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Members Of Congress Making Money From BP?

News 2010/06/18 11:00:00
No, it’s a clear conflict of interest.
Yes, if the investments predate their time in Congress or they inherited the stock they shouldn’t be penalized.
I think member of Congress should …
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Guess who owns stock in BP? House Republican leader John Boehner. He bought stock from BP and another oil company last year, just months before the Deepwater Horizon explosion tanked BP's stock in the subsequent Gulf oil spill. Financial disclosure reports released on Wednesday showed that after selling a retirement plan in a company he used to run in Ohio in December, Boehner bought a number of stocks, including those of BP, Exxon, Chevron, ConocoPhilips and Occidental, valued at between $15,001 and $50,000 each.

And according to 2008 disclosure forms collected by the Center for Public Integrity, nearly 20 members of Congress own at least $1,001 worth of shares in BP or Transocean Ltd. Talk about the chickens guarding the henhouse!

Who else is on the list? Senate Foreign Relations Committee Chairman Democrat John Kerry. He owns BP stock valued between $1,001 and $15,000, though he unloaded shares of Transocean last year, dumping stock in the company that owned the crumpled rig BP was leasing. In response to inquiries pertaining to his stocks, Kerry’s office said the Senator can’t control inherited stock holdings from a family trust and that his portfolio has “no impact on his fight for a green economy and a clean environment."

Health committee chair Senator Tom Harkin, another Democrat, reported owning BP stock valued between $1,001 and $15,000. Meanwhile, New York Democratic Rep. Carolyn Maloney no longer reports her $15,001-$50,000 in BP shares - some good news, finally, except that it's because those stocks were part of the investment portfolio of her husband, who died last year.

Granted, many members of Congress have nice private sector nest eggs to fall back on to supplement the $174,000 salaries rank-and-file members are paid. Still, should they be able to participate in legislation affecting companies whose stock they own?
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Top Opinion

  • Scott 2010/06/18 13:34:07
    I think member of Congress should …
    Scott
    +6
    A LOT of people own BP stock . Who could have known that when you purchased it that this would happen ? It is not the fault of the stock holders . A lot of BP gas stations who are privatly owned have been trashed causing REGULAR PEOPLE money and in some cases death threats ........ just because of the oil spill that they have no connection to .

    By the way , BP was one of OBAMAS biggest contributers . They helped put him in office .

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  • American Reformed 2010/06/23 20:23:09
    I think member of Congress should …
    American Reformed
    I think it's a tough issue. On one hand you can create a conflict of interest if a legislator owns stock in any industry that may have dealings with the U.S. Government.

    On the other hand Legislators are citizens and have the right to purchase and own stock in any company so long as such purchase is legal.

    I think if I were a legislator I would probably refrain from buying stock while in office to prevent the appearance of impropriety.

    Blessings Upon You.
  • brenda in alabama 2010/06/23 18:03:53
    I think member of Congress should …
    brenda in alabama
    Do the right thing for American citizens .
  • fnordfnordfnord 2010/06/23 01:52:53
    No, it’s a clear conflict of interest.
    fnordfnordfnord
  • President Camacho 2010/06/22 15:32:11
    No, it’s a clear conflict of interest.
    President Camacho
    VP Cheney got rid of all his Haliburton stock before becoming VP - these guyus should be held to the same standard.
  • Mr. Smith 2010/06/22 04:57:04
    I think member of Congress should …
    Mr. Smith
    I think the U.S. government should incorporate and issue shares. Upon taking their oath of office, all members of congress can only purchase U.S. government stock, no other investments are allowed. The stock trade on the open market and would fluctuate based on performance and general economic conditions. If members of congress do their jobs then they are rewarded accordingly, if they don't, ditto. I think this might motivate them stop spending and to make sure the U.S. government runs in the black.
  • INDPENDaNT 2010/06/21 21:49:29
    Yes, if the investments predate their time in Congress or they inherited the ...
    INDPENDaNT
    Unfortunately, this can be said about many other issues other than this BP spill. Corruption is a given in Government, the only remedy is to investigate and question. This is the job of the media, but now, the integrity of the media is just as much in question as politicians. Guess we are asking for it.
  • FLBabe 2010/06/21 17:46:59
    I think member of Congress should …
    FLBabe
    Who were the 5 politicians who got campaign contributions from BP??


    Oil giant BP and its employees contributed more than $3.5 million to federal campaigns between 1989 and 2010, according to Federal Elections Commission data analyzed by the Center for Responsive Politics. Here are the five biggest recipients.

    1) Barack Obama — $77,051, the bulk of that being $71,051 in the 2008 presidential campaign.

    2) Rep. Don Young, R-Alaska — $73,300.

    3) Rep. Ted Stevens, R-Alaska — $53,200.

    4) George W. Bush — $47,388, $33,223 in the 2000 presidential campaign and $14,165 in 2004.

