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Obama Says His Investments Presented No Conflicts of Interest
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| Parent(s) |
Candidate
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| Contributor | None Entered |
| Last Edited | None Entered Mar 08, 2007 08:24am |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Thursday, March 8, 2007 02:00:00 PM UTC0:0 |
| Description | WASHINGTON, March 7 — Senator Barack Obama said Wednesday that he did not believe it was a conflict of interest to seek investment advice and use the brokerage services recommended by a friend and political contributor. He said he had not been aware that his broker had invested up to $100,000 in two companies backed by some of his top donors.
“At no point did I know what stocks were held,” Mr. Obama said. “And at no point did I direct how those stocks were invested.”
Mr. Obama, an Illinois Democrat who is seeking the Democratic presidential nomination, said he retained a broker at UBS recommended by a wealthy contributor, George W. Haywood, when he decided to set up a blind trust for the riskiest part of his investment portfolio.
The senator declined to identify the financial adviser at UBS, the giant financial firm. Mr. Obama said that while he told the broker he wanted an “aggressive strategy,” he did not instruct him to follow the investment patterns of Mr. Haywood, a professional investor who has taken large stakes in several speculative companies. |
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