Political Hay
The Windsurfer’s Windfall
John Kerry stands to enrich both large corporations and himself if his version of energy reform becomes law.
Last year, in his ongoing struggle to remain relevant, Senator John Kerry (D-Mass) took the legislative reins on the contentious issue of climate change. Now Kerry, against the backdrop of an oil-soaked Gulf, is hoping to ride the current crisis to push his American Power Act to the top of the Democrats’ legislative agenda and propel himself back into the national spotlight.
Tuesday’s White House meeting with key administration officials and senators presents Kerry with his best chance to convince the Democratic leadership that his APA will end U.S. dependence on foreign oil while simultaneously encouraging economic growth and job creation.
Kerry has campaigned unusually hard for the bill, berating Senate colleagues on both sides of the aisle, often cornering and lecturing them on the imminent perils of climate change and the necessity of his bill. “He’s so obsessed,” one beleaguered Democratic senator told Politico. “Clearly it’s all climate, all the time with him.” A former Senate Democratic aide was asked if he knew the source of Kerry’s persistence. “He’s not the centrist who normally does the kinds of deals like this,” the aide responded. “It’s unclear why he’s emerged as a central player on climate other than his interest in the subject.”
The APA propaganda touts the bill’s carbon-pricing measures with a pledge to cut carbon emissions 17% by 2020. As William Yeatman and Jeremy Lott pointed out earlier this month, the APA’s “global warming pollution reduction scheme” and its “linked fee” for transportation costs will dramatically increase energy costs, destined to fall heavily on consumers. But what separates the APA from other energy reform proposals is its lavish subsidies to large energy firms to help them develop alternative energies, particularly nuclear.
Senator Kerry’s belief in nuclear energy, a dirty word among liberals, signifies a break from his usual party line and a willingness to work with big businesses to spur alternative energy creation — the “centrist” position to which the former aide referred. The APA would grant large energy firms between $1.3 billion and $3 billion in subsidies per nuclear reactor and would extend $54 billion in guaranteed loans “to spur the domestic production of nuclear parts,” according to a study by EarthTract. As Yeatman and Lott put it, “These businesses stand to make a killing if the bill passes.” But they’re not the only ones. As Senator Kerry’s recently released financial disclosure statements reveal, he too will get a big piece of the action if his legislation succeeds.
According to Senator Kerry’s statements for the last fiscal year, as of December 31, 2009, he and his wife owned large stakes in numerous prominent energy companies, many of which are currently lobbying Congress for legislation aimed at energy reform and stand the most to gain from passage of the APA. Yeatman and Lott singled out GE, BP, ConocoPhillips, Dupont, and Exelon as among the big winners in the APA scheme. GE in particular has been a staunch advocate of the APA. Surprisingly, or not, Kerry holds about $20 million worth of investments in all of these companies, among a slew of other energy sector giants.
For example, Senator Kerry reported owning up to $750,000 in GE; BP shares valued between $350,000 and $750,000; upwards of $350,000 in Petrobras (the state-owned Brazilian oil powerhouse); $100,000 in Suncor Energy; $500,000 in Rio Tinto; $650,000 in ConocoPhillips; $750,000 in Total (an offshore oil, natural gas, and alternative energy company); $500,000 each in Dresser-Rand Group and Consol Energy; and as much as $1,000,000 each in Ultra Petroleum Corp, Chicago Bridge and Iron, Newfield Exploration Inc., Noble Energy Inc., Roper Industries, Smith International Inc., Thermo Fisher Scientific, Ansys Inc., and Praxair Inc.
From these investments Kerry accrued anywhere from $753,000 to roughly $5 million in unearned income from dividends and capital gains in the last year alone. In one instance, Senator Kerry sold his stake in Apache Corp. for a nifty dividend of up to $1 million. Kerry was not available for comment on this story.
Such investments among lawmakers are all too common. The Washington Post recently reported that almost across the board, congressmen hold a disproportionately high amount of assets in those industries they directly regulate or craft legislation for. For example, those on the House Agriculture Committee held larger than average holdings in agriculture. Key members of the Senate Banking, Housing, and Urban Affairs Committee, the House Homeland Security Committee, and the House Energy and Commerce Committee held above average holdings in the industries under their jurisdiction.
As the Post points out, “The patterns are important because committee chairmen and ranking members have more power than their colleagues to raise questions, hold hearings and push through targeted legislation that in some cases governs the industries in which they have investments.”
