Congressmembers Implicated in Insider Stock Trading on TransCanada, Keystone XL Pipeline

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When it comes to TransCanada Corporation’s Keystone XL pipeline approval process, corruption has been rampant, asย well covered by DeSmogBlog as itย unfolded. The Keystone XL pipeline, currently in limbo, would carry tar sands crude โ€“ a thick and dirty fossil fuel called bitumen โ€“ from the Alberta tar sands through the heartland region and eventually down to Port Arthur, Texas, to be refined and placed on the global export market.

This week, a new layer of corruption was revealed by Sunlight Foundation Reporting Group, this one involving insider trading of TransCanada’s stocks by four members of Congress, as well as by U.S. Ambassador to the United Nations, Susanย Rice.

The politicians implicated and amount of money they invested in stock are as follows, according toย Sunlight Foundation Reporting Group:

  • โ€œRep. Michael McCaul, R-Texas, reported in his 2010 financial disclosure formโ€“the most recent available, filed on May 15, 2011โ€“that he owned Transcanada stock worth between $115,002 and $300,000 (financial disclosure forms ask members to report their assets within broadย ranges).โ€
  • โ€œSen. Thad Cochran, R-Miss., reported owning between $15,001 and $51,000 in TransCanada stock in his 2010 financial disclosure; according to his office, the ranking member of the Senate Appropriations Committee sold his stock on January 5,ย 2011.โ€
  • โ€œRep. Judy Biggert, R-Ill., has held Trans Canada stock since 2004; her most recent disclsosure shows she owns a stake in the company worth between $1,001 andย $15,000.โ€
  • โ€œRep. Carolyn McCarthy, D-N.Y.โ€ฆreported a $798 interest in Transย Canada.โ€
  • โ€œU.S. Ambassador to the UN, Susan E. Rice filed that she owned between $250,001 and $500,000 of TransCanadaย stock.โ€

This revalation comes in the aftermath of an in-depth muckraking report by 60 Minutes, in which it was revealed that numerous members of the U.S. Congress on both sides of the aisle, including House Minority Leader Nancy Pelosi (D-CA) and House Majority Leader John Boehner (R-KY), were involved in insider stock tradingย deals.ย 

This all begs the question, is this a democracy or a kleptocracy that we are living in here in the United States? See theย 60 Minutesย segment below and ponderย that.

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Steve Horn is the owner of the consultancy Horn Communications & Research Services, which provides public relations, content writing, and investigative research work products to a wide range of nonprofit and for-profit clients across the world. He is an investigative reporter on the climate beat for over a decade and former Research Fellow for DeSmog.

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