    5) Sen. John McCain, R-Arizona — $44,388. Most of that ($36,649) was for the 2008 presidential campaign.
  • littlebuffalo55TBA 2010/06/21 15:55:12
    No, it’s a clear conflict of interest.
    littlebuffalo55TBA
    Once elected their stock and propety investments should be put into a Blind Trust or no deeper than Mutual Funds.
  • phoenix AFCL 2010/06/21 15:46:56
    I think member of Congress should …
    phoenix AFCL
    +1
    Years ago, a President's tax filing was open for public scrutiny and review. Almost always, any stock holding/investments were put into a third party trust and the Pres would have no control over the accounts while in office. This was also the case with legislators. Well....now, twenty - thirty years later, we have a Pres and legislators who see nothing wrong with bribery, tax evasion, consorting with or even being communists/marxists, lying, betraying the public trust, exchanging political favors, earmarks and political pork.

    The culture in DC and in this country is sorely in need of an injection of honor, morality, integrity and principles. When our schools hand out contraceptives to 9 yr olds and our Pres appoints a pornographer to the highest educational post in the land with no public outcry, we are spiritually sick.
  • Radlad 2010/06/21 07:34:31
    I think member of Congress should …
    Radlad
    +1
    ......... do what judges do when it comes to a case where there is a conflict of interest. Recuse themselves from the vote. Then again they always been doing this.California senator di fi has been steering deals to her husband's company.........Because she's a democrat it is obviously no big deal..........
  • I'm History 2010/06/21 01:19:36 (edited)
    I think member of Congress should …
    I'm History
    +1
    BP, ha, who cares about BP. Our members of congress have also heavily invested in those medical companies that are going to be implementing our new Health Care program, yes, that's right, our new health care plan that everyone was so up in arms about, that now nobody remembers so much, well the big winners there are our own United States members of congress, who will be raking it in when the rest of us are not getting what we pay for, first they line up the investments, then mandate that they will be the ones who make out in the new health care scam, this is the biggest farce upon america yet.
    And thank God for that oil spill, because had it never happened people would still be thinking about how we were screwed on the health care thing, or whatever it was, can't remember what it was because other things have happened and it faded from my mind, lol!!!!

    If things keep happening like that, keeping We The Peoples noses out of where the government dosn't want them, I think they will be able to get obama himself re-elected, because during troubled times you don't want to change horses in the middle of the river, now do you? lol!!!!!!!!!!!!
  • Ric O'Shea® 2010/06/20 18:51:14
  • PartysOver 2010/06/20 15:03:41
    I think member of Congress should …
    PartysOver
    +1
    ...be allowed to purchase stocks in any company not run by the Government. What I'd really like to know is who owns GM, AIG and Freddie and Fannie.
  • Colbert 2010/06/20 07:35:29
    I think member of Congress should …
    Colbert
    +1
    Put their money in Halliburton.
  • EM1-SS 2010/06/20 00:18:18
    I think member of Congress should …
    EM1-SS
    +1
    Change the title; rather than "The Honorable" or "Congressperson" the title should be "F@&^ing Sneaking Whore".

    More suitable.

    There used to be a Keating Five selling us out. Now there is a Keating 535.

