House Speaker Thomas S. Foley is closing his account with a Boston investment firm that helped him realize more than $100,000 in stock profits the past four years.
Foley's transactions were listed last month by the Capitol Hill newspaper Roll Call in a story that questioned whether he, in effect, was receiving a gift from a longtime friend at the firm.Foley's profits were from investments in initial public offerings. Only favored customers of financial advisers normally are offered these investments at opening stock prices. Such offerings often can be sold quickly - sometimes within a day or so - for a quick profit.
"The speaker, after consultation with his lifelong friend and investment advisor, Mr. Peter De Roetth, decided last week to discontinue the investments previously managed by Account Management of Boston, Mass.," said a statement by Foley's office Monday.
De Roetth is a friend of Foley from high school.