OpenSecrets reveals identity of legislators who dumped BP and Transocean stock after Gulf spill
Tuesday, June 21, 2011 at 12:08 pm
A recent report by OpenSecrets shows that several high-profile lawmakers dumped their stock in BP and Transocean following last year’s massive Gulf of Mexico oil spill. Both Republicans and Democrats gave up significant portions of their holdings in the companies, according to the analysis by the Center for Responsive Politics.
Rep. Scott Tipton was one of the few members of congress mentioned in the report who did not sell his BP stock, which is currently valued at less than $15,000.
Buchanan’s holdings went from between $31,003 and $115,000 in BP stocks in 2009, to zero in 2010. Buchanan, an offshore drilling opponent, has lashed out at BP for giving pay bonuses to execs. Arguing that the company was “rewarding incompetence,” Buchanan said that the company should be focused on “ensuring that another disaster never happens again.” Buchanan was the lead sponsor of the “Oil Spill Prevention Act,” which aimed to reform oversight of oil drilling.
Another group of lawmakers divested themselves of stocks in Transocean, the company that owned the Deepwater Horizon oil platform. Rep. Connie Mack, R-Fort Myers, is among those whose Transocean assets disappeared sometime between 2009 and 2010. In a 2008 press release, Mack said that “real steps” needed to be taken in order to “bolster energy independence.” Following the spill, Mack said that BP “should be held responsible for every dime” of the damages.
Scot Kersgaard contributed to this report.