AMERICAN ROYALTY-PART 4
With some more facts from the CNBC.com article referenced in American Royalty Part-3, let me share some interesting Congressional investments. The investing tastes appear to be rather conventional, with large-cap, Dow 30 companies dominant and widely held by members of Congress.
Eighty two members of Congress held stocks in General Electric (GE). If you have even read some of the news, you have heard how many times that “GE” has been invited to White House meetings. You may or may not know that GE also owns NBC, CNBC and MSNBC that have been reluctant to be critical of Obama and the “Progressive” members of Congress these past two years. They certainly and openly hounded Bush and the Republicans consistently and still hound the republican Congress members hourly today.
Congress members also have investments in some other companies that have been in the news. Sixty three members have investments in the Bank of America, sixty one in Cisco Systems, fifty one in Procter & Gamble and fifty four in Microsoft.
The Center for Responsive Politics report noted in Part-3 included a statement that, “The most popular investment among members of Congress reads as a who’s who list of the most powerful corporate political forces in Washington D.C. Companies that spend millions of dollars each year lobbying federal officials.”
In addition to the Bank of America, other popular holdings by members of Congress included Goldman Sachs, Wells Fargo, JP Morgan Chase and Citigroup. All of these received TARP funding.
Another big sector that was a subject of major reform legislation these past two years included health-care and drugs. Drug industry giants like Pfizer, for instance ranked seventh on the list of investments held by members of Congress with 49 owning investments. Johnson & Johnson and Merck made the list of the top 50 companies that had members of Congress as investors.
Interestingly the report also revealed that party affiliation was not a key factor in the increase of lawmakers personal assets. Twelve Democrats and seven republicans were among the 20 Congresspersons with the greatest annual net worth increases in the 2008-2009 period.
The article used for part of these last two reports indicated that the study is by no means a precise science. It quotes, “Members of Congress are only required to report their wealth and liabilities in broad ranges. It’s therefore impossible to precisely determine how much value their assets are worth.”
Remember that we, you and I, have allowed all three segments of government to elevate themselves to the “Royalty” status. I accept that I have sat on my hands and did nothing to even formally complain. Like others I bitched and did nothing to try to do something constructive to stop this madness. Not anymore as with this blog platform I intend to voice my opinion to as many Americans that I can. God gave me the ability to express myself with written words. If you are blessed with this talent, please join me and get involved. If I can learn how at 80, anyone can. If you are not inclined to express yourself but agree with my position, and others who are unhappy with Washington, pass on our work to everyone you possibly can. Responsible people who do not suck their life from the government are the only ones who can make change happen.