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Author Topic: 237 Millionaires in Congress  (Read 1038 times)

MB_722

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237 Millionaires in Congress
« on: November 12, 2009, 09:42:26 PM »
link: http://www.opensecrets.org/pfds/overview.php?type=W&year=2008

Quote
Even in tough times, it's good to be a lawmaker: According to a report released this week by the Center for Responsive Politics, there are 237 millionaires serving in Congress, according to 2008 figures.

That's a slight decline from the previous year, when there were 239 millionaires in the House and Senate. But it still reflects the fact that the average lawmaker is far wealthier than his or her typical constituent. While about one percent of Americans are millionaires, 44 percent of those serving in Congress can claim as much.

"The biggest takeaway from all of this is that even thought the collective wealth of members of congress appears to have declined, members of Congress are still so much more wealthy than the average American – and even more wealthy than a lot of wealthy Americans," CRP spokesman Dave Levinthal told Hotsheet.

The richest member of Congress is Republican California Rep. Darrell Issa, whose net worth is estimated to be in excess of $250 million. He's followed by four Democrats: California's Jane Harman (approx. $245 million), Wisconsin's Herb Kohl (approx. $215 million), Virginia's Mark Warner (approx. $210 million) and Massachusetts' John Kerry (approx. $209 million).

Among the top 25 wealthiest legislators – which includes boldface names Nancy Pelosi, Dianne Feinstein and Olympia Snowe – there are 14 Democrats and 11 Republicans, suggesting no clear wealth divisions between party.

The net worth calculated for the lawmakers is not exact, and CPR offers a wide range of possible net worths for each member. Levinthal said that lawmakers tend to report assets and liabilities, income, gifts and asset transactions, as required by law, in very broad ranges; the listed figure, he said, represents an estimate between two possible extremes. (Primary residences and government salaries are not reported, and thus not included.)

The least wealthy member of Congress, the report found, is Florida Democrat Alcee Hastings, whose net worth is calculated to be negative $4,732,002 (!). Other lawmakers to make the bottom 25 are Montana's Max Baucus and Ohio's Dennis Kucinich. Keep in mind, however, that these lawmakers likely have substantial unreported assets, including their residences.

In the executive branch, Secretary of State Hillary Clinton is the second wealthiest, with a net worth of about $21 million; she trails only Securities and Exchange Commission Chairman Mary L. Schapiro. The least wealthy administration figure is Vice President Joe Biden, whose net worth is estimated at just $27,012. (President Obama comes in at $3,670,505.)

The median reportable net worth of senators declined from $2.27 million to a still-robust $1.79 million between 2007 and 2008. Kerry, Warner, Feinstein and Sen. John McCain all experienced double-digit percentage declines in their average, estimated wealth between the two years.

The median reportable net worth for members of the House in 2008 was $622,254.

Levinthal notes that "in some cases, [lawmakers'] wealth is being derived from the very companies that in many cases benefit from the taxpayers."

"The top companies at which members of Congress are investing, many of them are TARP recipients that have received billions and billions of dollars from you and me," he said.

Among the companies in which members of Congress hold assets are Bank of America and Goldman Sachs.

http://www.cbsnews.com/blogs/2009/11/06/politics/politicalhotsheet/entry5553408.shtml
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Straw Man

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Re: 237 Millionaires in Congress
« Reply #1 on: November 12, 2009, 11:05:47 PM »
I'm sure it's just a coincidence
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MRDUMPLING

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Re: 237 Millionaires in Congress
« Reply #2 on: November 13, 2009, 04:37:13 AM »
Yeah...those shares in big bailout recipients is for the good of the people.  8)
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The Showstoppa

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Re: 237 Millionaires in Congress
« Reply #3 on: November 13, 2009, 05:17:01 AM »
Quote from: Straw Man on November 12, 2009, 11:05:47 PM
I'm sure it's just a coincidence

ROFL....your best post ever....hahaha
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Soul Crusher

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Re: 237 Millionaires in Congress
« Reply #4 on: November 13, 2009, 05:25:06 AM »
Quote from: The Showstoppa on November 13, 2009, 05:17:01 AM
ROFL....your best post ever....hahaha

