Posts Tagged ‘U.S. Congress

Funny Money, and the Crimes Being Covered Up

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(h/t- bill giltner)

Lawmakers and the MICC

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Thanks for letting everyone know on your way out the door, Ike.
Sure would have helped if you had actually tried to do something about it then, since it manifested itself long before your days in office.

Anne Flaherty from AP News writes:

Members of Congress have as much as $196 million collectively invested in companies doing business with the Defense Department, earning millions since the onset of the Iraq war, according to a study by a nonpartisan research group.

The review of lawmakers’ 2006 financial disclosure statements, by the Washington-based Center for Responsive Politics, suggests that members’ holdings could pose a conflict of interest as they decide the fate of Iraq war spending. Several members earning money from these contractors have plum committee or leadership assignments, including Democratic Sen. John Kerry, independent Sen. Joseph Lieberman and House Republican Whip Roy Blunt.

The study found that more Republicans than Democrats hold stock in defense companies, but that the Democrats who are invested had significantly more money at stake. In 2006, for example, Democrats held at least $3.7 million in military-related investments, compared to Republican investments of $577,500.

Overall, 151 members hold investments worth $78.7 million to $195.5 million in companies that receive defense contracts that are worth at least $5 million. These investments earned them anywhere between $15.8 million and $62 million between 2004 and 2006, the center concludes.

It is unclear how many members still hold these investments and exactly how much money has been made. Disclosure reports for 2007 aren’t due until this May. Also, members are required to report only a general range of their holdings.

Written by mudshark

April 3, 2008 at 4:42 pm