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WASHINGTON — Chuck Hagel has earned more than $1 million over the past year, mostly by serving as an adviser or board member to various corporations, according to financial disclosure forms released Monday.
The former Republican senator from Nebraska was required to file that paperwork to become President Barack Obama's nominee for secretary of defense. Hagel's finances likely will receive at least some scrutiny ahead of his confirmation hearing, set for Thursday.
For example, he is a member of oil company Chevron's board of directors — a position that paid him $116,000 in director's fees over the past year. He also holds $100,000 to $250,000 in Chevron stock.
Some news stories have noted Hagel's position with Chevron and the fact that the corporation has contracts with the Defense Department.
However, watchdog groups have downplayed the potential conflict from a company that mostly just sells fuel to the Pentagon. Also, Hagel has pledged that if he is confirmed as defense secretary he will resign his position with Chevron and sell his stock.
Hagel listed his overall assets as between $2.8 million and $6.1 million, with no debts. Nominees are required to report only broad ranges for the value of each asset.
Most of his money is in various investment funds. He lists $500,000 to $1 million in the McCarthy Group, an Omaha-based investment firm.
He has another $500,000 to $1 million in a savings account at First National Bank of Omaha, plus a checking account there with $100,000 to $250,000.
Hagel has been special adviser to the chairman of M.I.C. Industries, which produces mobile factories that build industrial, agricultural and military buildings. That position paid him $120,000 over the past year.
He received $120,000 as an adviser to polling firm Gallup, $200,000 as a director of Corsair Capital and $200,000 as a director of Zurich Insurance Group.
He was paid a salary of $100,000 as a professor at Georgetown University. Hagel signed a standard ethics letter for nominees pledging to avoid conflicts of interest, in part by not investing in any defense contractors and divesting himself of any company that enters into a contract with the Defense Department.
He explicitly stated that he would divest himself of his Chevron and McCarthy holdings.
Hagel pledged to resign from Georgetown, from his various corporate positions and advisory roles.