quote: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.
Treasury ethics officers found that no conflict of interest had occurred, and Snow has asked the department's inspector general to review the matter, Nichols said. Under ethics rules, Snow is allowed to hold Treasury securities, his intended investment, if he does not sell them until he leaves the department, Nichols said.
The key is he took immediate steps to rectify it and is calling for another investigation into the matter. Of course, it helps that he lost money, that his policies hurt the value of his holdings, and that he is likely innocent here. But I'd bet most scandals have a point where they can be cut off like this but are not simply because the politician thinks they can keep it secret.
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