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More Special Reports
|A SPECIAL SECTION: Haiti since the January 12, 2010 Earthquake|
|Posted December 28, 2011|
To determine the richest lawmakers, Roll Call adds up the minimum value of total assets reported by each Member on their annual financial disclosures and subtracts the minimum liabilities. Percent change refers to the change since last year's disclosure forms.
An asset valued at $5 million to $25 million is counted at the lesser amount, as is a liability valued at $1 million to $5 million.
You can visit previous editions of 50 Richest lists here.
When McCaul first appeared on Roll Call’s annual survey of the 50 Richest Members of Congress in 2005, he was a wealthy guy, reporting a minimum net worth of about $12 million.
His financial disclosure report now depicts a fortune worth almost 25 times that amount, making him the wealthiest Member of Congress, at least on paper.
McCaul ranked fifth among last year’s class of richest lawmakers, with a minimum net worth of at least $73.75 million, but has since risen to more than $294 million.
The lion’s share of McCaul’s wealth is held by his wife, Linda McCaul, the daughter of Clear Channel Communications CEO and founder Lowry Mays, and the Congressman’s dramatic rise in net worth in 2010 appears to be the product of generational wealth transfer.
A footnote to McCaul’s newest report noted that “certain assets” owned by his spouse were “acquired via a gift from spouse’s parents.” The accounts were not identified.
On his financial disclosure, McCaul listed a new asset — the Linda McCaul Descendant Trusts — owned by his wife that was valued at more than $50 million. According to his report, that trust was invested in several other family partnerships.
McCaul, likewise, added two trusts under the ownership of his dependent children, including one trust valued at $25 million to $50 million and another at $1 million to $5 million.
Another of Linda McCaul’s investment accounts also appears to have doubled in value, moving from a minimum worth of $25 million to a minimum of $50 million.
Always really, really wealthy — but never the richest.
Despite producing a significant bump in his minimum net worth in 2010 — and claiming the highest total assets reported by any Member, with $295.40 million — Issa is still just the second wealthiest lawmaker.
Before his election to Congress, the California Congressman made his fortune founding Directed Electronics — based in Vista, Calif. — which manufactures car alarms.
His wealth is now vested in two corporations that own and operate office and industrial properties in California: DEI LLC and Greene Properties Inc., as well as various investment funds.
Issa reported the value of Greene Properties in the “over $50 million” range, an increase from his prior report in which he valued the company at $25 million to $50 million.
At the same time, Issa divided some of DEI LLC’s assets into separate limited liabilities companies.
While DEI was previously valued at “over $50 million,” the highest category available on standard disclosure forms, Issa this year valued the company at $25 million to $50 million. But the 11 properties previously held by DEI were valued at a combined minimum value of $38.2 million in this year’s financial disclosure form, increasing Issa’s overall net worth.
Issa could have snagged the No. 1 place on Roll Call’s annual list, but he reported two new business lines of credit in 2010, one worth more than $50 million and the other worth $25 million to $50 million. Issa listed these loans as “personal notes” and explained that they were “provided through a business line of credit from Merrill Lynch secured with personal assets.”
Last year, Issa had reported having only one liability, a line of credit for $1 million to $5 million from Merrill Lynch.
There’s always next year.
Kerry has appeared at or near the top of Roll Call’s annual survey for 15 years, but even a modest uptick in his reported wealth couldn’t earn him the No. 1 spot this time around.
As with many of the wealthiest Members of Congress, much of the Massachusetts Senator’s wealth is attributable to his spouse. Kerry is married to Teresa Heinz Kerry, widow of the late Sen. John Heinz (R-Pa.), the scion of the ketchup fortune.
Although Heinz Kerry’s fortune has been estimated at likely several times the minimum figure listed in the Senator’s annual public reports, it is impossible to estimate based on those records.
Members are permitted to report assets held solely by a spouse in a special category designated only as “over $1 million,” with no limit on the actual value of the asset — more than 140 items on Kerry’s disclosure this year fell into that category.
You’ve got to appreciate his consistency.
The West Virginia Senator’s fortunes remained nearly unchanged, increasing by less than 1 percent.
Rockefeller, a descendant of oil tycoon John D. Rockefeller, maintained nearly all of his wealth in three blind trusts with a combined minimum total value of $80 million.
The largest of those trusts, an account with JPMorgan Chase Bank in New York established in 1934, was valued at “over $50 million.” The second largest, established in 1952, was valued at $25 million to $50 million. Rockefeller reported both accounts generated $1 million to $5 million in income in 2010.
Rockefeller reduced his liabilities in 2010, dropping a $50,000 loan owed by his spouse, Sharon Percy Rockefeller, to JPMorgan Chase.
His only liability remained a 1998 demand loan from the United National Bank valued at $5 million to $25 million.
How do you know when you’ve really made it?
When your blind trust reports 10 transactions valued at $5 million to $25 million in the span of a single month.
According to Warner’s annual report, the MRW Blind Trust — which he does not directly control — made a series of purchases and sales of Standard & Poor’s Depositary Receipts in June 2010, earning the Senator interest and capital gains of $100,000 to $1 million.
Warner, who made his fortune as a telecom mogul, co-founding Nextel telecommunications company, reported an increase of more than $6 million in his minimum net worth in 2010.
That growth stems in part from the Virginian’s stake in the Columbia Capital Equity Partners investment company, based in Alexandria, Va. Warner reported his investment in that company was worth $5 million to $25 million, an increase from its 2009 value of $1 million to $5 million.
He also continued to decrease his debts in 2010, dropping $1 million in liabilities and leaving only a relatively minuscule loan of at least $15,000 from the Virginia Commerce Bank.
Polis reversed several years of decline in his minimum net worth, adding more than $9 million to his reported wealth.
