November 17, 2009
FOR IMMEDIATE RELEASE
Contact: Kim Geveden
Conway Invests in the Millions on Texas Energy Products over Kentucky Coal Workers
"Jack Conway's apparent failure to report the Kinder-Morgan stock and the fact he owns millions in a Texas company that would cost Kentuckians their jobs while he makes huge profits all raise serious questions that Conway needs to answer to Kentucky voters," said Geveden.
FRANKFORT---According to federal and state financial disclosure reports, Attorney General Jack Conway failed to disclose on his 2008 Kentucky Financial Disclosure report that he purchased $1 million-$5 million of Kinder-Morgan Energy (LP) stock, a Texas energy company that favors developing natural gas over developing clean Kentucky coal.
As reported in last Monday's Courier-Journal, according to his U.S. Senate Personal Financial Disclosure Report filed with the Senate Clerk on August 13, 2009, Conway reported investing between $1 million and $5 million dollars in Kinder-Morgan in 2008.
However, a review of his 2008 State Financial Disclosure Report filed with the Kentucky Executive Branch Ethics Commission on April 8, 2009 shows that nowhere does Conway list the Kinder-Morgan stock purchase.
"When it comes to Jack Conway's financial ties to the Texas-based energy company, Kinder-Morgan, the more we learn, the more foul the smell. It is bad enough that Jack Conway's largest financial asset---worth millions---is stock in a Texas energy company that favors natural gas over developing clean Kentucky coal. Now, it appears Attorney General Conway did not disclose the Kinder-Morgan stock purchase on his 2008 Kentucky financial disclosure report. Jack Conway has serious questions to answer," said Kim Geveden, campaign spokesman for U.S. Senate candidate Daniel Mongiardo.
"Which financial report accurately reflects Jack Conway's financial holdings - his financial disclosure statement filed with Kentucky's Executive Branch Ethics Commission or his Financial Disclosure statement filed with the U.S. Senate Clerk? What is Jack Conway's explanation for the discrepancy? Did the Attorney General purchase $1 million to $5 million shares (91% of his entire financial assets) of Kinder-Morgan stock in 2008 or 2009? Exactly, how much does Conway have invested in Kinder-Morgan?" asked Geveden.
"But most importantly, Jack Conway needs to explain why he has more than 90% of his wealth invested in a Texas energy company that advocates using natural gas to replace Kentucky coal---that will destroy tens of thousands of Kentucky jobs and cause electric rates to soar," said Geveden.
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 July Houston Chronicle op-ed by Richard Kinder, CEO of Kinder-Morgan, to address climate change, "natural gas and nuclear are the only answers for the next 10 to 20 years," while developing clean coal technology will waste "enormous sums of money.
Not only is over 90% of Conway's assets invested in Kinder Morgan, but according to Conway's 3rd quarter FEC report, Sara Morgan, the wife of founder William V. Morgan, has contributed $4800 to Conway's campaign.
According to Natural Gas Week, natural gas use will go up as natural gas is substituted for coal under cap and trade legislation. As reported over the summer, Jack Conway said he supports cap and trade legislation.
"No matter what Jack Conway says on cap and trade now, 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 natural gas holdings, while Kentucky families lose their jobs and pay higher electric bills. Kentucky families simply can't afford Jack Conway," said Geveden.