Texas Attorney General Ken Paxton has significant investments in mutual funds managed by Vanguard, a company he has criticized in lawsuits, according to recent financial documents. Paxton celebrated a Texas judge’s ruling on August 1, which dismissed petitions from major investment firms like BlackRock, State Street, and Vanguard, marking a victory in his efforts against what he describes as an “investment cartel” aiming to exploit American consumers.
After the ruling, Paxton took to social media to express his satisfaction, asserting that these financial firms have unlawfully influenced the energy market. He framed the court’s decision as a crucial step toward holding these entities accountable for their actions. There’s a curious tension here; while he denounces Vanguard, his own financial disclosures reveal substantial holdings in their funds. This has sparked criticisms from supporters of Senator John Cornyn, who question Paxton’s commitment to his principles.
Critics have pointed out that it seems contradictory for Paxton to benefit from investments in a company he claims harms Texans by driving up energy prices. They argued that this inconsistency suggests his priorities may lean more toward personal gain rather than genuine leadership. Paxton’s financial disclosures show he holds between $6.6 million and $6.25 million in Vanguard mutual funds, with substantial investments in both index and actively managed funds.
Specifically, Paxton’s largest holding is in Vanguard’s Institutional Index Fund, valued between $1 million and $5 million. The fund is designed to track the S&P 500 index, reflecting the performance of some of the largest companies in the U.S. Additionally, he has invested between $100,000 and $250,000 in Vanguard’s Primecap Fund, which has consistently outperformed the market.
Interestingly, his wife, Senator Angela Paxton, also has investments in Vanguard, holding between $50,000 and $100,000 in an index fund aligned with overall market performance. Their financial activities have attracted scrutiny, especially following Angela’s recent announcement of a divorce, citing a “Bible Basis” after 38 years of marriage.
Despite the controversy, Paxton remains resolute, declaring his intent to protect Texas and uphold energy independence, reiterating his opposition to the alleged conspiracies of the financial giants. He has not responded to multiple requests for commentary regarding this matter.