The median reportable net worth of senators declined from $2.27 million to a still-robust $1.79 million between 2007 and 2008

To be honest - this really is not much at all considering who these people are, their age, background, etc.  Most of my clients are much wealthier than this.   
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The Showstoppa

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Re: 237 Millionaires in Congress
« Reply #5 on: November 13, 2009, 05:27:27 AM »
Quote from: 333386 on November 13, 2009, 05:25:06 AM
The median reportable net worth of senators declined from $2.27 million to a still-robust $1.79 million between 2007 and 2008

To be honest - this really is not much at all considering who these people are, their age, background, etc.  Most of my clients are much wealthier than this.   


I think "reportable" might be the key word here.  I don't trust any of the scumbags to be upfront about anything.
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Soul Crusher

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Re: 237 Millionaires in Congress
« Reply #6 on: November 13, 2009, 05:31:23 AM »
Quote from: The Showstoppa on November 13, 2009, 05:27:27 AM

I think "reportable" might be the key word here.  I don't trust any of the scumbags to be upfront about anything.

A 50 - 75 y/o person with a home whose mortgage is paid off, maybe has 500k - 750k in savings, investments, etc, and maybe an inhereitance from a dead relative can easily be worth that amount. 

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The Showstoppa

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Re: 237 Millionaires in Congress
« Reply #7 on: November 13, 2009, 05:42:47 AM »
Quote from: 333386 on November 13, 2009, 05:31:23 AM
A 50 - 75 y/o person with a home whose mortgage is paid off, maybe has 500k - 750k in savings, investments, etc, and maybe an inhereitance from a dead relative can easily be worth that amount. 



All true, but I think that many of these types are hiding shit all over the place....too many "gifts" from special interest groups, etc....
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Soul Crusher

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Re: 237 Millionaires in Congress
« Reply #8 on: November 13, 2009, 05:45:36 AM »
Quote from: The Showstoppa on November 13, 2009, 05:42:47 AM
All true, but I think that many of these types are hiding shit all over the place....too many "gifts" from special interest groups, etc....

You mean like Charlie Rangle? 
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The Showstoppa

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Re: 237 Millionaires in Congress
« Reply #9 on: November 13, 2009, 05:50:12 AM »
Quote from: 333386 on November 13, 2009, 05:45:36 AM
You mean like Charlie Rangle? 

Need to take a shower for just reading his name..... :-X
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drkaje

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Re: 237 Millionaires in Congress
« Reply #10 on: November 13, 2009, 05:52:36 AM »
Don't forget spousal wealth. Kerry's wife is wealthy too so it's impossible to tell how much wealth he has access to.
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愛

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Re: 237 Millionaires in Congress
« Reply #11 on: November 13, 2009, 06:43:39 AM »
ya gotta raise a lot of $ to get elected.  Ya gets lots of heads-up on sweet deals, etc.  I'm shocked it's not more than 237.
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Eric15210

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Re: 237 Millionaires in Congress
« Reply #12 on: November 13, 2009, 06:57:32 AM »
Obama should confiscate their money for health care cost
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RIP Bob Probert

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Re: 237 Millionaires in Congress
« Reply #13 on: November 13, 2009, 07:12:38 AM »
hahahah thats dope
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bigdarksnake

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Re: 237 Millionaires in Congress
« Reply #14 on: November 13, 2009, 06:52:15 PM »
VP Biden only worth 30k? Is that a joke? He has to be worth more than that....
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240 is Back

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Re: 237 Millionaires in Congress
« Reply #15 on: November 13, 2009, 07:16:13 PM »
Quote from: bigdarksnake on November 13, 2009, 06:52:15 PM
VP Biden only worth 30k? Is that a joke? He has to be worth more than that....

no, he's actually very good and giving $ to his family, vacationing, and building up his home.  Doesn't save much at all.  He has a small book deal I think, but nothing major.

and his book deal when he leaves office will be in the millions, no doubt.  and he'll be a consultant, etc.
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