What Will Rep. Sensenbrenner Do With His BP Check?
A multimillionaire House Republican who owns thousands of shares of BP stock has no plans to recuse himself from a congressional investigation related to the Gulf oil spill or from votes on Capitol Hill that could affect his investments in the oil company.
Rep. James Sensenbrenner of Wisconsin has avoided directly criticizing BP for the spill itself. At the same time, he has watched his BP stock tank in value.
Worth more than $251,000 just a few years ago, Sensenbrenner's 3,604 shares of BP PLC stock had plunged in value to just $118,000 by the end of trading Thursday. That's roughly half their value the day before the April 20 oil spill. Sensenbrenner has said his net worth is about $10 million.
Not only does Rep. Sensenbrenner own shares in BP, but as a shareholder of record as of May 7, 2010, he will be entitled to a dividend payment of $3,027.36 ($0.84 a share). With a check in the mail, it's no surprise that he criticized President Obama for suggesting BP might be criminally liable for the spill.
President Obama has spoken out against BP paying dividends in the wake of the disaster. Does Sensenbrenner, who now bears some responsibility for investigating the company, agree?
Update: The New York Times reports that "House Speaker Nancy Pelosi called Thursday for BP to stop dividend payments to shareholders until small business owners hurt by the oil spill in the Gulf of Mexico are made whole."
