WisDems Launch “FueledbyBP.org” to Highlight Ron Johnson’s Hypocrisy Over his Big Oil Stocks

MADISON — Republican Senate Candidate Ron Johnson’s foreign investments include thousands of dollars in two firms linked to the Iraq “Oil for Food” scandal under Saddam Hussein.

Under the corrupt “Oil for Food” program, Saddam Hussein was able to illegally gain $1.7 billion through kickbacks and surcharges, and $10.9 billion through illegal oil smuggling, according to the Council on Foreign Relations. He used this money to buy missile systems and tank carriers, among other things.

According to his personal financial disclosure, Johnson owns up to $15,000 in Akzo Nobel N.V. The Dutch multinational chemical and coating firm was charged for violating the Iraq “Oil for Food” Program in 2008 and accused of illegally wiring payments to Saddam through third parties. The company paid a $2.9 million fine to the SEC to settle the case. 

Johnson also owns up to $50,000 in AstraZeneca stock, a London-based firm that was investigated in December 2007 for potential violations of the “Oil for Food” program.

FueledbyBP.org will track Ron Johnson’s hypocrisy on his Big Oil Stock. Ron Johnson HID his stock from the voters for weeks. At the same time, he DEFENDED BP and Big Oil on the campaign trail. Now he’s BROKEN his pledge to sell his stock.

”Wisconsin voters deserve better than a walking special interest whose positions on the issues shift depending on what his stock portfolio is doing.  It’s time for Ron Johnson to stop playing games and divest himself from the BP stock he hid from the public - and give the money to support the BP Victims' Compensation Fund,” said Mike Tate, Chair of the Democratic Party of Wisconsin.

Ron Johnson’s Broken BP Pledge:

FIRST POSITION: July 9, 2010 – JOHNSON REFUSES TO SELL STOCK

“Aides to Johnson said he had no plans to sell the stock…” (Milwaukee Journal Sentinel, 7/9/10)

SECOND POSITION: July 12, 2010 – JOHNSON WILL SELL STOCK, CREATE BLIND TRUST

“It’ll be sold. I’ll be using those funds to get my message out, quite honestly.”
 (Wisconsin Public Radio 7/12/10)

THIRD POSITION: July 26, 2010 – JOHNSON UNSURE WHETHER HE WILL SELL STOCK

"I think that [selling BP stock] will eventually happen but I'm going to do it based on market conditions. I'm going to have to finance this campaign. At some point in time, to get my message out, that will probably happen. But it's going to be based on market conditions." (WisPolitics Luncheon, 7/26/10)