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cabernetluver
04-10-2009, 06:24 PM
I saw this at CQ Politics (http://www.cqpolitics.com/wmspage.cfm?docid=news-000003095556)

Campaign of Energy Leader Lost $700,000 in Markets
By Jonathan Allen and Alex Knott, CQ Staff
Texas Rep. Joe L. Barton ’s campaign reported losing $703,500 in the financial markets last year.
A large chunk of those stock market losses — $196,900 — were in shares of four companies that have a stake in the bills handled by the House Energy and Commerce Committee, where Barton is the top Republican.
Barton is one of a handful of House members whose campaign accounts are heavily invested in stock and bond markets, and, like many other investors, his campaign savings took a pounding when the stock market crashed.
His campaign’s paper losses — which have not been locked in because the assets have not been sold — include $85,800 in General Electric stock, $68,400 in General Motors Corp. stock, $13,500 in Home Depot stock and $29,200 in stock in Lennar Corp., a home-builder that specializes in constructing houses that harness solar power.
Barton campaign spokesman Craig Murphy said the congressman has invested campaign funds for two decades and has no plans to divest.
“As it stands, the better off America is, the better off our campaign will be,” he said. “We are comfortable being together with America in that boat.”
It is legal for lawmakers to invest campaign money, and House conflict-of-interest rules do not apply to campaign holdings.
But the confluence of Barton’s legislative jurisdiction and campaign assets raises questions about the propriety of the arrangement.


Tell me that would not make you wonder about votes he takes

behindmydesk
04-10-2009, 07:17 PM
I'd like to know the other "handful". I didn't even know this was legal. That's messed up. But besides campaign funds, I would imagine the majority of congress and senators have personal money in the stock market.

behindmydesk
04-10-2009, 07:18 PM
But yet this one seems tied to one segment. That's a problem.

ari1013
04-12-2009, 09:43 AM
I'd like to know the other "handful". I didn't even know this was legal. That's messed up. But besides campaign funds, I would imagine the majority of congress and senators have personal money in the stock market.
Probably -- but as far as I know there are rules regarding stocks they can hold. That's why Cheney was forced to unload a ton of his halliburton stock and resigning from the board before taking office (thus feeding into a big conspiracy theory).

GGGGG-Men
04-12-2009, 12:04 PM
I saw this at CQ Politics (http://www.cqpolitics.com/wmspage.cfm?docid=news-000003095556)


Tell me that would not make you wonder about votes he takes

In an era where Lobbyists out number congress members by staggering margins (in '05 it was estimated to break the 34,000 mark), I gave up on wondering how any of them vote. I'm sure their priorities list starts with:
1. Big banks (those endorsed by Rockafellers, Rothchilds, etc.)
2. Pharmaceutical companies

cabernetluver
04-12-2009, 02:12 PM
Most in politics have to put their own money into blind trusts. This one just kind of looks bad.

behindmydesk
04-12-2009, 08:12 PM
No it looks real bad.