Wednesday, July 02, 2008

Steve Cohen: oil profiteer

The Hill has it:
More than a dozen Democratic members of Congress critical of oil companies have investments in the industry, according to a review of lawmakers’ financial assets.

At least 14 Democratic members of the House and one senator have holdings ranging from several thousand dollars to hundreds of thousands of dollars in companies such as Exxon Mobil Corp. and Chevron Corp. or partnerships such as Schlumberger and Hornbeck Offshore Services.
Another straw man bites the dust. Our local Congressman, Steve "Barnacle" Cohen (D), has several investments in big oil at the moment:
Cohen owns $15,000-$50,000 of stock in Chevron, $50,000-$100,000 in Exxon Mobil, and $15,000-$50,000 in Schlumberger, a highly profitable oil-services company that provides technical expertise and equipment.
Rep. Cohen claims he always votes against them in damning fashion (whatever voting against them means).

Which, if true, seems rather silly since so many Americans, including average Joes and Janes and constituents of his also have 401Ks/mutual funds that are invested in oil company stocks. Cohen himself earned up to $3900 in dividends last year alone (good for him). But if he's worried about conflicts he should simply not vote (and if he's confused on that he can see Obama).

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