This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Menendez' Bill Could Have Aided Donor's Investment

By STEPHEN BRAUN

WASHINGTON (AP) â¿¿ Sen. Robert Menendez sponsored legislation with incentives for natural gas vehicle conversions that would benefit the biggest political donor to his re-election, the same eye doctor whose private jet Menendez used for two personal trips to the Dominican Republic, an Associated Press investigation found.

The disclosure reflects the latest intersection between the New Jersey Democrat who is the subject of an ethics inquiry on Capitol Hill and the Florida doctor involved in a federal criminal investigation.

Dr. Salomon Melgen invested in Gaseous Fuel Systems Corp. of Weston, Fla., and joined its board of directors in early 2010, according to the company's chief executive and a former company consultant. GFS, as the company is known, designs, manufactures and sells products to convert diesel-fuel fleets to natural gas. The amount of Melgen's investment is confidential under rules of the Securities and Exchange Commission, but a 2009 document filed with the SEC showed the company required a minimum individual investment at that time of $51,500.

Menendez was a principal supporter of a natural gas bill from 2009 through 2012 that would boost tax credits and grants to truck and heavy vehicle fleets that converted to alternative fuels. The bill stalled in the Senate Finance Committee, and after it was revived in 2012, the NAT GAS Act failed to win the needed 60 votes to advance.

While the bill was under consideration between 2009 and 2011, the former consultant for GFS spent $220,000 lobbying Menendez's staff and other congressional and federal officials on the act's provisions as well as other regulatory issues, according to interviews and Senate records.

There is no evidence that Menendez offered direct help or intervened on behalf of the company or Melgen. Instead, the connection between the two men's interests in natural gas is the latest example of the close symmetry between the senator â¿¿ who recently rose to become chairman of the Senate Foreign Relations Committee â¿¿ and his millionaire backer. It illustrates the way Menendez's political clout has at times overlapped with Melgen's financial investments.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs