Et tu Buffet?

Senator Nelson, of "cornhusker kickback" fame, made the front-page news earlier this year with the sweetheart deal he peddled to his fellow Democrats in order to win his vote for the health care bill. He attempted to bribe his way into getting any expansion of Medicaid in the state of Nebraska paid for entirely with federal funds - while other states would have to dip into their state budgets to meet the required expansion.

He is in the news again for being the sole Democrat to vote against the financial reform bill. Turns out, he owns a bundle of valuable stock in a highly lucrative Nebraska company owned by his friend, and one of the richest men in the world, Mr. Warren Buffet.

According to a Democratic mole speaking on condition of anonymity, Berkshire Hathaway sought a provision that would exempt previously written derivatives contracts from proposed rules on collateral. Berkshire owns derivatives tied to about $63 billion in assets. [Bloomberg]

“It doesn’t influence my decision at all; never has, never will,” said Nelson, who was governor from 1991-1999.

Nelson reported that he owned between $500,000 and $1 million of stock in Berkshire in 2008, and his wife owned between $1 million and $5 million. Around May 15 each year, Senators are required to report their personal holdings in "ballpark" ranges.  What's the difference between $1 million and $5 million, really?

Of course, the good senator, maintains that the fact he and his wife owned more shares of Berkshire stock than any other member of Congress doesn't pose a conflict of interest or bely an appearance of ethical impropriety.

Of course.