It may be business-as-usual in Washington, but it also raises the question of the need of greater transparency in Congress in order at least to expose if not prevent such blatant conflicts of interest. It’s hard to believe anyone can feign ignorance of or claim ambivalence toward $20 million in investments in corporations that stand to profit handsomely from the very legislation one is pushing. Not even if you’re John Kerry.
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Melvin| 6.29.10 @ 7:40AM
What is the difference between criminals in prison and politicians...? We pay the politician to steal our money.
What makes a politician immune from criminality when he or she has before them millions upon millions upwards to trillions of untraceable dollars, that flow back and forth with just one computer keystroke?
Is this there not the temptation to skim a little or allot off the sweat of this Nation's producers? Bernie Madoff did it, why not Senator John Kerry, Barny Frank, or Chris Dodd? They are in positions of immense power to create legislation that would make trillions of dollars for their lobbyists and then get in return a certain, "Thank you," from mysterious sources.
How many Senators and Congressmen, and Czars come to Washington D.C. paupers and leave multi millionaires many times over?
Just because these politicians who are mostly lawyers wear suits and pay hundreds of dollars for their perfectly coiffed blazing white hair or Armani suits to make them look distinguished are no more distinguished than some kid doing 5-10 for armed robbery because after all, the modus operandi is the same isn't it?
All petty thieves are the same whether they wear a black hoody or a Brooks Brothers suit.
Alan Brooks| 6.29.10 @ 6:58PM
I voted for Kerry in '04 not because I was interested in the minutiae of shifting politics, but because I didn't ever want a Bush dynasty after what happened in '92.
Clinton nee Publius | 6.29.10 @ 10:21PM
I was going to vote for him, but being a craven liar and an idiot, I decided to vote for Bush. Go figure.
We're still waiting for that promise to release his military records. I guess that'll be the next "reform" bill - another way for liberal pussbags to avoid accountability for being dishonorably discharged for being the dirtbags and traitors that they always are.
JimE| 6.29.10 @ 11:32PM
Brooks,
As with all things, you voted for Kerry because you are a professional moron.
Bill Hussein O'Stalin| 6.29.10 @ 7:43AM
Yes, this is real journalism here, which should be mandated throughout the press. Instead few will read or understand the depths of corruption of members of the U.S. Congress.
On the other hand, someone in the liberal press will now claim that you're carbon boating Senator Kerry.
blackknights 1802| 6.29.10 @ 7:45AM
John Kerry is another left wing socialist. He hires high priced lawyers and accountants to hide his money from the socialist government he promotes and defends. Another phony like Kennedy, Clinton, Pilosey and the rest. They all need to be illuminated in November 2010 and 2012 at the voting booth.
coal carrier| 6.29.10 @ 7:47AM
Did you know he served in Nam?
Stephanie| 6.29.10 @ 8:19AM
And he won 2 Purple Hearts!
coal carrier| 6.29.10 @ 11:39AM
He was in Nam for at least 3 months and won 3 Purple Hearts. That is why he was able to leave.
monty.crisco| 6.29.10 @ 12:14PM
That he put himself in for. Read about Nicky Bacon if you want the story on someone in Nam who stayed ...even after seeing a WORLD of shit.
RacerJim| 6.29.10 @ 12:41PM
Actually, Kerry was in Vietnam for 4 months...the first month out of harm's way learning how to be the Commanding Officer of a PCF ("Patrol Craft Fast" hence "Swiftboat"), the last three months in harm's way conducting river patrols. According to Navy records Kerry is the only PCF CO to leave Vietnam based upon the 3 Purple Hearts and you can leave regulation. Note that not one of his Purple Hearts was serious enough to cause him to miss even one day of duty.
GoFigure| 6.30.10 @ 10:08AM
RacerJim
You might just want to recheck your facts or go back to your X-Box.
From a real Vietnam Vet.
RacerJim| 6.29.10 @ 12:28PM
Stephanie,
Purple Hearts et al military honoraria are not won but, rather, they are awarded for having met criteria specific to each. Kerry was actually awarded 3 Purple Hearts, the first of which he did not meet the criteria for according to his own (2004) campaign spokesperson.
Vietnam Era Veteran
stephanie| 6.29.10 @ 1:29PM
Okay guys, he won "3" purple hearts!!! Geeze, I was just parroting the little cartoon on GibJab.
the verse says, "and he won 2 purple hearts".
It just popped into my head and I typed it!
Anyway you award him, he's an arrogant ass.
coal carrier| 6.29.10 @ 1:49PM
Now that's what I'm talkin about!
Clinton nee Publius | 6.29.10 @ 10:22PM
Like Obama he's the smartest man to ever run for President.
