Tuesday, December 05, 2006

Well, Of Course They Do.

Gates' Assets Include Defense Stock:
Defense Secretary-nominee Robert Gates' assets include up to $250,000 in stock in a defense contractor on whose board he serves, a financial disclosure report made public Tuesday shows.

If confirmed as defense secretary, Gates will divest his holdings in the company, NACCO Industries, White House spokeswoman Dana Perino said. He will step away from any Defense Department matters involving NACCO for at least a year, she said.

Gates is a member of the board of directors of NACCO Industries, the Cleveland-based parent of the NACCO Materials Handling Group, a lift truck company and Defense Department contractor.

He holds stock worth $100,000 to $250,000 and earned $134,750 in director fees from the company from 2005 to the present, according to the financial report he filed with the federal government.

Gates plans to sell all the stock he owns in individual companies and sever all ties with them if the Senate confirms him as Pentagon chief, Perino said.

Well, I'm sure that should be more than enough to prevent any conflicts of interest. Gates's soon-to-be-former company won't receive more favorable treatment than any other random company with absolutely no ties to the administration. Like, say, Halliburton.


The Kenosha Kid said...


Eli said...

I'm sure there's a My Sharona joke to be made somewhere, but I'm barely conscious...