In 2006, Cheney Bet Millions of His Own Money On The U.S. Dollar Dropping and Inflation Rising...........
From Alex James
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Subject: TruePatriotsUnite Rocks! > In 2006, Cheney Bet Millions of His Own
Money On The U.S. Dollar Dropping and Inflation Rising......
Cheneys betting on bad news?
6/2/2006 12:00 PM ET
A look at the president and vice president's financial disclosure forms.
By Kiplinger's Personal <http://content.
Finance Magazine
Vice President Dick Cheney's financial advisers are apparently betting on a
rise in inflation and interest rates and on a decline in the value of the
dollar against foreign currencies. That's the conclusion we draw after
scouring the financial disclosure form released by Cheney recently.
As of the end of last year, Cheney and his wife, Lynne, held between $10
million and $25 million in Vanguard Short-Term Tax-Exempt fund (VWSTX
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(it's impossible to be more precise because the disclosure form lists
holdings within ranges). The fund's holdings of tax-free municipal bonds
mature, on average, in a little more than a year -- meaning that the fund
should hold up well if rates rise.
The Cheneys held another $1 million to $5 million in Vanguard Tax-Exempt
Money Market fund (VMSXX
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which is practically risk-free and could benefit from continued increases in
short-term interest rates. And the couple had between $2 million and $10
million in Vanguard Inflation-Protected Securities fund (VIPSX
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The principal and interest payments of inflation-protected bonds rise along
with consumer prices, making them good inflation hedges.
Expecting dollar drop?
The Cheneys also had between $10 million and $25 million in American Century
International Bond (BEGBX
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The fund buys mainly high-quality foreign bonds (predominantly in Europe)
and rarely hedges against possible increases in the value of the dollar.
Indeed, its prospectus limits dollar exposure to 25% of assets and the fund
currently has only 6% of assets in dollars, according to an American Century
spokesman.
The Cheneys' total assets could be as high as $94.6 million, according to
the disclosure form. The vice president's advisers say the vice president
pays no attention to his investments. His lawyer, Terrence O'Donnell, says
outside money managers supervise the investments. "He has nothing to do with
it," O'Donnell says.
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