This is a repost of my weekly Da Tech Guy column: #NCSEN: Hagan Investments Ship Jobs Overseas
By A.P. Dillon
Well, last week I wrote about Hagan admitting to skipping vital committee meetings to fundraise. There’s more interesting news about the Senator and her priorities. Local media outlet Carolina Journal has a lot of detail on how Hagan’s family received over $250k in stimulus cash and pocketed probably around $114k of it.
Washington Free Beacon also has this stimulus story and elaborate how her husband’s company pocketed taxpayer dollars, hired their son and future son-in-law to work on a solar project.
Carolina Journal has a follow-up article out, citing a second solar grant to Hagan’s husband’s firm. This one is for $50k. Carolina Journal also cited a conflict of interest surrounding the whole affair and Senator Hagan’s response has been inconsistent and that legal help was being sought. Via Carolina Journal:
When asked about potential ethical concerns at Thursday’s U.S. Senate debate in Wilmington, Kay Hagan offered a response that was not consistent with a statement her campaign had given to Politico. Campaign spokeswoman Sadie Weiner told Politico that Kay Hagan had consulted with Washington, D.C.-based Democratic attorney Marc Elias ; at the debate, the senator said her husband sought legal help.
That’s not all, though. On top of the stimulus story is an emerging story that Senator Hagan’s priorities include investing in companies which are shipping jobs overseas.
Some Background on Hagan’s Wealth
Senator Hagan is one of the wealthiest U.S. Senators. She ranks 41st in terms of wealth in the U.S. Congress according to Roll Call. That’s up from a ranking of 45th the year before. Roll Call goes as far as to call her “by far the wealthiest of the Democrat Senators running” this fall:
The only North Carolinian on this year’s roster of the 50 Richest members, Hagan is also by far the wealthiest of the Democratic senators running in this fall’s most competitive re-election campaigns.
She has been among the best-off lawmakers since she arrived six years ago, and her minimum net worth has increased significantly since. The minimum value of her assets exceeded the minimum value of her liabilities by $6.7 million the year she won her seat; that measure of wealth had grown to $8.1 million in 2012 and was $9.1 million last year — a 37 percent increase during her first Senate term.
Not surprising given that Senator Hagan, born Janet Kay Ruthven, comes from a very politically connect and one of the wealthiest families in Southwest central Florida.
Continue on down in the Roll Call profile and you see how tied in her husband and son are to the family fortune:
The biggest asset of the senator’s husband, mergers and acquisitions attorney Chip Hagan III, is more than $1 million in BNC Bancorp stock. He also has a minor stake in the Greensboro Grasshoppers, the Class A Miami Marlins farm team.
Shorter: The whole Hagan family is pretty well off.
Back to the part about companies who ship jobs overseas
Both Kay Hagan and Chip Hagan seem to have invested in a large number of companies who have a history of employees that are taking advantage of the Trade Adjustment Assistance program (TAA). The TAA helps workers revamp their skills and use various resources to get back into the marketplace due to losing their jobs to foreign trade. This assistance includes covering healthcare premium costs.
Just for some perspective into how costly this is to the taxpayer, the North Carolina profile shows that $88,164,952 federal dollars were given to the state to support this program and its benefits. The top applicant was Phillip Morris, a North Carolina company and an investment of Chip Hagan’s.
Some of the companies invested in by Senator Hagan who have applied for TAA include Bank of America, Berkshire Hathaway, Cardinal Health, Delta Airlines, General Electric, Johnson and Johnson, Microsoft, Pepsico, Procter and Gamble, CVS, Ecolab and Pfizer.
As for Chip Hagan, companies applying for TAA included Bristol Myers, Johnson and Johnson, Franklin Resources, Boeing, Conoco Phillips, Exxon Mobil, Abbott Labs, Merck, Pfizer, Phillip Morris, Procter and Gamble, Verizon, American Express, AT&T, Citigroup, JP Morgan, Cisco, Comcast, Disney, General Motors, General Electric, John Deere, Honeywell, Kraft Foods, Metlife, Oracle, Pepsico, Raytheon, Target, T-mobile, UPS, United Health, Wal-Mart and United Technologies.
A good number of these companies invested in by the Hagan’s had extensive lists of applications in multiple states. Many of those companies had locations in North Carolina who applied; some were denied but quite a few were certified. Look them up for yourself at the TAA site.
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A.P. Dillon (Lady Liberty 1885), is a Conservative minded wife and mother living in the Triangle area of North Carolina. A.P. Dillon founded the blog LadyLiberty1885.com in 2009. After the 2012 election, she added an Instapundit style blog called The ConMom Blog. Mrs. Dillon recently participated in Glenn Beck’sWe Will Not Conform. Mrs. Dillon’s writing, in addition to Da Tech Guy’s Magnificent 7, can also be found at StopCommonCoreNC.org, WatchdogWireNC and WizBang. Non-political writing projects include science fiction novellas that are, as of yet, unpublished. Her current writing project is a children’s book series.