Conflict

In the big picture, I don’t think this really matters. I mean, it’s disgusting, unethical and highly inappropriate, but Obama’s made it pretty clear he wants this pipeline and I don’t think he’s going to appoint anyone who isn’t going to approve it:

Susan Rice, thought by many to be Obama’s number one pick for Secretary of State, holds millions of dollars in investments in Canadian oil companies and banks with stakes in the $7 billion Keystone XL Pipeline, according to a piece out today from OnEarth, a magazine published by the environmental advocacy group Natural Resources Defense Council. As head of the State Department, Rice would have ultimate authority in determining the fate of the pipeline, which would link northern Alberta’s remote oil sands fields to Texas’ Gulf Coast refineries.


The piece reveals that Rice has significant holdings (PDF) in more than a dozen Canadian oil companies and banks that would benefit from the growth of the Canadian tar sands industry and the construction of the controversial pipeline. OnEarth’s Scott Dodd finds that nearly a third of Rice’s personal net worth—estimated in 2009 to be between $23.5 million and $43.5 million—is invested in Canadian oil producers, pipeline operators, and other energy companies including several with egregious environmental records on both sides of the border. Financial disclosure reports further show that Rice has between $300,000 and $600,000 invested in TransCanada, the company that is seeking the permit from the State Department to build sections of the pipeline from Oklahoma to the Canadian border.


“It’s really amazing that they’re considering someone for Secretary of State who has millions invested in these companies,” Bill McKibben, founder of the activist groups 350.org and Tar Sand Action which have organized protests against the Keystone XL project, told OnEarth.

5 Responses to Conflict

  1. Snarki, child of Loki November 28, 2012 at 10:14 pm #

    Wow.

    Perhaps we should write to McCain to thank him for his opposition to Rice, and using this to explain why.

    With luck, it’ll be head-explody time in tire-swing land.

  2. Izquierdo November 29, 2012 at 12:26 am #

    OnEarth’s Scott Dodd finds that nearly a third of Rice’s personal net worth—estimated in 2009 to be between $23.5 million and $43.5 million—is invested in Canadian oil producers, pipeline operators, and other energy companies including several with egregious environmental records on both sides of the border. Financial disclosure reports further show that Rice has between $300,000 and $600,000 invested in TransCanada,…

    Sloppy writing here. Is her personal net worth between $23.5 million and $43.5 million, or is nearly a third of Rice’s personal net worth between $23.5 million and $43.5 million? If the latter, then her total personal net worth somewhere between $70-plus million and $130-plus million.

    In either event, how did this long-time public servant accumulate such a huge nest egg?

  3. susie November 29, 2012 at 8:18 am #

    Her father was a tenured professor at Cornell and her mom consulted at Brookings. She married a rich guy, and she worked as a consultant at McKinsey, and for a strategic analysis consulting firm. I don’t think she’s known hunger, ever.

  4. jawbone November 29, 2012 at 10:23 am #

    Still, how rich was this husband? And does personal wealth mean hers or theirs together?

    Pretty amazing net worth, for anyone in public “service.” Or for anyone.

    Being close to power seems to be a winning ticket in todays America, right?

  5. imhotep November 29, 2012 at 11:15 am #

    Being close to power has always been a winning ticket in America. As a matter of fact and with very few exceptions one must already be a member of the oligarchy (1%) to even get close to power. This is a closed system. It has been a closed system since the very begining of our “republic.” When our Consttution was passed only white, male, land owners had the right to vote.

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