Obama's Deputy Sec of Defense could earn $500K next month from previously lobbying Pentagon

[TeamJordan23]

In my opinion - this was Obama's first key mistake. If Obama wants everyone to be ethical and not be a lobbyist - he cannot create waivers for certain people and not for others. I think this guy should be replaced immediately.

Deputy SecDef could earn $500K lobbying Pentagon
By LARA JAKES

WASHINGTON (AP) — The man nominated to be the Pentagon's second-in-command could make at least a half-million dollars next month with vested stock he earned as a lobbyist for military contractor Raytheon.

William J. Lynn has said he will sell his Raytheon stock. Lynn was tapped to be deputy defense secretary despite an Obama administration order against "revolving door" lobbyists who become public officials.

Financial disclosure documents obtained Tuesday by The Associated Press show Lynn owns Raytheon "incentive" stock valued between $500,001 and $1 million. That stock is set to vest in February, the documents show.

Additionally, Lynn owns Raytheon "unvested restricted stock" valued between $250,001 and $500,000, the documents show.

As a Raytheon lobbyist, Lynn worked on matters with far reach across the Pentagon, including contracting policy, the military's use of space, missile defense, munitions and artillery, sensors and radars, and advanced technology programs.

Raytheon is one of the military's top contractors, with $18.3 billion in U.S. government business in 2007.

The documents show Raytheon also gave Lynn a 2008 cash bonus of between $100,001 and $250,000 to be paid in March of this year. Lynn received a salary of $369,615 last year as a senior vice president at Raytheon, where he began working in August 2002.

Initially, Senate Democrats and Republicans alike balked at Lynn's nomination, citing concerns about a potential conflict of interest in running the massive department he lobbied for six years.

Shortly after taking office, President Barack Obama issued ethics requirements prohibiting individuals from working for government agencies they have lobbied in the past two years.

But last week, the Obama administration gave the Senate Armed Services Committee a waiver exempting Lynn from two specific sections: a two-year prohibition on employees from participating in decisions related to their former employers and a more specific section banning individuals from taking jobs in the agencies they recently lobbied.

Instead, Lynn's dealings at the Defense Department will be subject to ethics reviews for one year.

http://www.google.com/hostednews/ap/article/ALeqM5iDau23EmnuA0W5kBCIi7HWX8vePwD95VLFNO3