RacerJim| 6.29.10 @ 12:09PM
Yes, coal carrier, I know Kerry served in Nam. Did you know he was a very active anti-Vietnam War protester in college who repeatedly stated he did not want to go to Vietnam? Did you know he didn't enlist until after his 5th request for a draft-deferment was rejected and enlisted in the Navy Inactive Reserve knowing no member thereof had yet been ordered to Vietnam? Did you know he didn't receive his Honorable Discharge in a timely and usual manner but, rather, in a very untimely and unusal manner?
Vietnam Era Veteran
cola carrier| 6.29.10 @ 1:56PM
Racer,
I know all about John F. Kerry. Another leftist shit-house lawyer. Connived his way out of the military and into political life. Yes, I know John F. Kerry. One of the biggest phonies in Washington.
JmsA| 6.29.10 @ 1:50PM
Did you know he went into Cambodia on a mission? Well, he actually didn't, but he said he did. So that must count for something.
Michael| 6.29.10 @ 7:44PM
And this has exactly what to do with the fact that Kerry is helping implement Obama's vision that "electric rates will necessarily skyrocket" and conveniently making more money for him and his wealthy wife.
LindaF | 6.29.10 @ 7:57AM
I never thought Kerry to be a good Senator, but, until now, I hadn't thought of him as a greedy and unethical one. In Heaven's name, where are the members of the Ethics Committee? This is what they were made for, not partisan coverage of errant Senators.
Melvin| 6.29.10 @ 8:21AM
"Ethics!! we need no stinkin Ethics ,we have the US tax code to steal you money."
Ethics Committee do they're job. I think not, because that is like asking the fox who has feathers sticking out of his mouth to investigate why chickens are disappearing.
Louis Jenkins| 6.29.10 @ 8:54AM
Yes Kerry is a political whirlwind these days. Going here and there to make sure his self interests are best served. The Ethics Committee is not going to do their job. Why should they? Half or better are up to their armpits in similar situations.
"The patterns are important because committee chairmen and ranking members have more power than their colleagues to raise questions, hold hearings and push through targeted legislation that in some cases governs the industries in which they have investments."
No, really!! But let John Q Public get on the gravy train and the investigations will soon abound. The whole mess in the District of Criminals is, well, criminal.
Stan Redmond| 6.29.10 @ 9:25AM
How do we know that republicans aren't as crroked as this? EASY. It would be FRONT PAGE NEW ON EACH AND EVERY NEWSPAPER IN THE NATION if this were a republican. The sad thing is ALL the congress critters circle the wagons for eachother when their scams are uncovered. Sickening. This is no longer a free nation. It is a socialist Monarchy with king crook at the helm and a merry band of crooks. How petty the reasons we fought a revolution seem now compared to what is happeneing.
Margie| 6.29.10 @ 10:29AM
But of course you know what the Liberals say..."There's no difference between the 2 parties!"
Jenny| 6.29.10 @ 10:15AM
Doesn't the concept of term limits sound more and more appealing? The worst crooks are the ones that have been in office 25 years or more and have been collecting campaign war chests and lobbyist funds ever since. Although we have term limits in theory, because the crooks can be voted out of office, in practice the money they have amassed and the pork sent back to the folks back home insulate them in the voting booth. And we let stupid, uninformed, illegal, drug-impaired homeless people, and dead people vote.
TERM LIMITS NOW!
MOS was 71331| 6.29.10 @ 10:28AM
Kerry, along with his wife and her Heinz fortune, is worth $billions. The "investments" discussed in the article are insignificant by comparison. I'm far from convinced Kerry's trying to pick up a few extra $millions through affecting legislation. I think it's far more likely that he's "investing" to take advantage of legislation that he's pushing.
I consider Gore much more corrupt. By now he must know global warming is a crock, yet he continues to rake in hundreds of millions from his dealings with emission credits. He's now worth well over a $billion because of his global warming activities.
jane coale| 8.6.10 @ 1:31PM
Yes Gore has a HUGE conflict of interest raking in carbon credits while he has 3 energy wasting mansions and preaches global warming and reduce your carbon footprint. I was sucked in by his book but now wonder how much research he did because he has said some stupid stuff.(Is it all based on greed??)
Hal. E. Burton | 6.29.10 @ 10:37AM
Conflict of interest, anyone? Anyone? And I thought democrats were for the little guy. Jonah Goldberg was right, John F. Kerry is a human toothache. If it weren't for Scott Brown I would seriously doubt the intelligence of the voters of Massachusetts. PLEASE bring back Barbara Boxer. Nothing like an abrassive, PE-teacher-that-you-hated-in-junior-high type to remind America why these power hungry idiots need to be retired.
