Campaign of Energy Leader Joe Barton (R-TX) Lost $700,000 in Markets

[babylonsister]

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.

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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.

“If he has stock in a company, whether it’s in his campaign account or whether it’s in his personal account, the things he does that may benefit that company are going to be inherently suspect,” said Andrew Herman, a partner at the Brand Law Group, who has successfully argued campaign finance law before the Supreme Court. “The members of Congress who pride themselves on rectitude probably don’t own any stock and certainly don’t own anything that would be under areas of their purview.”

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http://www.cqpolitics.com/wmspage.cfm?docid=news-000003095556

[asjr]

1. He should hit the Chimp up for

reimbursement!