Revealed: how US senators invest in the firms they're supposed to regulate
September 19, 2019 at 6:12 AM - Views: 31 #154855
Alex Kotch of Sludge
- Total Posts: 5,073
Thu 19 Sep 2019 02.00 EDT
As they set national policy on important issues such as climate change, tech monopolies, medical debt and income inequality, US senators have glaring conflicts of interest, an investigation by news website Sludge and the Guardian can reveal.
An analysis of personal financial disclosure data as of 16 August has found that 51 senators and their spouses have as much as $96m personally invested in corporate stocks in five key sectors: communications/electronics; defense; energy and natural resources; finance, insurance and real estate; and health.
The majority of these stocks come from public companies, and some are private.
Overall, the senators are invested in 338 companies – including tech firms such as Apple and Microsoft, oil and gas giants including ExxonMobil and Antero Midstream, telecom companies including Verizon, and major defense contractors such as Boeing – in the five sectors as categorized by Sludge.
Congressional financial disclosures present investments in dollar ranges, not exact amounts, so all data in this report comes in ranges, some very wide. The median stock investment range in the five sectors for the 51 senators is between $100,000 and $365,000, while the average range of the investments is between $551,000 and nearly $1,874,000.
September 19, 2019 at 9:22 AM #154972
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I don’t find this strange. If one has money, one invests in the stock market. And if one were to invest in the stock market, in which stocks do you think they would invest? Mrs Fields Cookies, or Microsoft?
September 19, 2019 at 11:03 AM #155031
a little weirdDonor@alittleweird
- Total Posts: 606
How about making it so congress can’t own individual stocks now or after their terms. They could own index funds where there would be no incentive to regulate in favor of a particular company. I know how naive that sounds – corruption always finds a way.
September 19, 2019 at 2:11 PM #155190
- Total Posts: 1,181
Better yet, let’s transform human society like the IPCC suggests, by eliminating the lunacy of capitalism entirely, and by organizing economic activity on the principles of math, science and justice, thereby removing the incentive for corruption entirely.
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