Senators have stocks in bailout recipients

WASHINGTON, June 12 (UPI) -- U.S. senators who oversee the federal government's bailout of the financial industry have stocks in banks that were rescued by Washington, records indicate.

Senators' financial records indicate almost half of the members of the Senate Banking Committee had holdings in financial institutions that have taken funds from the Troubled Asset Relief Program, The Hill reported Friday.

Sen. Tim Johnson, D-S.D., a banking panel member, has assets in several banks that have taken some of the $700 billion in federal bailout funds provided in 2008, the newspaper said. Johnson reportedly has assets of at least $115,000 in troubled institutions such as Goldman Sachs and Bank of America.

Sen. Chuck Schumer, D-N.Y., a banking committee member, has assets valued between $15,001 and $50,000 in Morgan Stanley and $1,001 to $15,000 in Citibank.

The Hill noted that few Republicans on the powerful committee have significant holdings in companies that have received federal bailout money.

Sen. David Vitter, R-La., has stock valued at between $1,001 and $15,000 in Goldman Sachs, Bank of America and JP MorganChase, while fellow Republican Kay Bailey Hutchison of Texas has some stock in Regions Bank and Zions Bancorporation.