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Sec. of State candidate Susan Rice is wealthiest person in the executive branch or close second to Hillary Clinton

November 28, 2012

11/28/12, “Secretary of State Candidate Has a Major Financial Stake in Canadian Tar Sands,” onearth.org, Scott Dodd

(parag. 11): According to the Center for Responsive Politics, Rice’s net worth sat somewhere between $23.5 million and $43.5 million in 2009, the latest year for which the center has done a full analysis of her finances. That makes her either the wealthiest person currently serving in the executive branch or a close second to Clinton. (The uncertainty surrounding these figures is due to the way officials are required to disclose their investments; instead of declaring the specific amount of stock they own, they are required by law only to declare a range.)…

It’s unclear when Rice began investing in Canadian energy and banks, but the Stanford University graduate and Rhodes Scholar worked for the prestigious McKinsey & Company consulting firm’s Toronto office from 1990 to 1993, marrying Canadian-born TV producer Ian Cameron in 1992. She then joined the National Security Council under President Bill Clinton. (Financial disclosure forms aren’t available for Rice’s security council tenure; by law, they’re destroyed after six years.) Rice later became President Clinton’s assistant secretary of state for African affairs, then joined the nonprofit Brookings Institution think tank during the George W. Bush administration. She advised both the Kerry and Obama presidential campaigns on foreign policy.

According to the reports she filed in May 2012, Rice and her husband have a wide-ranging portfolio that includes more than 100 securities, such as IBM, Monsanto, Apple, BP, and McDonald’s. Dan Auble, a researcher at the Center for Responsive Politics who studies the personal finances of public officials, said it’s not unusual to see energy investments play a significant role in their financial portfolios, as they do with Rice and her husband. (Auble said the holdings of a public official’s spouse are included in financial disclosure reports because they have the same potential to create a conflict of interest.) In their case, however, nine of the 14 holdings they claimed that top $500,000 are Canadian energy interests or banks….

According to her most recent financial disclosure reports, along with her TransCanada investments, Rice and her husband own at least $1.5 million worth of stock in Enbridge (Canada’s No. 3 oil producer, according to Forbes), Cenovus (No. 7), and Encana (No. 8), as well as at least $1.25 million in Imperial (No. 2), $50,000 to $100,000 in Suncor (No. 1), and $15,000 to $50,000 in Canadian Natural (No. 6). (TransCanada is ranked at No. 5 by Forbes.) The couple has at least $1.25 million invested in Transalta, Alberta’s largest coal-fired electricity power producer, and at least $1.5 million in Canadian Pacific Railway, which transports coal, oil, and gas and has been a major financial beneficiary of the North American energy boom.

On the banking side, Rice has investments totaling at least $5 million and up to $11.25 million in Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto Dominion. A report by the Dutch consulting firm Profundo Economic Research says several of these same banks are largely responsible for underwriting the expansion of Canada’s tar sands industry. “Investment in tar sands infrastructure now surpasses that of manufacturing across all of Canada,” according to the report.”…via Tom Nelson

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