What do Attorney General Jack Conway's personal investements say about him? The campaign of challenger Daniel Mongiardo says Conway's financial disclosure forms indicate that Conway stands to benefit when Kentucky coal suffers,
Here's the news release from the Mongiardo campaign:
Conway Invests Millions in Texas Energy Co. That Favors Natural Gas Over Developing KY Coal
Conway To Profit If Cap and Trade Passes, While KY Families Lose Jobs and Pay Higher Electric Bills
FRANKFORT---As reported in Monday’s Courier-Journal, according to his Senate personal financial disclosure statement, U.S. Senate candidate Jack Conway has over the past year bought $1 million -$5 million worth of stock in Kinder-Morgan Energy LP, a Texas energy company that favors developing natural gas over developing clean Kentucky coal.
Not only is over 90% of Conway’s reported financial assets invested in Kinder-Morgan, but according to Conway’s 3rd quarter FEC report, Sara Morgan, the wife of co-founder William V. Morgan, has contributed $4800 (the maximum allowed by law) to Conway’s campaign.
Kinder-Morgan is one of the largest natural gas transporters in North America. It controls over 37,000 miles of pipelines to transport natural gas throughout the United States and Canada. According to a Houston Chronicle op-ed in July, Richard Kinder, CEO of Kinder-Morgan, said that, “natural gas and nuclear are the only answers for the next 10 to 20 years,” to address climate change, while developing clean coal technology will waste “enormous sums of money.”
“Jack Conway has serious questions to answer to Kentucky voters. Why over the past year has he bought millions of stock shares in a Texas energy company that favors natural gas over developing clean Kentucky coal? Why is the co-founder's spouse of this Texas company personally supporting Jack Conway? Kentucky voters deserve to know why Conway has put more than 90% of his wealth into one stock, a Texas energy company that advocates using natural gas to replace Kentucky coal – potentially destroying not only tens of thousands of jobs but causing electric rates and energy costs to soar for every Kentuckian.” said Kim Geveden, Mongiardo spokesperson.
According to Natural Gas Week natural gas prices will go up as natural gas is substituted for coal under cap and trade legislation. As reported over the summer by the Courier-Journal and the Kentucky Enquirer, Jack Conway said he supports cap and trade legislation.
“No matter what Jack Conway says now on cap and trade, his investments tell the real story. If cap and trade passes, natural gas use will go up while coal use will go down. As a result, Jack Conway will make huge profits on his Kinder-Morgan stock holdings, while Kentucky families lose their jobs and pay higher electric bills. Kentucky families simply can’t afford Jack Conway," said Geveden.
Geveden noted, “For more than 10 years leading up to the Senate run, Conway’s investment portfolio was widely diversified. The fact that Conway suddenly goes ‘all in’ and invests 91% of his entire financial holdings in one stock ($1 million to $5 million) raises questions. Conway’s actions turn the conventional wisdom of stock investing on its head – diversify, diversify, diversify. Why did Conway all of the sudden invest 91% of his financial assets into Kinder-Morgan, a company that favors developing natural gas over Kentucky coal?” asked Geveden.