Rep. Price sure owns a lot of Oil Stock

The Sunlight Foundation has a blog post today called Oil Industry Influence: Personal Finances. It contains a chart of public information about how much stock in Oil companies members of the US House of Representatives own.

This chart shows stock holdings in the leading oil companies by members of the House of Representatives. If you aren’t familiar with personal financial disclosures, they require lawmakers to list assets in a range (i.e.: $15,001-$50,000). In the chart you will see a low estimate, a high estimate, and an average. In some cases, lawmakers list the actual value - not a range - and that is listed in this color.

So, who’s going to make money if Congress passes pro-oil industry legislation:

Top 25 Congressmen with Holdings in Leading Oil Companies
Congressman Low Estimate Average/Actual High Estimate
Hayes, Robin (R-NC) $3,645,012 $8,572,506 $13,500,000
Carter, John (R-TX) $1,000,001 $3,000,001 $5,000,000
Freylinghuysen, Rodney (R-NJ) $950,008 $1,500,004 $2,050,000
Sensenbrenner, James (R-WI) $1,133,985 $1,458,984 $1,783,983
Marchant, Kenny (R-TX) NA 429,148 NA
Sessions, Pete (R-TX) $215,003 $382,502 $550,000
Whitfield, Ed (R-KY) $200,002 $350,001 $500,000
Upton, Fred (R-MI) $195,005 $347,503 $500,000
Maloney, Carolyn (D-NY) $151,003 $258,002 $365,000
Price, David (D-NC) $130,003 $240,002 $350,000
Doggett, Lloyd (D-TX) $116,003 $215,502 $315,000
Berkley, Shelley (D-NV) NA $165,751 NA
Goode, Virgil (R-VA) $100,002 $150,001 $200,000
Buchanan, Vern (R-FL) $81,014 $148,007 $215,000
Capito, Shelley Moore (R-WV) $66,003 $115,502 $165,000
Cohen, Steve (D-TN) $65,002 $107,501 $150,000
McCaul, Michael (R-TX) $46,004 $105,502 $165,000
Knollenberg, Joe (R-MI) NA $92,500 NA
Bono Mack, Mary (R-CA) $22,008 $88,504 $155,000
Moran, Jerry (R-KS) $51,002 $83,001 $115,000
Camp, Dave (R-MI) $32,004 $81,002 $130,000
Oberstar, James (D-MN) $50,001 $75,001 $100,000
Duncan, Jimmy (R-TN) $30,002 $65,001 $100,000

(Source: Open Secrets)

Another North Carolinian Rep. Robin Hayes (R-NC) is up there at the top.

Comments

Very Intersting...

...thanks for posting this Brian.

"Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety." ~Benjamin Franklin

~Ray McKinnon

So?

I just looked at one of my retirement funds with Vanguard (Vanguard Total Stock Market Index Fund Admiral Shares) and saw that 15% of it is invested in "Energy" and that the top holding is Exxon. So I bet that anyone on this list who has a retirement account has invested in oil companies.

$240,000 is 15% of $1,600,000. Price is 67 years old; he has had many years of well-paid (deservedly so) work. I'm glad that he has saved and invested.

What do you want him to do? Put his retirement money into the bank and rely on bribes or something for his income?

The data does show that he has an incentive to help make sure that oil companies prosper. But if he has any brains at all, his investments are diversified, meaning that he is interested in seeing our whole economy prosper. I know that's what I want to see. (After November, I mean. ;-)

-- ge

Besta é tu se você não viver nesse mundo
http://george.entenman.name

Besta é tu se você não viver nesse mundo
https://george.entenman.name

Social Responsible Investing

Rep. Price could reinvest his money in Socially responsible investments. Yes this exists. I didn't just make it up. SocialFunds.com seems like a good place to investigate this type of thing.

I have a certain percentage of my money in socially resp.

I don't have anywhere near Rep. Price's funds, but still I don't have all my money invested there. That would not be a smart investment. I do know he has GIVEN lots of money to various charities and I would not be surprised if he is invested in alternative energy.

Jesus Swept ticked me off. Too short. I loved the characters and then POOF it was over.
-me

Thanks for this posting, Brian. Mainstream media has yet to do..

this. What we will never see is the money put up by senators and congressmen in the commodity markets under the name of Goldman, Sachs , etc. That's where the really big money was made. Who would better know the futures of oil? One of the investment houses even sent a memo out that any real regulations would be blocked in the Senate, so keep making the money.

Price

There must be a reasonable explanation for this. The ExxonMobil stock which is the bulk of these holdings, first appeared in David Price's financial disclosure reports in 2000. At that time three stocks, each marked with an asterisk* were added to his asset list and were not included in a list of transactions that included nine acquisitions along with two sales. The two other stocks were small holdings in First VA Bank and Union Planters Corp.

It looks like an inheritance of his or his wife's that was not acquired by choice. Had they disposed of it he would no doubt be criticized for the profit. It's a damned if you do, damned if you don't situation.

Stocks

I was lucky enough to sell a company about fifteen years ago - before the bubble burst - and made just enough money to pay off my relatively small ($200K) mortgage with a little left over. I looked around for a person to help me invest and narrowed my options to two people. One was an early mover in socially responsible investing, the other had a straight-up managed fund with about 200 stocks in it. They include banks, beer, oil, cigarettes ... you know ... the big money makers.

After negotiating with the latter to have cigarettes removed from my personal portfolio, I went with the managed fund. The reason was simple. It delivered almost three times the returns of the socially responsible fund.

What convinced me was his honest assessment of my goals. I was committed to given nearly all of the money I'd make to causes and candidates I support. He said, "Your money won't make much difference as an investor, but if you're really going to give your income away, you'll have a lot more to distribute with me."

That has proven to be true. For awhile the fund included several oil company stocks, and for awhile I made a significant amount of money from them - all of which has been contributed to environmental and pro-choice organizations and progressive candidates.

Not to belabor the point, but there's at least two sides to most coins.

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Jesus Swept, this December

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“Don't tell me what you value, show me your budget, and I'll tell you what you value.”
― Joe Biden