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June 14, 2010

Report: Massive congressional conflicts of interest

Very nicely done and disturbing report from the Washington Post's Robert O'Harrow Jr. and Dan Keating on the power of members of Congress to directly affect their investments. Among the findings:

On the House Agriculture Committee, which holds sway over farm policies and subsidies, members had farming and agribusiness investments worth five times on average the amount held by other colleagues in the House. Many of the committee members' holdings were in family farms. Nothing prevents those members from also receiving farm subsidies, and in the past, some have.

Likewise, House Energy and Commerce Committee members, who routinely hold hearings about telecommunications and computer issues, had heavier than average investments in companies such as Oracle, Nokia, AT&T and Verizon.

House Homeland Security Committee members also had more communications and electronics holdings as a group than the House as a whole, and House Transportation and Infrastructure Committee members as a group owned almost six times more holdings in transportation firms.

In the Senate, the Banking, Housing and Urban Affairs Committee had on average almost twice the value of holdings in finance, insurance and real estate as that chamber as a whole. The Senate Environment and Public Works Committee members had almost three times the value of agribusiness holdings as their colleagues on other committees.

Posted by Jay Hancock at 10:24 AM | | Comments (3)
Categories: Corporate welfare
        

Comments

Did you ever notice that when we refer to these Senators and Reps. the word "Honorable" is spoken before their names. There is nothing honorable about these thieves and the sooner their butts are dropped kicked out of office the better.

If you had a few dollars and the information that these commitees have, what would you do? Insider trading of course. Conflict of interest be damned,full speed ahead.

I'm shocked.

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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