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Senator On Defense Committee Bought Raytheon Stock After Pushing For Record Pentagon Budget
U.S. Sen. Jim Inhofe purchased — and quickly sold — tens of thousands of dollars worth of stock in defense contractor Raytheon this week after advocating for a record-high defense budget.
On Tuesday, Inhofe's broker bought between $50,000 and $100,000 in Raytheon stock, according to financial disclosure documents first reported by The Daily Beast.
The senator canceled the transaction after being asked about it by a Daily Beast reporter and urged his broker to avoid defense and aerospace stock in the future.
“This means that the transaction was canceled before it was settled; the senator never took ownership of it,” said Leacy Burke, the senator's spokeswoman. “Accordingly, the senator's transaction report was amended and the stock purchase was removed.”
"All of Sen. Inhofe's financial transactions are handled by a third-party adviser,” she added. “The senator has had no involvement in and has not been consulted about his stock transactions. As such, the senator was not aware of this stock purchase until it came through the system very early (Wednesday) morning."
Inhofe is chairman of the Senate Armed Services Committee and a defense hawk who consistently pushes for increases in defense spending. This week, he convinced President Donald Trump to support a hike in the Pentagon's budget from $717 billion to $750 billion for fiscal year 2020.
"Sen. Inhofe buying stock in a defense contractor at the same time that he is promoting a big increase in taxpayer spending on defense just reeks of the swamp," said Brendan Fischer with the Campaign Legal Center, a nonpartisan watchdog group.
"If Sen. Inhofe were in the executive branch, he likely couldn't buy or hold Raytheon stock. Executive officials are barred from even holding stock in companies that could present a conflict. But senators have declined to adopt similar rules for themselves."
Federal ethics laws allow lawmakers to trade stock, so long as they use only public information when doing so. Because the increase in defense spending was publicly announced prior to Inhofe's stock purchase, it seemingly was within the letter of the law.
On Wednesday, Inhofe wrote a letter to his broker, Keith Goddard with Tulsa-based Capital Advisors, instructing him to no longer purchase stock in defense or aerospace companies “because of my new position as chairman of the Senate Armed Services Committee.”
Inhofe had been interim chairman for much of 2018 before formally taking over the committee in September after the death of Sen. John McCain.
©2018 The Oklahoman. Distributed by Tribune Content Agency, LLC.
ANKARA (Reuters) - President Tayyip Erdogan said on Saturday Turkey would press on with its offensive into northeastern Syria and "crush the heads of terrorists" if a deal with Washington on the withdrawal of Kurdish fighters from the area were not fully implemented.
Erdogan agreed on Thursday in talks with U.S. Vice President Mike Pence a five-day pause in the offensive to allow time for the Kurdish fighters to withdraw from a "safe zone" Turkey aims to establish in northeast Syria near the Turkish border.
President Trump stoked confusion Friday by declaring the U.S. has "secured the Oil" in the Middle East amid continued fallout from the Turkish invasion of northern Syria that he enabled by pulling American troops out of the region.
It wasn't immediately clear what the president was talking about, as there were no publicly known developments in Syria or elsewhere in the Middle East relating to oil. White House aides did not return requests for comment.
WASHINGTON (Reuters) - A U.S. State Department investigation of Hillary Clinton's use of a private email server while she was secretary of state has found no evidence of deliberate mishandling of classified information by department employees.
The investigation, the results of which were released on Friday by Republican U.S. Senator Chuck Grassley's office, centered on whether Clinton, who served as the top U.S. diplomat from 2009 to 2013, jeopardized classified information by using a private email server rather than a government one.
BYESVILLE — A Meadowbrook High School student removed from class last Friday for being intoxicated is now facing a felony charge after allegedly threatening to shoot people if the previous incident harmed his chances to join a branch of the United States military.
Gabriel D. Blackledge, 18, of Cambridge, is facing one count of making terrorist threats, a third-degree felony, filed by the Guernsey County Sheriff's Office on Thursday. Blackledge remained incarcerated in the county jail on a $250,000 bond with no 10 percent allowed, according to the sheriff's office's website.
WASHINGTON (Reuters) - U.S. Defense Secretary Mark Esper said on Friday that no U.S. troops will take part in enforcing the so-called safe zone in northern Syria and the United States "is continuing our deliberate withdrawal from northeastern Syria."
Turkish President Tayyip Erdogan earlier on Friday said Turkey will set up a dozen observation posts across northeast Syria, insisting that a planned "safe zone" will extend much further than U.S. officials said was covered under a fragile ceasefire deal.