Financial disclosure statement filed by FCC Comr. Adelstein with ...
Financial disclosure statement filed by FCC Comr. Adelstein with federal govt. before his joining Commission outlined stock holdings that included AT&T, BellSouth, Verizon. He was sworn in as commissioner in early Dec. but said he was temporarily recused from…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
votes on certain issues, including proposal to change way carriers made contributions to Universal Service Fund. He said at Dec. 11 FCC meeting that he expected recusal issues would be cleared up by end of that week. While Adelstein didn’t vote on Sec. 271 long distance bids of BellSouth, Qwest and SBC last month, he cast first major vote in late Dec., dissenting on order that allowed sunsetting of Sec. 272 separate long distance affiliate requirements of Verizon in N.Y. (CD Dec 26 p5). He said last month that FCC Office of Gen. Counsel had advised him he should be recused from universal service issue because of “family financial situation,” which he said involved his wife’s family holdings. Financial disclosure report, filed by Adelstein in March with Office of Govt. Ethics (OGE), is required of certain senior officers and Executive Branch staff, typically those requiring Senate confirmation. Form lists assets such as real estate, stocks, bonds and securities of employees, their spouses and children. On Dec. 9, OGE issued certificate of divestiture that listed divestiture of 18% investment held by Adelstein’s wife, Karen Brenner Adelstein, in Brenner Investment L.P. as “reasonably necessary” to comply with federal conflict of interest requirements. Such certificates are issued under Sec. 1043 of Internal Revenue Code, which allows for deferral of capital gains taxes on assets that must be sold to comply with ethics program requirements. Assets listed under Brenner Investment partnership, valued at $500,001 to $1 million on disclosure form, included shares of Motorola and Riverstone Networks, several money market accounts and govt. bonds. Of other assets reported for Adelstein or his family, stock in AT&T, BellSouth, Verizon and Motorola were each listed in range of $1,001 to $15,000. Nontelecom assets he listed included investment in privately held Northwestern Engineering Co. (NWE), which owns residential and commercial real estate and vacant land in S.D., Wyo. and Cal., according to disclosure form. NWE common stock reported by Adelstein on OGE form was valued at $1 million-$5 million. White House had announced in Feb. it intended to nominate Adelstein to vacant Democratic slot on FCC and he was confirmed by Senate in mid-Nov. His office couldn’t be reached for immediate comment.