Congress members overseeing firms involved in gulf spill held oil, gas stock

[highplainsdem]

Source: Washington Post

Congress members overseeing firms involved in gulf spill held oil, gas stock

By Paul Kane and Karen Yourish
Washington Post Staff Writer
Thursday, June 17, 2010


Nearly 30 members of the congressional committees overseeing oil and gas companies held personal assets in the industry totaling $9 million to $14.5 million late last year. That included at least $400,000 in the three companies at the heart of the Gulf of Mexico oil-drilling disaster, according to a Washington Post analysis of financial disclosure forms released Wednesday.

Among the members who owned the most oil industry stocks were Rep. Fred Upton (R-Mich.), who had nearly $100,000 invested in BP, and Sen. John F. Kerry (D-Mass.), who held as much as $650,000 in ConocoPhillips shares.

Wednesday was financial disclosure day on Capitol Hill, the one time of the year when government watchdogs and the media can glimpse the personal assets of Congress members. Lawmakers must show the value of their assets as of the previous Dec. 31, as well as any gifts they received and financial transactions they made. Federal laws do not require them to disclose exact amounts; they must show only where their assets fall within a broad range. Critics, including some members of Congress, have pushed for lawmakers to reveal their finances more regularly and in greater detail, to prevent conflicts of interest between their holdings and their legislative portfolios.

According to the disclosure forms, last year saw an increase in lawmakers investing in oil and gas firms. In 2008, members of the five committees held investments worth at least $8.1 million in companies they oversaw; by the end of 2009, that figure had grown by more than 12 percent.

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Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/06/16/AR2010061605369.html

[NYC_SKP]

1. Senator Kerry is a co-sponsor of the Energy and Climate Change bill now before congress.

So maybe in his case it's not a conflict.

But a number of Dems are on the fence, including Feinstein.

We need to put some pressure on them.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8576418&mesg_id=8576418

:patriot:

[ProSense]

2. It's climate bill time so the media will attempt to create the appearance of impropriety

From the Center for Responsive Politics

Kerry's wife, Teresa Heinz Kerry, held a minimum of $350,000 in BP stock at the end of 2009, according to Kerry's newly released financial report. He, himself, owns only between $1,001 and $15,000 in BP, according to his office -- although his reports notes only assets held by his wife.

Kerry spokeswoman Whitney Smith said the senator has no plans to sell off his small holding in BP stock, which he inherited in a family trust.

"Senator Kerry has been the Senate's best environmental champion for more than 25 years and has written and urged legislation to end our dependence on foreign oil," Smith said.

Smith added Kerry's stockholdings in BP would not impact his vote on pending legislation.

"Inherited holdings in family trusts he has no control over whatsoever clearly have no impact on his fight for a green economy and a clean environment," she said. "Indeed, by that standard, he's cast scores of votes against his own economic interests, and these industries have spent millions against him in political and legislative campaigns."

Every time this comes up, and it has since Kerry ran for President, the media pushes Teresa's inherited trust as Kerry's.

Still, Smith makes a key point: "these industries have spent millions against him in political and legislative campaigns"