Saturday, February 16, 2013

The 50 Richest Members of Congress


"Old" info but certainly gives one an idea of the wealth of these congress critters.......................


The 50 Richest Members of Congress


1. Sen. John Kerry (D-Mass.)
$230.98 million
The Massachusetts Senator claims the mantel of richest Member in the 110th Congress. Kerry’s actual holdings, however — including those of wife Teresa Heinz Kerry, widow to ketchup heir Sen. John Heinz (R-Pa.) — are likely much greater.
In an April 2008 article, Forbes.com estimated Heinz Kerry’s net worth at $1 billion.
Kerry’s disclosure forms list the value of more than 180 assets — including Heinz family trusts and investment funds — only as “over $1 million,” rather than the more specific ranges including $1 million to $5 million. Senators are allowed to list assets in the “over $1 million” category only if the items are held independently by a spouse or dependent child.

2. Rep. Jane Harman (D-Calif.)
$225.96 million
The wealthy Californian, who remains heavily invested in Harman International Industries, has seen her wealth increase nearly $10 million since filing her 2006 report.
Harman’s report lists three accounts, including one held solely by her husband, totaling a combined minimum of $125 million in stock and options in the company. Harman’s spouse founded the company, which manufactures electronics under the brand names AKG Acoustics, Harman Kardon, Infinity and JBL, among others.
In addition, Harman, who has no outstanding debts, lists a trust fund worth $1.8 million and an additional $2 million in multiple hedge fund accounts. 

3. Rep. Darrell Issa (R-Calif.)
$160.62 million
The Golden State lawmaker added $2 million to his bottom line in 2007, increasing his fortune by a little more than 1 percent.
Issa, founder of the Vista, Calif.-based Directed Electronics, which manufactures car alarms, claims an investment worth at least $50 million in DEI and $25 million to $50 million in Greene Properties Inc. Both corporations own and operate office and industrial properties in California.
His portfolio also comprises numerous investment funds, including a dozen valued at a minimum of $5 million each.

4. Sen. Jay Rockefeller (D-W.Va.)
$80.40 million
A descendant of oil tycoon John D. Rockefeller, the West Virginian’s vast assets remained stable in 2007, as his net worth increased by a little more than 1 percent.
Rockefeller’s fortunes are stored primarily in three blind trusts with JPMorgan Chase & Co., Wachovia Corp. and United National Bank, valued at more than $50 million, $25 million to $50 million, and $5 million to $25 million, respectively.
Another family trust is listed at simply “over $1 million.”
The Senator lists at least $5.5 million in debt on two loans, down from $6.5 million in 2006, when he listed an additional $1 million loan from United National Bank in Charleston, W.Va.

5. Rep. Robin Hayes (R-N.C.)
$78.96 million
The Tar Heel State lawmaker’s wealth more than doubled since 2006, when he identified about $36 million in assets.
According to Hayes’ office, the increase, including more than $36 million in new trust funds, is the result of an inheritance. Hayes’ mother passed away in 2007.
Among the holdings in Hayes’ numerous trust funds are a mix of stocks and bonds, as well as properties including land in Lake County, Minn., and Sheldon, S.C., valued at least $5 million and $1 million, respectively.
The funds include at least $1 million in stock in corporations such as Exxon Mobil, Royal Dutch Shell, Merck, Pfizer, General Electric and Altria, the parent company of Philip Morris USA.
The North Carolinian also lists a commercial loan of at least $1 million to finance his private airplane.

6. Rep. Vern Buchanan (R-Fla.)
$65.49 million
Buchanan, the owner of several car dealerships, watched his wealth dip slightly in the past year, dropping $1.74 million, or more than 2 percent below his 2006 total.
While the Florida lawmaker’s empire — comprising several automobile dealerships, an aircraft charter business, real estate holdings and investment accounts — amounts to $102.34 million, it carries with it nearly $37 million in debt.
Included in that figure are new purchases in 2007: a King Air 350 aircraft and a Learjet, both listed as debts valued at $5 million to $25 million from SunTrust Leasing of Baltimore.
He also lists an Embraer Legacy from the same creditor for $5 million to $25 million.

