Linswritings

Looks like the swamp wasn’t drained in Congress

Posted on: June 17, 2011

Most people have portfolios in different financial interest but when elected Congressmen have a portfolio of financial interests along with their committee assignments in the U.S. House is a troubling story.

According to an article in the Denver Post, the writer claims that this may be unethical but not illegal. Take for instance, Colorado Representative Scott Tipton who has a portfolio of oil and natural gas stocks and assets worth between $267,014 and $755,055 including $52,000 and $130,000 in Exxon Mobil. He is on the House Natural Resources Committee. This committee takes up issues that include drilling for oil in Alaska, advancing offshore oil leases, exploring geothermal energy on federal lands and advancing wind production.

Then there is Colorado Representative Ed Perlmutter who serves on the Financial Services Committee in the House and owns between $150,000 and $350,000 in U.S. Bank stock. This committee passes laws that affect banks.

Insider trading is not allowed amount Congressional members but then who knows what is discussed over lunch with these Congressmen. However, a recent study found members of the House have a 6-percentage-point better return on their investments than the public at large. For U.S. senators, that number is 12 percentage points.

They must have one heck of a financial manager to get returns that high, don’t you think? The swamp in Congress is getting murkier
day by day. But not illegal here just maybe a wee bit unethical. Move along nothing to see here.

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