For all you curious as to why Sen. John Kerry, D-Mass., is so inspired to cut a deal on energy reform, wonder no longer. Apparently, the senior senator from Massachusetts is positioned to hit the jackpot if a subsidy-laden energy “reform” bill passes.
In some years, Kerry makes more money in dividends and capital gains from these holdings than he does as a senator.
Max Brindle at the American Spectator has the story:
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.
Who knew lobbying was in the job description for a United States Senator?