    Piss on them
  • Alan_Scott 2010/06/19 18:24:24
    I think member of Congress should …
    Alan_Scott
    +2
    return to the blind trust days. In the old days these folks had to put their holdings into a blind trust so that they couldn't know how legislation would affect them.
  • KC 2010/06/19 14:29:01
    No, it’s a clear conflict of interest.
    KC
    +1
    Civil Service employees are not allowed to buy stock with corporations that that their government department has contracts with... if you are going to be directly involved with a company and making historical decisions (iron fist) -(boot on throat) about a corporation I do believe that it is a conflict of interest...but they are elitist and can do whatever they want... civil service employees are the little peons... Cisco stock was $15.00 a share went up to $23.00 a share... could have made money but nope it would be considered a conflict of interest. stock 15 00 share 23 00 share money nope conflict
  • explorer1618 2010/06/19 12:23:41 (edited)
    No, it’s a clear conflict of interest.
    explorer1618
    +1
    clear conflictYou get what you pay for " Right " ! That is a Chicago Shakedown ......
  • Wolf 2010/06/19 10:34:02
    I think member of Congress should …
    Wolf
    +1
    The adminsitration and Congress all have received massive political contributions as is common in this corrupt government. Yet BP is the only one focused on resolving the problem while the government has done nothing but hinder efforts in fact it refused expert help from abroad that could have mitigate over 95% of the spill now polluting the beaches. The government is not only completely incompetent it is dangerous in its behavior and mental incapacity.
  • JCD aka... Wolf 2010/06/19 15:36:20
    JCD aka "biz"
    Is 20 billion "nothing"?
  • jackolantyrn356 2010/06/19 02:00:08
    Yes, if the investments predate their time in Congress or they inherited the ...
    jackolantyrn356
    This is the dEMOCRAT WAY.
  • Texas Johnny 2010/06/19 00:08:42
    I think member of Congress should …
    Texas Johnny
    Come clean on what stock they own! It is not against the law to own stock(not yet, but give the libs time),but we need to be aware of anything in their portfolios that effect our bottom line and our country's future! However, how much stock do they own that would constitute a conflict of interest for those congressmen ?
  • viper1951 2010/06/18 23:54:07
    No, it’s a clear conflict of interest.
    viper1951
    just like the Big Bailout how many politicians did we save ? thats what is was about to delay it long enough for them to dump there stocks and survive
  • SaltySodahead7 2010/06/18 23:26:19
    I think member of Congress should …
    SaltySodahead7
    +1
    Word is from infowars dot com that both Obama as a Congressman had a fancy residence paid for by a BP connected company-as well as Rahm Immanuel. These folks all have connections to each other,as well as to Mob ties. NO ONE comes out of CHicago politics without being a lap dog to the mob-including Hitlery!
    BP is worldwide and runs things. That's why they purposely caused this spill to stop Obama's plans to expand drilling (by their competition) in the gulf. Now Obama can force through his tax on breathing cap and trade.
  • JCD aka... SaltySo... 2010/06/19 15:37:31
    JCD aka "biz"
    Another interesting conspiracy theory.
  • Pat 2010/06/18 18:09:08
    I think member of Congress should …
    Pat
    investigate Obama and his lack of action rather than BP. It's fairly obvious BP is at fault and as such is paying. Obama has delayed doing anything to help this problem and yet we aren't investigating him or the committees that gave BP the authority to drill where they have. Those who own BP stock, unless they bought it after the spill, had no
    idea that this would happen and I'll bet, it you check it out you'll find that as much BP stock is owned by libs as conservatives.
  • voice_matters 2010/06/18 17:34:31
    I think member of Congress should …
    voice_matters
    +1
    Another lib thread against capitailism
  • TexasLady 2010/06/18 16:22:25
    No, it’s a clear conflict of interest.
    TexasLady
  • eyemall 2010/06/18 16:12:41
    I think member of Congress should …
    eyemall
    +1
    not have anything to do with the investigation of BP since it would be a conflict of interest if they own stock in the company.
  • Johnnyknowvote 2010/06/18 15:48:48
    No, it’s a clear conflict of interest.
    Johnnyknowvote
    +1
    The should have to put everything in a blind trust if they haven't already. presidents have to.
  • voice_m... Johnnyk... 2010/06/18 17:39:37
    voice_matters
    According to the law the only imcome the president is allowed to earn is his salary for 4 years. Go ahead and try to change that law to cover all politcians
  • gr8punkin 2010/06/18 15:34:36
    I think member of Congress should …
    gr8punkin
    +1
    Owning stock in companies like BP is just owning stock in blue chips, and preparing for the future. It would be suspicious if the members of congress who owned BP stock were selling it off en masse during the weeks and months leading up to the disaster, but successful people owning stock in successful companies isn't anything new.
  • thnk4yrslf gr8punkin 2010/06/18 16:39:55
    thnk4yrslf
    Yes however when you are in a position where you have to make choices about that company that will have a direct impact on the stock value than it becomes a conflict of interest... Unless you really think a Politician will do what is right for everyone and not make a decision based on money that they will receive as a result of their decision.
  • rasputan 2010/06/18 15:02:28
    I think member of Congress should …
    rasputan
    +1
    Better start selling their BP stock.. After Obama takes over the company, it is sure to become worthless
  • thnk4yrslf rasputan 2010/06/18 16:40:25
    thnk4yrslf
    +1
    Just like GM?
  • rasputan thnk4yrslf 2010/06/18 22:25:17 (edited)
    rasputan
    GM was a bail-out..I can't see him bailing out BP.
  • voice_m... rasputan 2010/06/18 17:40:30
    voice_matters
    how can obama take over a company that is foreign owned. BP is based out of england, just more proof of lib stupidity.
  • rasputan voice_m... 2010/06/18 22:38:58
    rasputan
    The same way he can coerce millions of dollars out them...Most of the U.S. Major Corporations are owned by foreign investors.
  • voice_m... rasputan 2010/06/19 00:44:47
    voice_matters
    actaully many fporeign companies and banks are owned by american investors. Sorry again you ignore the facts. please move on to others that ignore like you.
  • MAMMY51♥POTL~PWCM~JLA♥ 2010/06/18 14:41:31
    No, it’s a clear conflict of interest.
    MAMMY51♥POTL~PWCM~JLA♥
    +1
    IMO It's like letting a con-artist's family members, sit on the jury at his trial.

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