Oil Investor Judge in Drilling Case Sells Stocks
The Louisiana federal judge who struck down a six-month ban on deepwater oil drilling has sold many of his energy investments, a financial disclosure report released Friday reveals.
Special Section: Disaster in the Gulf
U.S. District Judge Martin Feldman's disclosure report, which covers investments for 2009, shows he owned eight energy-related investments including stock in Exxon Mobil Corp.
However, in an attachment to the report, the judge said he sold his Exxon Mobil stock this June when he was hearing the oil spill case.
In last year's disclosure report, Feldman owned up to 16 energy-related investments.
Among the assets sold was stock in Transocean, the Switzerland-based company that owned the drilling rig operated by BP that is now spewing oil into the Gulf of Mexico.
Feldman, a 1983 nominee of President Reagan, struck down the Obama administration's six-month moratorium on deepwater oil drilling in the Gulf of Mexico, disputing what he said was the government assumption that because one rig exploded, others posed an imminent danger.
On Thursday, Feldman refused to place his ruling on hold while the government appeals.
More Drilling Ban Coverage
Gov't Says It's Complying with Moratorium Ruling
White House Seeks New Oil Drilling Ban
Judge Who Tossed Drilling Ban an Oil Investor
Salazar Seeks to Re-impose Drilling Moratorium
Judge Slams Administration, Lifts Drilling Moratorium
Feldman's Exxon Mobil stock in 2009 was valued at $15,000 or less and produced an income of less than $1,000.
The judge has an investment in Ocean Energy valued between $15,001 and $50,000, which produces interest valued between $1,001 and $2,500.
Other holdings include investments in Provident Energy Trust, El Paso Corp., Energy Transfer Equity, Basic Energy Services, Valero Energy Corp. and Crosstex Energy LP.
Values of investments and income are expressed in ranges rather than precise amounts.
An Associated Press analysis has found that more than half of the federal judges in districts where the bulk of Gulf oil spill-related lawsuits are pending have financial connections to the oil and gas industry. This could complicate the task of finding judges without conflicts to hear the cases.
Federal judicial rules require judges to disqualify themselves from hearing cases involving a company in which they have a direct financial interest.
However, financial conflict rules have some leeway. For example, a judge does not have to step aside if investments are part of a mutual fund over which they have no management control.
Further, mere ties to companies or entities in the same industry, no matter how extensive, do not require disqualification.
AP Special Section: Disaster in the Gulf
U.S. District Judge Martin Feldman's disclosure report, which covers investments for 2009, shows he owned eight energy-related investments including stock in Exxon Mobil Corp.
However, in an attachment to the report, the judge said he sold his Exxon Mobil stock this June when he was hearing the oil spill case.
In last year's disclosure report, Feldman owned up to 16 energy-related investments.
Among the assets sold was stock in Transocean, the Switzerland-based company that owned the drilling rig operated by BP that is now spewing oil into the Gulf of Mexico.
Feldman, a 1983 nominee of President Reagan, struck down the Obama administration's six-month moratorium on deepwater oil drilling in the Gulf of Mexico, disputing what he said was the government assumption that because one rig exploded, others posed an imminent danger.
On Thursday, Feldman refused to place his ruling on hold while the government appeals.
More Drilling Ban Coverage
Gov't Says It's Complying with Moratorium Ruling
White House Seeks New Oil Drilling Ban
Judge Who Tossed Drilling Ban an Oil Investor
Salazar Seeks to Re-impose Drilling Moratorium
Judge Slams Administration, Lifts Drilling Moratorium
Feldman's Exxon Mobil stock in 2009 was valued at $15,000 or less and produced an income of less than $1,000.
The judge has an investment in Ocean Energy valued between $15,001 and $50,000, which produces interest valued between $1,001 and $2,500.
Other holdings include investments in Provident Energy Trust, El Paso Corp., Energy Transfer Equity, Basic Energy Services, Valero Energy Corp. and Crosstex Energy LP.
Values of investments and income are expressed in ranges rather than precise amounts.
An Associated Press analysis has found that more than half of the federal judges in districts where the bulk of Gulf oil spill-related lawsuits are pending have financial connections to the oil and gas industry. This could complicate the task of finding judges without conflicts to hear the cases.
Federal judicial rules require judges to disqualify themselves from hearing cases involving a company in which they have a direct financial interest.
However, financial conflict rules have some leeway. For example, a judge does not have to step aside if investments are part of a mutual fund over which they have no management control.
Further, mere ties to companies or entities in the same industry, no matter how extensive, do not require disqualification.
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This is Ronald RayGun's wet-dream, "[T]he government is the enemy," strategy, come to fruition.
This includes the, Jude Wanniski, Ayn Rand, Milton Friedman,----> supply-side, smoke & mirrors, trickle down, economics that showers the rich w/ top-heavy tax cuts that which hoard & hide in offshore accounts to avoid paying taxes.
Judge Marty Feldman, was appointed by, Ronnie Reagan, to a lifetime position on the bench. Feldman, is among the investor class, who pay a maximum, top income tax rate of 15%, whereas the lowly working man & woman can pay a maximum rate of 65%.
RayGun, the Republican icon was all about busting Labor Unions, deregulation for business & industry, while starving regulatory agencies of operating costs & imposing hiring freezes on them to insure lax oversight.
The Fourth Estate of Government was infiltrated by CIA presstitutes during the VietNam "Police Action," to insure that the citizenry recieved the (R) wing storyline of the Military-Congressional-industrial-Complex. That faction still exists within the MSM.
The Republican party became a fifth column for, & wholly owned subsidiary of said complex, which Ike Eisenhower (a real Republican), warned against
The SCOTUS was packed by the Phar(R)wing POTUS to insure that the SCOTUS could sElect the POTUS in 2000. The Republican't Party privatized the national elections w/ Black Box voting companies like Diebold, et cetera.
A 3 Judge panel will now rule if, Judge Feldman, can rule on this case.
Judge Feldman should recuse himself from this case or the ppl should impeach him
rightbehind, True but there are so many more like him... you could start with him but then where do we go from there. Three Decades of Pro Corporation Government has left so much corruption it's hard to decide where it's worse and to what extent.
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A generation or two has dropped the torch for the future. The university system has been polluted by corporate capitalism. True intellectual discovery has been dying, replaced with corporate trained technicians whose primary knowledge is based on how to maximize profits.
A cult of anti-social corporate trained MBAs and corporate attorneys have indoctrinated the afflicted teabaggers, confused by what is actually poisoning them.
So one Toyota accelerated for no known reason. What grounds is this to say others will? On jar of peanut butter contained e-coli. What grounds to say others will contain e-coli.
Give this judge some shell fish and send him to hell.
rightbehind, True but there are so many more like him... you could start with him but then where do we go from there. Three Decades of Pro Corporation Government has left so much corruption it's hard to decide where it's worse and to what extent.
Like you said. We start with him. Then we go to the next.
It is clear that there is increased difficulty and physical chemistry differences between whatis experienced a mile or more deep from shallow or land wells, where methane and heavies are expcected in gaseous or liquid form.
I believe that this indicent is teaching the tehcnical experts alot that they did not not consider earlier. However, it is not clear how much the incident is attributed tolackof knowledge and how much from bad practise (knowing a danger existed).
A short moratorium will not hurt the industry long term and may lead to better success in future.
"If we continue to drill without a plan who knows what might happen. Could be we might hit a pocket and drain the Ocean. Better get rid of those cruise tickets to Jamaica. Ship ain't no good without water."
He got caught with his assets showing.