This just shows you how much of a plutocracy the United States really is.
Treasury Secretary John W. Snow, who has helped lead Bush administration efforts to tighten regulation of Fannie Mae and Freddie Mac, unwittingly held more than $10 million worth of securities of those and other government-sponsored housing finance companies until recently, a Treasury spokesman said last night.Snow is so amazingly rich that he had a $10 million investment position that he was not only totally unaware of but also totally unintereted in! Man, when $10 million is pocket change, no wonder the guy is completely unperturbed by a $500bn budget deficit.
Snow's bond holdings were discovered by the Treasury Department this month during preparation of his annual financial disclosure form, and Snow quickly sold them for about $10.4 million, taking a loss of $477,467, said spokesman Rob Nichols.
Snow had orally instructed a financial adviser to invest the money in Treasury securities, but "because of a misunderstanding or miscommunication," Nichols said, the money was instead invested in bonds of Fannie, Freddie and the Federal Home Loan Banks. The secretary's "clear intent was somehow lost in translation."
The holdings were listed on periodic brokerage statements that Snow received but did not read, Nichols said. "Probably four or five were sent to his home and he simply did not look at them," he said.