US lawmakers have as much as $196 million invested in defense companies

[Truth2Tell]

From AP via The International Herald Tribune

WASHINGTON: Members of the U.S.Congress have as much as $196 million (€126.2 million) collectively invested in companies doing business with the Defense Department, earning millions since the start of the Iraq war, according to a new 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 who earned the most from defense 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 (€2.3 million) in military-related investments, compared to Republican investments of $577,500 (€372,000).

Overall, 151 members hold investments worth $78.7 million (€50.6 million) to $195.5 million (€125.9 million) in companies that receive defense contracts that are worth at least $5 million (€3.2 million). These investments earned them anywhere between $15.8 million (€10.1 million) and $62 million (€39.9 million) between 2004 and 2006, the center concludes.

More Here: http://www.iht.com/articles/ap/2008/04/03/america/NA-GEN-US-Congress-Defense-Investments.php

Here's a toplist from Capital Eye



Capital Eye also has more specific info on those Congresscritters who specifically oversee defense, as well as info on the conflicts of various hawks and doves and of the Presidential contenders:

Overseers of Defense Hold Stock in Contractors

Owning stock in companies under contract with the Department of Defense could be more problematic for members of Congress who sit on committees that oversee defense policy and budgeting. Petraeus will speak on April 8 and 9 to the Senate Foreign Relations and Armed Services committees. In 2006, members of these two committees had between $32 million and $44 million invested in companies with DOD contracts. Foreign Relations member Kerry's investments accounted for most of it—between $28.9 million and $38.2 million. Members of the two committees held between $3 million and $5.1 million in defense-only companies.

Chairs of other defense-related committees are similarly invested. Sen. Joe Lieberman (I-Conn.), chairman of the Senate Homeland Security and Governmental Affairs Committee, had at least $51,000 invested in these companies in 2006. Rep. Howard Berman (D-Calif.), who heads the House Foreign Affairs Committee, had at least $30,000, including between $1,001 and $15,000 invested in defense company Raytheon, which has one of its major facilities right outside of Berman's district. According to Berman's office, that holding is in a trust the congressman inherited from his parents.

-snip

Other lawmakers have decided to sell their shares in defense companies. In 2006, Sen. Orrin Hatch (R-Utah) had $1,000 in Honeywell and $1,000 in United Technologies but has since gotten rid of those holdings, which represented a tiny percentage of his net worth, according to his office. According to her presidential personal financial disclosures, Sen. Hillary Clinton (D-N.Y.) had stock in some defense companies, such as Honeywell, Boeing and Raytheon, but sold the stock in May 2007. Neither of the remaining presidential hopefuls, Democrat Barack Obama and Republican John McCain, reported such holdings on their filings.

Much more at: http://www.capitaleye.org/inside.asp?ID=342

The Center for Responsive Politics resides at OpenSecrets.org and has tons of good info. Check em out:

http://www.opensecrets.org/

[RC]

1. Will the corruption ever stop?

Just like the Energizer Bunny, it just keeps going and going and going... No matter how deep we dig.

[Frustratedlady]

2. This shouldn't be allowed.

Even with the best intentions, decisions could easily be made to favor their holdings.

Whatever happened to the "brokers" Frist and some of the others had in their offices? That shouldn't be allowed, either. They are there to work on our business.

[fed-up]

3. "Blood money" nt

[Jacobin]

4. Ya gotta hand it to 'em. They're openly corrupt

They have no shame.

[shain from kane]

5. Hillary, too? What's wrong with cattle futures?

[mmonk]

6. Don't forget the fraudulent 9/11 commission members.

[Hotler]

7. John kerry at the top of the pile. hhhhmmmm! eom.

[Orwellian_Ghost]

8. Of course this won't affect policy

:rofl: :rofl: :rofl:

This should be front and center.

K&R

Looks like bi-partisan blood money to me.

[Truth2Tell]

9. Might be interesting to cross-calculate

these numbers with the chart in your sig line. We could figure out how much each congresscritter makes per dead Iraqi.

Then again, I'm not sure I want to know.