Sunday, October 04, 2009

Top 25 Censored Stories for 2010

14. Congress Invested in Defense Contracts
(find Rep. Fred Upton listed in paragraph 4)

Opensecrets, April 3, 2008 (Upton's share has likely gone Up)
“Strategic Assets”
by Lindsay Renick Mayer

The nonpartisan Center for Responsive Politics has calculated that more than 151 members of Congress have up to $195 million invested in major defense contractors that are earning profits from the US military occupations in Iraq and Afghanistan.

When General David Petraeus, the top US military officer in Iraq, went to Capitol Hill to brief Congress in April of 2008, he was addressing lawmakers who had a lot more than just a political stake in the Iraq occupation. Along with their colleagues in the House and Senate, the politicians who got a status report from the general and the US ambassador to Iraq had millions of dollars of their own money invested in companies doing business with the Department of Defense (DoD).

In 2006, the investment portfolios of 151 current members—more than a quarter of Congress—had between $78.7 million and $195.5 million invested in companies that received major defense contracts (over $5 million). The portfolios include holdings in companies paid billions of dollars each month to support America’s military. These companies provided almost everything the military uses, from aircraft and weapons to medical supplies and soft drinks.

Lawmakers with the most money invested in companies with DoD contracts include Sen. John Kerry (D-Mass), with up to $38,209,020; Rep. Rodney Frelinghuysen (R-NJ), with $49,140,000; Rep. Robin Hayes (R-NC), with $37,105,000; Rep. James Sensenbrenner Jr. (R-Wis), with $7,612,653; Rep. Jane Harman (D-Calif), with $6,260,000; Rep. Fred Upton (R-Mich), with $8,360,000; Sen. Jay Rockefeller (D-WVa), with $2,000,002; Rep. Tom Petri (R-Wis), with $5,800,000; Rep. Kenny Ewell Marchant (R-Texas), with $1,163,231; and Rep. John Carter (R-Texas), with up to $5,000,000.

Full article:

Student Researchers: Leora Johnson and Michael Seramin
Faculty Evaluator: Peter Phillips PhD
Sonoma State University


Anonymous said...

If fingers are being pointed and unfounded charges leved, please at least show some consistency in your postings. In the Sept. 27 post you list Rep. Upton's net worth at $8.07 million and in yoru Oct. 4th post you state the Congressman has $8.36 in defense related stocks. How is possible to have more than one's entire net worth invested in this one stock area. I am neither pro nor con the Congressman but if one is to continue making these unfounded charges and innuendos at least take the time to make sure the stuff you are putting out can stand up to more than 30 seconds worth of scrutiny.

Anonymous said...

The difference in the numbers is because the investments were looked at at different dates. In 2006 Upton had 8.36 million of defense related investments and in 2008 he had 8.07 million of assets with no liabilities. The article from 2006 does not say if there was any debt at that time. The stock market is not static.

The fact that the defense related assets is so large makes it likely that all or nearly all of his stock is in companies that do work for the defense dept. This probably includes includes whirlpool.