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Teague divesting himself of business interests
U.S. Rep. Harry Teague (Photo by Heath Haussamen)
10th wealthiest member of Congress giving up a large chunk of his personal fortune ‘to focus on serving his constituents’
U.S. Rep. Harry Teague is divesting himself of all interests in three oil companies that have helped make him the 10th wealthiest member of Congress.
Teague, a Democrat who represents New Mexico’s 2nd Congressional District, is divesting himself of interests in Teaco Drilling, Eunice Well Servicing Co. and ABC Tool Rental Co., according to a news release from the new company under which those businesses will be formed, Cavaloz Energy Inc.
The companies will be taken over by Teague’s son, Troy Teague, according to a news release from Cavaloz.
The three companies currently exist under the parent corporation Teaco Energy Services. On an annual financial disclosure form he filed earlier this year, Teague listed the value of his interests in that corporation as being almost $40 million.
Teague spokeswoman Sara Schreiber didn’t say what percentage of that $40 million Teague is giving up, but did say he has other assets and is “keeping an interest in other companies.” America Supply LLC is another company listed in Teaco Energy’s Web site as being part of the corporation, and it’s a company in which Teague is giving up his interests.
Did cap-and-trade vote play a role?
Teague’s companies all serve the oil and gas industry, and many in that industry have been angry at the congressman since he played an instrumental role earlier this year in the House’s passage of cap-and-trade legislation.
Schreiber didn’t directly answer a question about whether that anger over Teague’s vote has harmed his businesses. She instead responded with this statement:
“As you know, over the past few years our nation’s economy has suffered some of the hardest times since the Great Depression. During that time, many businesses throughout the nation have suffered, including some businesses in southeast New Mexico — in fact I know at least one oil and gas service company in the area had to shut their doors. As a small businessman in the oil and gas industry for the past 38 years, Congressman Teague is familiar with the economic ups and downs of the industry. “
Teague is being challenged next year by his predecessor in office, Steve Pearce, a Republican and, like Teague, and oilman from Hobbs. Pearce’s campaign declined to comment, but Joanna Burgos, spokeswoman for the National Republican Congressional Campaign Committee, questioned whether there’s a correlation between Teague’s cap-and-trade vote and his move to divest himself of interests in the businesses.
“Why change the name of the company?” Burgos asked. “Since the Teague name has become a bad word in New Mexico, is Teague’s abysmal voting record having such a drastically negative effect on his business that he feels compelled to separate his name from the company’s?”
Teague also recently voted to extend the inheritance tax and cancel a one-year repeal, and Burgos questioned whether “he was hypocritically avoiding the inheritance tax that he… voted to impose upon all Americans.”
The news release from Cavaloz states that Teague’s motive is “to focus on serving his constituents.”
Teague not ruling out self-financing for re-election bid
The race between Teague and Pearce is one of the hottest in the nation. Many expect both men to self-finance their campaigns. Teague spent $1.5 million of his own money when running for office in 2008.
Schreiber said divesting himself of the business interests won’t affect Teague’s ability to compete.
“Congressman Teague has not wasted any time fundraising for his reelection bid. In fact, according to a recent Congress Daily edition, he had the most cash on hand of any Democratic toss-up contender, with $757,377 cash on hand,” she said.
What about contributing his own funds to his re-election campaign?
“He is not ruling anything out,” Schreiber said.
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As the devoted husband of a successful professional woman (who many times in our 40 year marriage made more than I did), and as one who aways fought for womens’ equal pay rights throughout my career, no, I have nothing but respect for women who fight for their rights. But the Ledbetter act is not about equal pay, it is about removing a statute of limitations on claims. That mostly benefits ambulance chasing lawyers who I have no respect for, not women. Statue of limitations are there for reasons and should be retained, not destroyed, next we will see the erosion of them for most all other issues and the courts will be awash (if they are not already disabled) in frivilous lawsuits driven by lawyers out for money not to help their clients. That is not good and will damage the republic as we know it.
Cool. Hope he’s investing in wind, solar, and biofuels.About time our congresspeople began to invest in the future instead of in 19th and 20th century technologies.
What is this off-the wall ” Lilly Ledbetter full employment act for ambulance chasing lawyers” comment by DJ? DJ is opposed to equal pay for equal work for women? He thinks that every lawyer who litigates to help women obtain equal pay for the work they do is a scumbag? Does it follow that the women who fight for equal pay for the work they do are also scumbags in DJ’s misogynist mind?
From the Waxman-Markey carbon tax bill to the Lilly Ledbetter full employment act for ambulance chasing lawyers, Teague has voted forthe Pelosi, left wing, oops sorry, Progressive, agenda. Triue the carbon tax bill is not out of the Senate yet, and if rationality and common sense prevail, it will never make it out, but Teague wants it. And curiously, wedum59 says: “we need a man like Teague who is personally experienced in the oil business from the ground up as our congressman.” Really??? I could think of dozens, Pearce comes to mind, who are equally as qualified in the oil field sense you mention, but none of them think like Harry, Progressive Harry that is. What about them?
The ‘small’ refineries are defined as those producing less than 205,000 barrels of oil a day. Teague also helped our local electric coops with a provision that has large utilities redistributing any credits they gain over the amount they need over their required credits to the small rural electric co-ops . This from the Albuquerque Journal, June 25 2009. Google “Teague Aids Small Refineries, Co-Ops.” Knowing nothing about the oil industry, I find the co-op deal a bit confusing, but that is why we need a man like Teague who is personally experienced in the oil business from the ground up as our congressman.
“That will not fool the companies Harry damaged greatly by his support of the left wing Pelosi agenda.”
What “great damage” do you refer exactly? You make yourself sound hysterical. No environmental legislation has passed yet much less have reined in the energy companies. We can count on any legislation passed being watered down to the point of absurdity because our representatives are paid off by big oil and gas. I don’t know what you are whining about when it is Rep. Teague that inserted loopholes such that “small” refineries will not be affected by cap and trade.
Oil and gas have made historical profits under the Bush regime y’ todavia.
I think the oil patch businesses have already started divesting Mr Teague.
A Teague is a Teague, Troy or Harry, same, same. That will not fool the companies Harry damaged greatly by his support of the left wing Pelosi agenda. But tax avoidance is a good reason to confuse things with this move, as well as disclosures he files as a Congressman. He will look more “average” as he shifts things to his trust, son, estate, whatever.