Friday, June 17, 2011

Paul Ryan, Mine Owner, Oil and Gas Investor, Benefits From His Budget Plan

His budget plan will add value to already lucrative shares he holds in four family-run mining and land leasing businesses, The Political Environment reports.

Wall Street Cheat Sheet says:
Ryan’s father-in-law runs the companies that are currently leasing land for mining and drilling to Chesapeake Energy (NYSE:CHK), Devon (NYSE:DVN), XTO Energy, and a subsidiary of ExxonMobil (NYSE:XOM). Ryan’s stake in these companies immediately poses a conflict of interest, especially when Ryan is lining his pockets with big oil money while expecting senior citizens, children, and the disabled to endure cuts to already underfunded programs.

Of course, Ryan’s office says he hadn’t even considered his own interests when drawing up the budget plan, overlooking the $117,000 the properties earned him and his wife just last year, as well as the $60,000 from the year before that. According to Ryan’s financial disclosure, he has assets worth somewhere between $590,000 and $2.5 million, and he owns minority stakes in four of his wife’s family companies, including Ava O Limited Company, which holds mining and mineral rights, and Little Land Company, which is an oil and gas corporation.
Of course.

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