Nelson’s Investment in Berkshire Hathaway
By ERIC LICHTBLAU
NYT
Senator Ben Nelson, the Nebraska Democrat who switched sides this week to help block consideration of an overhaul of financial regulations, reported last year that he and his wife, Diane, owned up to $6 million in stock in the investment company run by the famed Nebraska investor Warren E. Buffett, who could be hurt by passage of the measure, records show.
Since Mr. Nelson’s surprise vote on Monday, speculation on Capitol Hill about his motivations have centered on his relationship with Mr. Buffett, whose firm, Berkshire Hathaway, has lobbied against one section of the legislation.
After the vote, Mr. Nelson did not address the possible connection with Mr. Buffett and pointed instead to broad concerns about uncertainties surrounding the legislation and the possible negative impact on industries like auto dealers.
But a number of political figures, including Christopher J. Dodd, the Connecticut Democrat who authored the legislation, have pointed to Mr. Nelson’s relationship with Mr. Buffett as another possible explanation. The Wall Street Journal reported this week that Mr. Nelson had successfully pushed in the Senate agriculture committee at the request of Berkshire Hathaway for an exemption that would allow firms with existing derivatives contracts to avoid posting large amounts of collateral.
(More here.)
NYT
Senator Ben Nelson, the Nebraska Democrat who switched sides this week to help block consideration of an overhaul of financial regulations, reported last year that he and his wife, Diane, owned up to $6 million in stock in the investment company run by the famed Nebraska investor Warren E. Buffett, who could be hurt by passage of the measure, records show.
Since Mr. Nelson’s surprise vote on Monday, speculation on Capitol Hill about his motivations have centered on his relationship with Mr. Buffett, whose firm, Berkshire Hathaway, has lobbied against one section of the legislation.
After the vote, Mr. Nelson did not address the possible connection with Mr. Buffett and pointed instead to broad concerns about uncertainties surrounding the legislation and the possible negative impact on industries like auto dealers.
But a number of political figures, including Christopher J. Dodd, the Connecticut Democrat who authored the legislation, have pointed to Mr. Nelson’s relationship with Mr. Buffett as another possible explanation. The Wall Street Journal reported this week that Mr. Nelson had successfully pushed in the Senate agriculture committee at the request of Berkshire Hathaway for an exemption that would allow firms with existing derivatives contracts to avoid posting large amounts of collateral.
(More here.)
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