Texas Republican Barton's Campaign Reports More Market Losses

By Jonathan Allen | April 15, 2009 2:42 PM | Permalink | Comments (0)

Texas Rep. Joe L. Barton, whose campaign lost $703,500 in the financial markets last year, reported Wednesday a $104,800 hit he took in the first quarter of 2009, not including income from interest-bearing checking accounts.

Joe L. Barton

Much of the losses are attributable to the plummeting value of stock Barton's campaign holds in two companies -- General Electric and General Motors -- that are regulated by the Energy and Commerce Committee, where he is the top ranking Republican.

Barton's report to the Federal Election Commission shows $57,800 in losses from GE stock in the first three months of 2009 and $12,600 in losses from GM.

He lost another $32,400 from a series of Fidelity funds.

But there was good news, too: Barton's holdings in Home Depot grew by $3,800 in the first quarter of 2009, and his GE stock rallied last month to regain $16,000 of what had been more than $70,000 in diminished value.

Barton's campaign spokesman told CQ Politics last week that the congressman will keep his money where it is because he is confident the markets will rally.

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