming days to vote on a major bailout of the industry, with price tags as high as $700 billion for the White House's initial proposal.

“At the same time members of Congress are sorting out what the cost of this is to taxpayers, there's also a cost and a potential benefit to some of them personally,” said Massie Ritsch, a spokesman for the Center Responsive Politics, a nonprofit watchdog group that examines money in politics.

more...

http://www.mcclatchydc.com/254/story/53121.html

[avaistheone1]

1. Pelosi, John Kerry and many other lawmakers have large AIG holdings

[kestrel91316]

2. Anyone stupid enough to have such large holdings in ANY particular

stock deserves to lose it, IMHO.

One would presume that these people are so wealthy that they could lose 100% of their AIG investment and not bat an eye. If not, like I said, they are STUPID.

[Taverner]

3. Doesn't that mean they have millions of pieces of worthless paper now?

[supernova]

4. Don't feel a bit sorry for them

I won't gloat because for everyone of them, there's some one out there who lost their 401K value. But I won't lose any sleep over their loss of wealth.

[wilt the stilt]

5. operative word is had

they had a fortune now hardly worth anything