http://www.bloomberg.com/apps/news?pid=20601087&sid=afqymYVSuDKo&refer=homeJuly 19 (Bloomberg) -- Many affluent U.S. politicians use blind trusts to make decisions about their assets. Senator Christopher ``Kit'' Bond uses CNBC's ``Mad Money'' and its hyperkinetic host, James Cramer.
The Missouri Republican, a member of the Appropriations Committee, helps spend billions of federal dollars, benefiting businesses across the country. In his spare time, he makes his own investment decisions, aided by a financial adviser and tips from Cramer.
Bond stands out from other senators through the volume of his trades as well as his hands-on approach. Among the 76 transactions he reported last year, he sold as much as $50,000 of shares in SRA International Inc., an information-technology provider that gets 99 percent of its revenue from federal contracts. Bond, chairman of the subcommittee on transportation, also bought call options of Peoria, Illinois-based Caterpillar Inc., the world's largest maker of earthmoving equipment.
Bond's trading highlights the tension for lawmakers between the desire to invest in the market like any other American and the need to avoid even the appearance of a conflict of interest, said Alex Knott of the Center for Public Integrity, a Washington watchdog group.
The question on legislation becomes ``is it good for the business of Senator Bond or is it good for the business of America?'' Knott said. ``For him to sit on that committee and have lots of these interests, many of which lobby on appropriations, it creates an issue.''
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