7. Sen. Frank Lautenberg (D-N.J.)
$55.33 million
Lautenberg, who made millions from the payroll processing company he created five decades ago, reported that his total minimum assets jumped about 24 percent, from $45 million in 2006, but that number is still not very revealing. Lautenberg’s two biggest assets are two blind trusts that he set up for himself, each worth $5 million to $25 million. Together they count for $10 million of his assets for this list, though they could be worth five times that amount.
The major increase over last year appears to be in his wife’s assets. She has several family trusts in her name, mostly holding real estate, and between 2006 and 2007 she received additional assets from her mother, Lautenberg’s office said.
So in 2006, Lautenberg reported that through an entity called LCBS Corp. his wife held “over $1 million” of Mira Loma Associates, a company holding residential real estate in Riverside, Calif. In 2007, Mira Loma was listed twice at “over $1 million” — once as part of LCBS and once as a separate asset in Bonnie Englebardt Lautenberg’s name. Several of her family trusts also purchased real estate and other assets worth more than $5 million in 2007.

8. Sen. Dianne Feinstein (D-Calif.)
$52.34 million
Together with her husband, financier Richard Blum, Feinstein claims a diversified portfolio that grew by $1.8 million, or an increase of just under 4 percent, since 2006.
The Californian lists assets with her husband that include ownership of all or part of numerous limited partnerships.
Among those, the Blum Family Partners, owned entirely by Blum, claims “over $1 million” in stock in RAE Systems, a manufacturer of chemical and radiation detection equipment. The fund also includes “over $1 million” in a real estate investment trust.
In addition, Feinstein lists a $5 million to $25 million investment in Carlton Hotel Properties in San Francisco and owns condos in both Tahoe City, Calif., and on Kauai in Hawaii, both valued at $1 million to $5 million.
Feinstein also lists at least $2 million in debt to Bank of America for two loans made to Blum Capital Partners.

9. Sen. Edward Kennedy (D-Mass.)
$47.62 million
Much of Kennedy’s wealth stems from family trusts, and the Massachusetts Senator reported almost no change in 2007, with an increase of less than 1 percent.
Kennedy lists one family trust valued from $25 million to $50 million, as well as four trusts worth at least $5 million each and a blind trust totaling at least $1 million.
The Bay State lawmaker also owns a rental property in Hyannisport, Mass., valued at at least $1 million and lists a plot of undeveloped land in Lafayette, La., owned by his wife, worth from $500,000 to $1 million.
Kennedy lists $1 million in mortgage debt from Northern Trust Co. for his Hyannisport property.

10. Sen. Gordon Smith (R-Ore.)
$28.65 million
If you take financial disclosure forms seriously (never a good idea), you might be led to believe that Smith’s net worth tripled last year. His 2006 financial disclosure form disclosed net assets of about $8.5 million.
But Smith’s worth is largely derived from Smith Food Sales, a purveyor of frozen vegetables. In 2006 he listed that asset as being worth $5 million to $25 million. In 2007, the value has jumped to the next category, $25 million to $50 million, so even if the value of the asset rose from just under to just more than $25 million, the effect on the disclosure form is to add $20 million to Smith’s minimum net worth. Since Smith doesn’t have to report the assets of the corporation, his actual net worth may be far above what is reported on the Congressional form.

11. Rep. Michael McCaul (R-Texas)
$23.93 million
The Lone Star State lawmaker saw his wealth increase by more than $6 million in 2007, largely thanks to his wife’s investment in a San Antonio real estate partnership.
According to his disclosures, Maychild Ltd. increased in value to at least $5 million, adding $4 million to his minimum net worth under Roll Call’s evaluation method. In 2006, McCaul listed the real estate partnership, which owns a mix of commercial and residential properties, in the $1 million to $5 million range.
Together with his wife and family, McCaul also invests at least $12.1 million in Clear Channel Communications, the company founded by his father-in-law, Lowry Mays. The McCauls also list nearly $1 million invested in Live Nation, a Clear Channel spinoff.
The Texan lists no debts.

12. Rep. Rodney Frelinghuysen (R-N.J.)
$22.41 million
The New Jersey lawmaker’s riches shrank almost imperceptibly in 2007, decreasing slightly more than 1 percent.
Frelinghuysen’s assets comprise more than $15 million from several family trusts invested primarily in stocks.
He lists an investment of at least $1 million in Procter & Gamble Co., and one family trust lists an additional $5 million to $25 million invested in the same company.
Frelinghuysen’s holdings in Johnson & Johnson decreased in minimal value by half in 2007, dropping to $500,000 from $1 million last year.
The lawmaker’s investments also include 18 acres in Frelinghuysen Township, N.J., valued at a minimum of $250,000, and a stake in 236 acres in Stockbridge, Mass., worth at least $100,000.

