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Shelly Skelos, Dean Silver

by: Roatti

Wed Sep 15, 2010 at 14:47:04 PM EDT

It's hard to imagine ethics laws passing that would directly hurt the bank accounts of our legislative leaders. Thus, I have a hunch that Albany will never pass strong conflict-of-interest rules for legislators as long as Shelly Silver and Dean Skelos continue to profit off companies that do business with the state:

Assembly Speaker Sheldon Silver isn't the only Albany leader with a stock-portfolio stake in companies that do business with the state.
Republican Senate boss Dean Skelos and his wife, Gail, own shares in 14 companies with a combined 111 state contracts worth more than $2 billion.
(snip)
Earlier this month, The News reported that Silver (D-Manhattan) owns stock in 30 companies with business before the state. He has refused to say how much the stock is worth.
(snip)
Based on the ranges provided, the Skelos' total stock and mutual fund portfolio is between $432,000 and $992,000.
The couple's holdings in companies doing business with the state is between $227,000 and $615,000.
Skelos and his wife also each own stock in General Electric, which has $41.7 million in state contracts.
The senator's GE holding is worth between $5,000 and $19,999. His wife's holding is under $5,000.
Gail Skelos also has mutual fund investments of between $100,000 and $249,999 with Jennison Blend Fund and Jennison Utility Fund.
Jennison has a $3.12 million consulting contract with the state Deferred Compensation Board, records show.

How these "leaders" even sleep at night is beyond my comprehension.

Roatti :: Shelly Skelos, Dean Silver

Tags: Sheldon Silver, Dean Skelos, AD-64, SD-9, Reform, (All Tags)

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Shelly Skelos, Dean Silver | 2 comments

Honestly.... (0.00 / 0)

if a politician buys big-cap blue chips, he's going to end up with stick in companies doing business with New York State. How is this avoidable while we have megacorporations? Blind trusts, I guess; which is a recipe for getting cheated blind.

I'm not sure politicians should be required to get cheated blind. This is a recipe for keeping any investor out of politics, permanently, and I don't think that's advisable.

The GE holdings are not comment worthy. Unless there's evidence that the politicians interceded on GE's behalf, it's just a blue chip stock purchase.

Silver's refusal to even admit what he owns is more suspicious. Frankly, I think as long as a candidate admits openly what companies he's investing in, the voters can decide whether he's crookedly steering government business to them -- or not. Sunlight is the best disinfectant.

by: neroden @ Thu Sep 16, 2010 at 03:48:21 AM UTC

I am not concerned with blue-chip, publically traded (0.00 / 0)

stocks since the awarding of a contract is minimal on the overall financial position of a company like GE which has over $100 BILLION in worldwide sales. Campaign contributions/junkets, etc. are more of a concern from a corruption standpoint.

The pols that have investments in private companies that do business with the Government is the real concern.

Carl Paladino gets $10M annually in rent from the government...that is a concern if he wins.

Bloomberg LP has a few terminals that are rented to NYC, but the revenue is beyond minimal compared to the company's overall gross revenue.

The real issue is that the legislative leaders are not full-time employees and that outside income is kept secret.

by: GOP_RIP @ Fri Sep 17, 2010 at 00:24:24 AM UTC