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Thread: Judge who overturned drilling moratorium reported owning stock in drilling companies

  1. #41
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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Well for those who think the judge is on the take, then all of you here should take a close look at your portfolio's or 401k's etc., you maybe surprise that a portion of your retirement savings is invested in energy. Just because the judge has stock in the energy field doesn't mean he is on the take but, what the judge did was remind the government that it has exceeded it's power. Now that said, a moratorium would have the rigs become idle and with Brazil energy company waiting in the wings to bid on these rigs after George Soro's invested 900 million dollars, who BTW supports Center for American Progress which in turn suggest to the Obama administration on what actions to take. I would say that the Obama administration has much more at stake than this federal judge, Obama should be the one to recuse himself.

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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Quote Originally Posted by NolaMan View Post
    When you are making $170,000 plus a year and have a large financial portfolio worth what I would assume is a lot more than $60,000, it is not really a substantial sum of money.
    with that point, the same thing can be said of politicians, including obama.

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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Quote Originally Posted by deltabtry View Post
    Well for those who think the judge is on the take, then all of you here should take a close look at your portfolio's or 401k's etc., you maybe surprise that a portion of your retirement savings is invested in energy. Just because the judge has stock in the energy field doesn't mean he is on the take but, what the judge did was remind the government that it has exceeded it's power. Now that said, a moratorium would have the rigs become idle and with Brazil energy company waiting in the wings to bid on these rigs after George Soro's invested 900 million dollars, who BTW supports Center for American Progress which in turn suggest to the Obama administration on what actions to take. I would say that the Obama administration has much more at stake than this federal judge, Obama should be the one to recuse himself.
    Game/Set/Match, well put Delta.
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  4. #44
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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    You guys are focused on the wrong part. Well most of you.

    Is it material to his net worth? $15,000 in drilling stocks is sufficient enough to create a conflict of interest if his total net worth is $50,000. I know my firm considers anything over 5% as independence impairment. But considering his pay, 5% would require total net worth of $300,000. So unless he's in real debt problems, this isn't material enough. Let's assume his total financial at risk amount is $30,000. That's $600,000 total net worth to be 5%. That's what, 5 years of pay? I doubt this is material enough to create conflict of interest.
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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    More information:

    Judge Who Lifted Drill Ban Sold Exxon Shares at Probable Loss - BusinessWeek

    Between his last report in 2008 and the time when this case came into existence, the judge had already sold his Transocean and Halliburton investments. Before he issued his ruling on this case, he sold his Exxon shares (at a loss) so as to be completely sure that there would be no indication of impropriety. He's also released his financial information to allay any further fears.

    The New Orleans judge who lifted the U.S. ban on deep-water drilling in the Gulf of Mexico probably lost money selling shares of Exxon Mobil Corp. the same day he issued his ruling, according to records released today.

    U.S. District Judge Martin Feldman released his financial information at the request of environmentalists, who’ve questioned whether Feldman is violating a judicial conduct code that requires judges to step aside from cases in which they have a financial interest.

    ...

    Feldman sold the less than $15,000 worth of Exxon Mobil he purchased in December, recording an undisclosed loss, on a trade the judge said was made “at the opening of the stock market on June 22,’’ according to a letter he sent the U.S. Courts’ Administrative Office. This places the trade several hours prior to his ruling lifting the ban, which was released just after noon New Orleans time.
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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Another baseless liberal thread. At least the left remains consistant.

    If the left had a clue about economics they would know that continuing the moratorium would drive up the price of oil and thus the price of oil company stocks. This would have helped any portfolio with oil stocks in it. The left can't fathom that a judge makes the right decision just because it's the right thing to do. What a sad state the left is in today.
    Last edited by dontworrybehappy; 06-26-10 at 07:34 PM.

  7. #47
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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Just wondering.....Would the left be upset if the judge had stock in wind and solar and ruled in favor of the moretorium? It seems this judge was right to sell his stock with all the backlash he's getting. Judges are supposed to make rulings on how they interpert the law and not how the rulings might benefit them. Have we reached the point where we can't trust anyone to do the right thing? Not even our judges?

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    Re: Judge who overturned drilling moratorium reported owning stock in drilling compan

    Quote Originally Posted by WhyteRash View Post
    with that point, the same thing can be said of politicians, including obama.
    I don't disagree. I have not argued that Obama was "bought off" due to his holdings or anything of the nature either.

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