Nelson’s Investment in Berkshire Hathaway

[kpete]

Source: New York Times

April 27, 2010, 3:19 pm
Nelson’s Investment in Berkshire Hathaway
By ERIC LICHTBLAU

Senator Ben Nelson, the Nebraska Democrat who switched sides this week to help block consideration of an overhaul of financial regulations, reported last year that he and his wife, Diane, owned up to $6 million in stock in the investment company run by the famed Nebraska investor Warren E. Buffett, who could be hurt by passage of the measure, records show.

Since Mr. Nelson’s surprise vote on Monday, speculation on Capitol Hill about his motivations has centered on his relationship with Mr. Buffett, whose firm, Berkshire Hathaway, has lobbied against one section of the legislation.

After the vote, Mr. Nelson did not address the possible connection with Mr. Buffett and pointed instead to broad concerns about uncertainties surrounding the legislation and the possible negative impact on industries like auto dealers.

But a number of political figures, including Christopher J. Dodd, the Connecticut Democrat who authored the legislation, have pointed to Mr. Nelson’s relationship with Mr. Buffett as another possible explanation. The Wall Street Journal reported this week that Mr. Nelson had successfully pushed in the Senate agriculture committee at the request of Berkshire Hathaway for an exemption that would allow firms with existing derivatives contracts to avoid posting large amounts of collateral.

Read more: http://thecaucus.blogs.nytimes.com/2010/04/27/nelsons-investment-in-berkshire-hathaway/

[DJ13]

1. A severe conflict of interest

SSDD in DC.

[Enthusiast]

12. This much is clear.

And why has this become acceptable in our country? It has become very common.

[Tx4obama]

2. Senators should put assests in a blind trust like the President has to. n/t

[tomm2thumbs]

3. Ben there, done lots of that

I hope they post his detailed financials in this regard. Would be nice to know his 'motivation'

[newblewtoo]

4. Is Dodd the pot

or kettle in this piece?? K/R

[Winterblues]

7. Isn't it Dodd that created the Bill?

What are you suggesting. He is some kind of counter double agent for the banking industry? :crazy:

[newblewtoo]

9. I just find it interesting

based on his record.

Commentary - Bank of America PAC money behind Dodd's Countrywide loan
Jun 19, 2008 1:37 PM (677 days ago) by Timothy P. Carney, The Examiner



WASHINGTON (Map, News) -
"We call it the 'Bank of America bill on steroids.'" A House staffer told me that, demanding anonymity, but speaking on behalf of aides to GOP members of the House Financial Services Committee.

He was talking about the bill whose Senate version has been brought to the floor this week by Sen. Chris Dodd, D-CN, and Sen. Richard Shelby, R-AL. Dodd-Shelby would let mortgage lenders off the hook for bad loans, shifting the burden ultimately to taxpayers. Dodd has received approximately $70,000 in campaign contributions from Bank of America in the last year-and-a-half.

Dodd-Shelby hit the Senate floor this week amid controversy over sweetheart loan deals Dodd and other powerful politicians received from Countrywide Financial, the lender with the most exposure to subprime mortgages at risk of default.

Continues here>
http://www.examiner.com/a-1449448~Bank_of_America_PAC_money_behind_Dodd_s_Countrywide_loan.html

I am just not convinced Dodd should be calling Nelson out. Looks like both could be quid pro quo.

[No Elephants]

11. Yep, Dodd did create the bill that makes Professor Elizabeth Warren apoplectic.

I trust her a hell of a lot more than I trust him.

[CreekDog]

5. It's hard to see Nelson's logic in trying to vote in such a way

that makes you look like a fool afterwards.

but that's what he does.

[high density]

6. It sounds like we need to disallow our elected officials from owning individual stocks

Let them own broad-based mutual funds.

[hugo_from_TN]

8. Dodd has a lot room to talk. LOL

[ozymandius]

10. Publicly financed campaigns would partially fix this issue.

If he were a judge, then he would recuse himself from involvement in this debate. We really need to work on syncing these two items. Our public servants seriously need guidance.