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Doles Own $1m Stake In Oil-trading Fund

Earlier this week, Elizabeth Dole's campaign slammed Democratic challenger Kay Hagan for owning oil wells and oil stocks -- and asserted that "neither" the senator and nor her husband Bob own "own oil stocks."

That may be technically true. But only barely.

In fact, Bob Dole owns a stake, valued at $1 million or more, in an offshore hedge fund -- managed by bankrupt Lehman Brothers no less -- that speculates on crude and heating oil, gasoline and natural gas prices, according to Senate documents.

Elizabeth Dole's 2008 Senate personal financial disclosures show the former Senate Majority Leader earned between $51,000 and $100,000 from investments in the Delaware-based Strategic Commodities II, whose underlying assets are part of the Cayman Islands-based Strategic Commodities Master Fund.

It's unclear how much of the Dole's income came from gas and oil trades. In addition to petroleum, the fund also invests in metals, grains, livestock and common stock of the traditional, non-mooing variety.

A Dole spokesman shrugged it all off, defending the original assertion -- and claiming that Hagan, unlike Dole "profits directly from the increase in gas and oil prices."