Mimi| 6.29.10 @ 10:38AM
WOW!!!.......You mean Johnnie is trying to energize his 20 bil? On our nickel??? And he wants everyone to help HIS cause??? Oh my, that must mean he's GOTTA go too??? Another DEM to hit the dust...Oh well.
Mimi| 6.29.10 @ 10:42AM
Sorry Jonnie.... It is ONLY 20 million not 20 bil oops!
Marc Jeric| 6.29.10 @ 1:22PM
Nuclear electricity was killed by Carter 35 years ago. Before retiring I worked on the design of 24 nuclear power plants in US, South Korea, Taiwan, and Spain. Today we have no companies, equipment manufacturers, engineers, qualified welders, scientists with any current knowledge in the nuclear electricity field. If any new nuclear power projects ever see the light of day, we would have to but the design from the French, equipment from the Japanese, qualified welders from South Korea...
As for the globaloney warming scam - see Internet for the "Global Warming Petition" to read the names of 31,478 American independent scientists, with 9,029 of them with PhD's), who say so.
Cuffs| 6.29.10 @ 2:23PM
John Kerry ,who served in Vietnam, has got to
be the laziest( mentally & physically,)man in
Washington. The only effort he ever put forth
was to marry two heiresses and write up his
own Purple Heart recommendations.
Lest we forget, he threw his medals over
the White House fence. Fortunately they
bounced right onto his offfice wall.
What a guy!
David| 6.29.10 @ 4:57PM
Kerry was awarded whatever medals he had because HE, not others, recommended that he get them. He was in "harms way" for 3 months? Yea, right, that is why he carried around a 15 pound 1960's style video recorder with him instead of equipment and tools to do his job.
Right Melvin, I think it is disgusting that these guys leave office as millionaires after earning only about 140,000 a year, and having to keep up residences in their home cities, and a place in D.C., which I don't think is very cheap.
I believe a house member qualifies for a pension worth a significant amount, for life, after serving only 2 years in Congress. If I am wrong about that, someone please correct me, but I think that is true.
When people in Congress retire or are voted out, they should be barred for all time from going to work as a lobbyist for any company or group. People have the right to petition the government, but let those companies and special interest groups do it with ordinary folks, not with people whose pals still work in Congress and end up passing destructive legislation because of the current lobbying rules.
jane coale| 8.6.10 @ 1:37PM
Absolutely, they should be barred as a lobbyist and we need to get rid of their pensions. Let them pay into SS like us. And do politicians who get thrown out because of fraud still get their pension???
IamOverthem | 6.30.10 @ 6:57PM
Kerry is a primo example of what we should all detest in our politicians. I remember watching him debate the heath care bill and arrogantly saying that average American wouldn't understand the legislative language anyway, so why should they bother with providing it to us. He and his wife are very "how now brown cow" elitists and above all of concerns of the "small people". Heck, Kerry is a ketchup heir after all- via his wife's deceased husband. I'm surprised Kerry doesn't hyphenate his middle name with "Heinz" like she does. I am sick of these congresscritter vermin. Term limits! Please, please term limits. I am sick and tired of these blood- sucking leaches getting wealthy off the Americans who have elected them as "public servants" as our country goes to hell in a hand basket.
Yosemeti Sam| 7.1.10 @ 1:58AM
LOL.
If Kerry plays his cards right - from investments - he may one day be able to buy Heinz from his wife.
Edward Koziol| 7.1.10 @ 1:43PM
We all know Kerry is a crooked jigalo who is in this for the money.Lurch is all for himself and the only reason he married that old bag was for her bucks.The guy proved how rotten he was during Viet Nam when he turned on his comrade in arms.
ed bertolas | 7.4.10 @ 1:52AM
Like when Clinton went into office he had to cash in his portfolio to avoid conflict of interest I say the same rules should apply across the board with these politicians .........Certainly they can have funds but those funds should be a mixed bag sort of a fund of funds not so specific as to cause this obvious blatancy . It is on the 4th of July a dishonor for Kerry to even be in office .
Greed creates blindness, ego and chutzpah no doubt he has ......But his tombstone will bare the truth .
J Mayeau| 7.11.10 @ 9:20AM
If you want Kerry pulled up short, forward this story on to Sen Inhofe, or Rep Issa.
Sgt. Doakes| 8.3.10 @ 3:29AM
I got my eye on John Kerry...and Morgan.