CRP found that members of Congress had as much as $196 million invested in companies with Dept. of Defense contracts in 2006 (the most recent reports available), which seems worth noting as Congress awaits a briefing on the Iraq war from Gen. Petraeus next week. The contractors in which Congress is most invested are, for the most part, not in the defense sector, which surprised them (but makes sense given the vast size and many needs of the US military ) but are companies like Procter & Gamble, Pepsico, Microsoft and Johnson & Johnson. According to CRP, members also hold millions of dollars in defense company stock such as Boeing and Lockheed Martin.
I think many American investors would be surprised to learn that lawmakers have a financial stake in the war.
And in other findings from their new favorite database (Personal Financial Disclosures), CRP had this item in yesterday's newsletter, pointing out that the ranking Republican on the House's global warming committee is a big investor in the oil companies that were called on the carpet by the committee's Democrats on Tuesday:Continue reading