Monday, June 28, 2010

Crude Behaviors

Marty Feldman googly eyes
The Obama Administration's attempt to halt deepwater oil drilling temporarily with a six-month moratorium is, unsurprisingly, under attack. Federal district court judge Martin Feldman of the Eastern District of Louisiana overturned it last week, but his motives are clearly suspect:
Judge Feldman not only held numerous oil and gas interest stocks, but was trading them up to and including the morning of his fateful decision, and doing so out of an admitted realization that he had an appearance of ethical conflict. Feldman owned and was trading Exxon stock, a company whose Gulf of Mexico rigs were losing money at the rate of a half million dollars a day due to the moratorium, during the entire time he was assigned the case. Yet, failing to disclose his appearance of conflict on the record or recuse, Feldman nevertheless proceeded to issue a questionable decision clearly benefitting the oil and exploration industry he is so invested in.


Even more distressing is the fact that it has now been revealed from Judge Feldman’s 2009 financial disclosure, literally just filed and only released this week after demand resulting from his questionable ruling, that Feldman is very heavily invested in Blackrock Financial products. Blackrock is, of course, the single biggest shareholder in BP.
So why, when the Government appealed this decision, did they not raise the glaring conflicts of interest?
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