Senators Allowed to Own Stocks in Military Companies, but Their Staff Is Not

[The Straight Story]

Senators Allowed to Own Stocks in Military Companies, but Their Staff Is Not

Sen. Kay Hagan (D-North Carolina) held $1.7 million in defense stocks in 2009 Members of the Senate Armed Services Committee, who make critical decisions affecting the U.S. military, are allowed to own stock in defense contractors. Their staff, however, cannot, nor can appointees to the Department of Defense who must be approved by the committee as part of their confirmation.

“I think Congress should live by the rules they impose on other people,” Gordon England told The Washington Post. England gave up at least $1 million in investments in the defense industry in order to serve as deputy defense secretary under George W. Bush. “I am frankly surprised they are allowed to have these investments. Every member of this committee has tremendous influence over every major contract at the Pentagon.”

Nineteen of the 28 senators on the Senate Armed Services Committee held assets, whose total value was between $3.8 million and $10.2 million, in companies that did business with the Pentagon between 2004 and 2009, according to The Washington Post.

Eight senators and their families held $1 million in assets in the nation’s top defense contractors, including General Electric, Northrop Grumman and United Technologies.

Over the previous five years, the committee members with the most invested in defense work were Republicans John McCain of Arizona and James Inhofe of Oklahoma and Democrat Kay Hagan of North Carolina.

http://www.allgov.com/Controversies/ViewNews/Senators_Allowed_to_Own_Stocks_in_Military_Companies_but_Their_Staff_Is_Not

[rucky]

1. They shouldn't be allowed to hold any stock.

[Travis_0004]

3. Owning stock is fine, but make them put it in a blind trust N/T

[rucky]

6. Sounds fair.

I've never heard of that before.

[elehhhhna]

8. it's not a true blind trust if they already know they hold the stock.

try again.

[Travis_0004]

10. They wouldn't know they hold the stock

If they transfered their stock into a blind trust, the person in charge of the trust could sell off that stock, and buy different stocks. They might not sell 100% of the existing stocks, but they would sell some, so a senator wouldn't know which stocks they own.

[elehhhhna]

11. this would require divestiture of the stocks in question. same difference.

[elehhhhna]

9. they are EXEMPT from insider trading law, also

truefact, look it up. Delay had TRADERS in his OFFICE working his "book".

[rucky]

12. holy crap!

these people are rotten to the core.

[hobbit709]

2. Rules are for the little people, not our self-appointed demigod rulers.

[Lint Head]

4. This is typical. Cutting Social Security, no Public Option, no real

unemployment relief, while the rich get richer including the cowardly US Congress.

[Obamanaut]

5. Who would have thought members of congress have different rules than everyone else. nt

[old mark]

7. I'm sure this was an oversight - Our Leaders would never do anything wrong...

would they? :eyes:


K&R


mark

[midnight]

13. No wonder this war goes on and on.... Money trumps peace.