Posted on 02/28/2005 9:48:31 PM PST by SmithL
WASHINGTON -- John Negroponte, President Bush's choice for intelligence chief, is a multimillionaire who promised last year to sell stock in companies that have business stakes in Iraq's reconstruction, according to his financial disclosure reports.
It is unclear from two April reports, Negroponte's most recent filings, whether he followed through on sales of General Electric and other companies helping to rebuild Iraq, where he is U.S. ambassador. The White House did not immediately comment Monday.
Less than two weeks ago, Bush asked Negroponte to take on the new job of national intelligence director, bringing together 15 independent intelligence agencies.
That assignment may force Negroponte to take a fresh look at whether any financial holdings present conflicts of interest — a process he went through last spring when he was nominated ambassador to Iraq.
Then, Negroponte agreed not to participate in decisions that would effect his personal holdings. To minimize problems, he agreed to sell his interests in Citigroup, General Electric and GE Capital. The three companies are providing postwar Iraq with everything from power generators to help in restructuring the claims of private commercial creditors against the country.
Negroponte has not had to file another disclosure report since then to confirm the transactions took place.
In a letter to a State Department ethics official on April 23, Negroponte said he would "remain alert" on the possible need to remove himself from certain decisions or to request a written waiver to qualify for an exemption.
(Excerpt) Read more at sfgate.com ...
Did he even have time to do this?
Well, realistically: how large is Iraq business to a company of GE size? Say, 1, even 2%. How large could be Negroponte's holdings in GE? He is described as a multimillionaire, so, say, 2 million. That would give him exposure on the order of 20-40 thousand. I'd say that it ought to take WAY more money to influence a person in his position.
If George Washington had to sell his holdings in order to be president, he would have had to sell 7/10 of all the U.S.!
He owned Virginia, Penn, Ohio, Illinois? ...there is a record of how much he owned...Today he would be the richest man in the world, bar none!
Based on requirements, he could not be president or hold any elective office!
After George Washington was elected president he had to borrow money so he could afford to move to New York. Either his land holdings weren't worth very much or they weren't very liquid.
Alexander Hamilton had not invented the U.S. bank yet.
Washington's wealth was not liquid. Check out his land holdings. They are what they were! Enormous!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.