Squeaky clean Greens??

["John O'Neill" <johnfergaloneill@xxxxxxxxxx>]

Cuffe files show TD owns shares in six oil firms



  Green Party TD Mr Ciaran Cuffe owns shares in six oil exploration
companies and not just ChevronTexaco, according to files released by the TD
yesterday, writes Mark Hennessy, Political Correspondent.

Deeply embarrassed by the controversy, the Greens will today seek guarantees
from all party representatives that they do not have controversial
shareholdings.

The Dún Laoghaire TD, who inherited the portfolio from his mother Patricia
three years ago, will speak today to his US-based investment adviser in
Baltimore about selling some of the shares.

The files released show that he owns a total of $68,253 worth of shares in
ChevronTexaco, BP Amoco, Exxon, Schlumberger, Smith International and
Unocal, out of a total portfolio worth $1.37m. He also owns shares in the US
multinational, Sara Lee, one of the companies blamed by environmentalists
for paying poor prices to Third World coffee farmers.

The majority of Mr Cuffe's portfolio, which is traded on his behalf by his
broker, Mr Elliot Randolph of Brown Investments, is held in financial,
healthcare and high-technology stocks.

Questioned about the controversy, the Green Party leader, Mr Trevor Sargent,
said Mr Cuffe "needs to act quickly to focus on his personal affairs".

However, he said: "I see this as nothing more than an oversight. It should
not have happened. The party's constitution sets out that representatives
should through their lifestyle reflect the founding principles of the party.

"I am somewhat philosophical about this in one way, in that I am glad that
ethical investments are being debated in Ireland when, more commonly, on
whether they are going up or down." His colleague is "certainly on a steep
learning curve now".

"It was a mistake. There was no other way of putting it," Mr Sargent told
The Irish Times.

Mr Cuffe said e-mails and telephone calls to his Leinster House office
divided 50:50 on the issue. "Some people offered support and some people are
upset.

"Others are unhappy with the treatment that I have received from the media.
I am shook by this. But I can certainly understand people's upset. I know
that some colleagues in the Greens are very upset." He had e-mailed his
investment manager early yesterday morning, although Mr Randolph was out of
the office and would not be back until today.

Mr Cuffe updated his entry in the Register of Members Interests in Leinster
House on June 5th, just days before the controversy broke. The new entry
shows that his investment manager bought shares in AOL Time Warner and a
restaurant chain, Outback Steakhouse, since his original submission was made
late last year.

Acknowledging his errors, Mr Cuffe said he had been elected to the Dáil,
moved house and had a second child in the course of the last year. "I have
just been busy. I am uncomfortable about this." The formerly AIB-controlled
Allfirst bank managed the portfolio until it ran into trouble when John
Rusnak lost $750 million of its money. Mr Cuffe then moved his portfolio to
Brown Investments.




© The Irish Times