Reid Aide’s 100% Stock Return Raises Eyebrows

Monday, 11 Oct 2010 03:04 PM

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Chris Miller, the top energy aide for Senate Majority Leader Harry Reid, doubled his $3,500 investment in stock of a renewable energy company in just two years. Skilled investing you might say. But there’s a catch, The Wall Street Journal reports. Reid helped pass a law that benefited the firm, Energy Conversion Devices Inc.

Harry Reid, aide, stock, Chris MillerReid spokesman Jim Manley defended Miller’s action at first. He said the aide played no role in creating tax incentives for renewable-energy firms and that the stock rose for other reasons.

But on Sunday, Manley said, “Mr. Miller showed poor judgment, and Senator Reid has made it very clear to Chris and all his staff that their actions must not only follow the law, but must meet the higher standards the public has a right to expect from elected officials and their staffs."

Miller isn’t the only congressional staffer investing on stocks of companies affected by their bosses’ activity. At least 72 aides, both Republicans and Democrats traded shares of companies their congressmen help oversee in 2008-09, according to a WSJ analysis.

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