NEW YORK, March 7 (UPI) -- A spokesman for U.S. Sen. Barack Obama is defending investments Obama made in 2005, saying the Illinois Democrat was unaware of any conflict of interest.
The New York Times said recent financial disclosures show Obama, then newly elected to the Senate, bought stock in AVI BioPharma, a biotech concern working on a drug to treat avian flu.
Shortly after the purchase, Obama initiated a push to increase federal financing to fight avian flu.
The newspaper said Obama also bought more than $50,000 in stock in a satellite communications business, Skyterra Communications, whose principal backers include four of his friends and major political donors.
Spokesman Bill Burton said Obama's broker bought the stocks without consulting the senator. After discovering the purchase, Obama sold both stocks at a net loss of $13,000.
Burton said a blind trust that was being set up for the senator was not finalized until several months after the investments were made.
