____________________________________
From: CACRAN@verizon.net
To: dc_nielsen@q.com, Kanzurem@aol.com
Sent: 11/6/2009 9:11:34 P.M. Eastern Standard Time
Subj: 237 Millionaires in Congress
Report: 237 millionaires in Congress
By _ERIKA LOVLEY_ (http://www.politico.com/reporters/ErikaLovley.html)
11/6/09 12:14 PM EST
CRP says California Republican Rep. Darrell Issa is the richest lawmaker
on Capitol Hill, with a net worth estimated at about $251 million. Photo: AP
Talk about bad timing.
As Washington reels from the news of 10.2 percent unemployment, the Center
for Responsive Politics is out with a new report describing the wealth of
members of Congress.
Among the highlights: Two-hundred-and-thirty-seven members of Congress are
millionaires. Thats 44 percent of the body compared to about 1 percent of
Americans overall.
CRP says California Republican Rep. Darrell Issa is the richest lawmaker
on Capitol Hill, with a net worth estimated at about $251 million. Next in
line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb
Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth
about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8
million.
All told, at least seven lawmakers have net worths greater than $100
million, according to the Centers 2008 figures.
Many Americans probably have a sense that members of Congress arent
hurting, even if their government salary alone is in the six figures, much more
than most Americans make, said CRP spokesman Dave Levinthal. What we see
through these figures is that many of them have riches well beyond that
salary, supplemented with securities, stock holdings, property and other
investments.
The CRP numbers are somewhat rough estimates lawmakers are required to
report their financial information in broad ranges of figures, so its
impossible to pin down their dollars with precision. The CRP uses the mid-point in
the ranges to build its estimates.
Senators estimated median reportable worth sunk to about $1.79 million
from $2.27 million in 2007. The Houses median income was significantly lower
and also sank, bottoming out at $622,254 from $724,258 in 2007.
But CRPs analysis suggests that some lawmakers did well for themselves
between 2007 and 2008, even as many Americans lost jobs and saw their savings
and their home values plummet.
Senate Minority Leader Mitch McConnell (R-Ky.) gained about $9.2 million.
Sen. James Inhofe (R-Okla.) gained about $3 million, Sen. Daniel Inouye
(D-Hawaii) had an estimated $2.6 million gain, and Richard Shelby (R-Ala.)
gained about $2.8 million.
Some lawmakers have profited from investments in companies that have
received federal bailouts; dozens of lawmakers are invested in Wells Fargo,
Citigroup, Goldman Sachs and Bank of America.
Among executive branch officials, CRP says the richest is Securities and
Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated
at $26 million.
Secretary of State Hillary Clinton is next, worth an estimated $21
million. President Barack Obama is the sixth-wealthiest, worth about an estimated
$4 million. Vice President Joe Biden has often tagged himself as an
original blue collar man. The CRP backs him up, putting his net worth at just
$27,000.
Hes hardly the worst off.
Rep. Alcee Hastings (D-Fla.), freshman Rep. Harry Teague (D-N.M.), Rep.
Jeff Fortenberry (R-Neb.), Rep. John Salazar (D-Colo.) and Rep. Sander Levin
(D-Mich.) each a net worth of less than zero, CRP says.
One caveat on those numbers: Federal financial disclosure laws dont
require members to list the value of their personal residences. That information
could alter the net worth picture for many lawmakers.
Even so, Levinthal said, It is clear that some members are struggling
financially.
Over a calendar year, ones wealth can change drastically. Many peoples
investments took a nose dive over night in the last year, he said.
A number of lawmakers are estimated to have suffered double-digit
percentage lossed in their net worth from 2007 to 2008. The biggest losers include
Kerry, who lost a whopping $127.4 million; Warner lost about $28.1 million;
Sen. Dianne Feinstein (D-Calif.) lost about $11.8 million; and Sen. John
McCain (R-Ariz.) lost about $10.1 million.
Cecily Crandall
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