Politics & Policy

Democrats Repeat ‘False’ Toomey Claim

The Democratic Senatorial Campaign Committee has hit the airwaves again today with a new ad pinning the economic collapse on the back of Pat Toomey.

“As a Wall Street trader, Toomey pioneered derivatives, and derivatives nearly wrecked our economy,” intones the narrator. The derivatives claim, though, has already been debunked by FactCheck.org after a previous DSCC ad used a similar line of attack.

The Toomey camp was quick to respond, issuing today’s statement on Toomey’s derivatives connection:

The kind of derivates the DSCC ad is referring to are credit default swaps – the only kind of derivatives tied to the financial crisis.  The problem is these derivatives were not created until 1991, after Pat Toomey left the derivatives businesses, and their first transaction did not occur on 1997, long after Toomey left the financial services sector.

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