Tuesday, April 8, 2008

Lawmakers are investing in Iraq, Afghanistan wars

2004 Presidential candidate, John Kerry tops the list In all, 151 current members of Congress -- more than one-fourth of the total -- have invested between 78.7 million dollars and 195.5 million dollars in companies that received defence contracts of at least 5.0 million dollars, according to CRP

Go to IPS original
WASHINGTON, Apr 7 (IPS) - U.S. lawmakers have a financial interest in military operations in Iraq and Afghanistan, a review of their accounts has revealed

Members of Congress invested nearly 196 million dollars of their own money in companies that receive hundreds of millions of dollars a day from Pentagon contracts to provide goods and services to U.S. armed forces, say nonpartisan watchdog groups.

David Petraeus, the top U.S. general in Iraq, is to brief the Senate Foreign Relations and Armed Services committees on Tuesday and Wednesday. The latest findings are unlikely to have a significant impact on this week's proceedings but could stoke anti-incumbent sentiment in this year of presidential and legislative elections.

Lawmakers charged with overseeing Pentagon contractors hold stock in those very firms, as do vocal critics of the war in Iraq, says the Centre for Responsive Politics (CRP).

Senator John Kerry, the Democrat from Massachusetts who staked his 2004 presidential bid in part on his opposition to the war, tops the list of investors. His holdings in firms with Pentagon contracts of at least five million dollars stood at between 28.9 million dollars and 38.2 million dollars as of Dec. 31, 2006. Kerry sits on the Senate foreign relations panel.

Members of Congress are required to report their personal finances every year but only need to state their assets in broad ranges.

Other top investors include:
*Representative Rodney Frelinghuysen, a New Jersey Republican with holdings of 12.1 million - 49.1 million dollars
*Rep. Robin Hayes, a North Carolina Republican (9.2 million - 37.1 million dollars)

*Republican Rep. James Sensenbrenner Jr. of Wisconsin (5.2 million - 7.6 million dollars)

*Rep. Jane Harman, a California Democrat (2.7 million - 6.3 million dollars).

*Sen. Jay Rockefeller, the Democrat and former governor of West Virginia who chairs the Senate Select Intelligence Committee, invested some 2.0 million dollars in Pentagon contractors.

*Sen. Joseph Lieberman, the Connecticut Independent who presides over the Senate Homeland Security and Governmental Affairs Committee.

*Rep. Howard Berman, the California Democrat who heads the House Foreign Affairs Committee.


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