Gordon R. England's appointment to a top Pentagon post in 2006 came at a high price. The Senate committee overseeing his confirmation demanded that he give up lucrative stocks and options he held in companies that do business with the military.Read the rest here.
England said he took a big hit on his taxes and lost out on more than $1 million in potential profits that year when he divested himself of interests in companies that included General Dynamics.
If he had been a senator, he would not have had to sell anything.
The Senate Armed Services Committee prohibits its staff and presidential appointees requiring Senate confirmation from owning stocks or bonds in 48,096 companies that have Defense Department contracts. But the senators who sit on the influential panel are allowed to own any assets they want.
And they have owned millions in interests in these firms.