Tom Palmer and Leland Vittert
2 hours ago
(NewsNation) — Amid a downturn in the U.S. stock market, attention has been drawn to an unusual investor, Democratic Sen. Tom Carper of Delaware, a member of the Senate Finance Committee.
Carper recently made headlines for betting against America’s economy.
Reports emerged that Carper purchased thousands of dollars worth of a stock fund called ProShares Short QQQ ETF, which moves in the opposite direction of the market.
This means that if the market performs well, Carper would lose money, but if stocks decline, he stands to profit. The fund is leveraged, which means the greater the market decline, the more profit the senator could potentially make.
The incident highlights the ongoing debate over whether members of Congress should be allowed to own or trade stocks while in office.
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