13. Sen. John McCain (R-Ariz.)
$19.64 million
McCain’s true value is impossible to estimate because most of the major assets are listed in the name of his wife or children, thereby requiring far less detailed disclosure. Other news outlets have suggested that Cindy McCain’s net worth may exceed $100 million, but there is no documentation to prove that figure.
McCain’s disclosure form lists 12 items with values of “over $1 million” that are owned by his wife and children. In 2007, the family liquidated a trust set up by Cindy McCain’s late mother that had a reported value in 2006 of more than $2.5 million. The proceeds were then distributed to three other trusts, which show a minimum value of $1.4 million. Cindy McCain also liquidated a blind trust in 2007, selling millions of dollars worth of stock, and the reported value of the stock she owns through Hensley & Co. — her family’s beer distributorship — dropped more than $4 million in value last year.
The only assets McCain claims as his own are a checking account with a balance of $15,000 to $50,000, a money market fund worth less than $15,000 and several book deals.

14. Sen. Claire McCaskill (D-Mo.)
$19.42 million
McCaskill watched her net worth grow in 2007, increasing more than 24 percent over her estimated $15.66 million total in 2006.
Among McCaskill’s major assets: approximately 270 limited partnerships in affordable housing real estate and a handful of “enterprise trust investment funds” held by her husband that showed a combined increase of approximately $2.7 million in value from last year.
Her spouse purchased a Kansas City, Mo., housing bond listed in the “over $1 million” category.
The Senator’s husband also identified a loan of at least $1 million, the only liability listed by the couple, from Enterprise Bank.

15. Sen. Bob Corker (R-Tenn.)
$19.19 million
In 2006, Corker sold off several commercial properties, thereby eliminating more than $20 million in mortgages that had counted as liabilities against his assets. With those liabilities out of the way, Corker’s minimum net worth jumps from about $1.5 million on his 2006 report to more than $19 million on his 2007 report.
One of the liabilities remaining is attributed to Corker’s “dependent child”: a loan from the Senator valued at more than $1 million, payable at 5.05 percent interest.
In 2007, according to an explanatory note attached to his disclosure form, Corker also divested himself of hundreds of thousands of dollars worth of publicly traded stock in order to avoid any appearance of conflicts of interest. He consolidated his investments in several funds that are widely diversified and therefore do not have to report their underlying holdings. When one of the funds could not meet the Ethics Committee’s requirements for an “exempt” fund, Corker withdrew from the investment.

16. Rep. Carolyn Maloney (D-N.Y.)
$19.01 million
The New York lawmaker saw her estimated net worth increase more than 44 percent over the past year, up from $13.18 million.
The jump results from growth in her portion of a real estate development company, which moved up from the $1 million minimum category to the $5 million minimum category, effectively adding $4 million to Maloney’s bottom line.
Maloney listed a value of at least $5 million for Bosher Family, a partner of the real estate development company HPB Enterprises.
She also lists a separate $1 million entry for HPB Enterprises in Hertford, N.C.
The Democrat also owns a “rental property and residence” in New York valued at $5 million to $25 million, a rental property in New Canaan, Conn., ($1 million to $5 million) and a Washington, D.C., house ($1 million to $5 million).
Maloney also has about $2 million in mortgage debts and real estate loans on those properties and an Arlington, Va., condo.


17. Rep. Nancy Pelosi (D-Calif.)
$18.71 million
The Californian’s net worth rose nearly 16 percent in 2007, adding $2.5 million to her personal wealth.
Among her assets, Pelosi lists a Norden, Calif., town house valued at $1 million to $5 million and a real estate investment in Napa, Calif., worth at least $500,000.
In addition, her husband owns a commercial property in San Francisco valued at $5 million to $25 million. In 2006, the property was listed as worth $1 million to $5 million, so that property alone added $4 million to Pelosi’s net worth last year.
The couple also owns a vineyard in St. Helena, Calif., valued at $5 million to $25 million.
The Speaker’s husband also increased tenfold his holdings in Apple Computer Inc. stock to at least $5 million, up from a minimum of $500,000 in 2006.
Pelosi and her husband also owe mortgage debt on several of their properties, including the vineyard, totaling at least $8.75 million.
Other debts listed by Pelosi include lines of credit totaling at least $3.5 million.

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