The Colorado lawmaker had reported drops in his minimum net worth each year since his first filing as a candidate in 2008, although some of those reductions were likely the result of the reporting system and not actual losses to his net worth.
Polis created a blind trust in March 2010, valuing the asset at $25 million to $50 million on his newest disclosure report.
He reported the transfer of multiple investment funds into the trust, including seven assets previously valued at $1 million to $5 million and five funds previously valued at $500,000 to $1 million. Polis also reported partial transfers of $1 million to $5 million invested in Australian Dollars and Norwegian Krone.
In 2010, Polis reported a reduction in his liabilities. The Coloradan listed more than $6 million in debt in 2009, including a $5 million margin loan he repaid that same year and dropped from his latest report. He reported a little more than $2 million in debts for 2010.
In 2010, Polis also reduced a mortgage on a Boulder property from at least $5 million to at least $1 million. The House lawmaker added a line of credit valued at $1 million to $5 million and listed two credit cards with debts of $15,000 to $50,000.
The New Jersey Senator would make the cut to be among the 50 richest Members of Congress on his own, but he also got a sizable boost from his spouse and her expansive stake in real estate based in New York.
Lautenberg, who founded the data-processing company ADP, maintains two blind trusts: one valued at $5 million to $25 million and the other at $1 million to $5 million.
He reported the sale of a trust, previously valued at $1 million to $5 million, in a transaction of those same values.
Nonetheless, his minimum net worth saw a nearly 11 percent increase in 2011, or more than $5 million, likely due to multiple stock purchases and other new investments by various trusts held by his wife, Bonnie Englebardt Lautenberg.
According to Lautenberg’s annual report, five of those transactions were valued at “over $1 million.”
Lautenberg listed no debts in 2010.
The Connecticut Senator makes his mark as the richest freshman Member of the 112th Congress.
But Blumenthal dropped more than $11 million from the minimum net worth he reported as a candidate in the Nutmeg State’s Senate contest in early 2010.
Blumenthal’s wealth stems in part from his wife, Cynthia Blumenthal, who is the daughter of New York real estate magnate Peter Malkin.
Among the family’s numerous real estate investments were Empire State Building Associates, which holds a 114-year master lease on the New York landmark, and the Empire State Building Co., which operates the building.
While both assets were valued at “over $1 million” in Blumenthal’s candidate filing, Empire State Building Associates declined to $500,000 to $1 million in his most recent report.
Blumenthal also decreased the value of his stake in Merrifield Apartments Co., which owns properties in Connecticut and Virginia, from the $5 million to $25 million category to “over $1 million.”
The Senator also dropped two trusts previously listed for one of his four children, who is no longer a dependent, removing about $2.8 million from his total assets.
The California Senator’s wealth remained stable in 2010, dipping by a nearly imperceptible 1.5 percent.
Feinstein’s largest single asset remained her $5 million to $25 million investment in San Francisco’s Carlton Hotel Properties, which she shares with her husband, Richard Blum. The couple reported no income from the property in 2010.
The couple also owns a Kauai, Hawaii, condominium valued at $1 million to $5 million, which generated $15,000 to $50,000 in rental income in 2010.
Much of Feinstein’s reported wealth was generated by her spouse’s numerous investment partnerships and limited liability corporations. Blum reported 19 accounts — including partnerships, LLCs, brokerage accounts and a checking account — valued at “over $1 million.”
Buchanan’s wealth shows a precipitous drop, down 20 percent from his previous report. The Florida lawmaker reported selling off three of his six auto dealerships in 2010, claiming losses on each of the sales.
According to his report, Buchanan sold two Fort Richey, Fla., dealerships in transactions valued at $1 million to $5 million. He had previously valued the dealerships at $1 million to $5 million and $100,000 to $250,000 each.
The businesses are identified only by an LLC and “Auto Dealer” in Buchanan’s reports, but the Sarasota Herald Tribune in July identified the dealerships as Suncoast Ford and Suncoast Mitsubishi.
Buchanan also sold a Venice, Fla., dealership in a transaction valued at $5 million to $25 million. He previously valued the dealership in the same category. The Sarasota newspaper identified that company as Venice Dodge Nissan.
The Republican lawmaker also reported writing off two loans to his former business partner Sam Kazran, totaling at least $1.5 million.
The Bradenton Herald reported in June that the Federal Election Commission asked a federal court to fine the car dealership once jointly owned by Kazran and Buchanan nearly $68,000 for violating campaign finance laws by reimbursing employees who made campaign contributions to Buchanan’s campaign.
Buchanan still claimed significant investment accounts and real estate, along with three auto dealerships valued at a combined minimum of $11 million.
He also dropped about $6 million in debts from his previous report.
The Ohio freshman’s portfolio was an ode to diversity, with investments ranging from medical equipment to a minor league baseball team.
In the mid-1980s, Renacci established a nursing home and 15 years later sold what had become multiple nursing facilities. He maintained investments in nursing home administration and medical equipment.
The majority of Renacci’s assets were kept in five investment accounts with a combined worth of more than $31 million.
His other assets included a $100,000 to $250,000 investment in the Lancaster, Calif.-based JetHawks baseball team; $500,000 to $1 million in Harley Davidson dealerships; and multiple loans including $250,000 to $500,000 each to Gordie’s Bar and Grill and his own campaign committee.
Although Renacci listed two lines of credit valued to be at least $1 million each, his report noted that one was closed before the end of 2010. Members are required to report debts valued at more than $10,000 at any point during the calendar year.
The House Minority Leader’s reported minimum net worth increased nearly 62 percent, thanks to a combination of real estate and football.
Pelosi’s husband, Paul Pelosi, increased his investment in the United Football League to $5 million to $25 million. Pelosi had previously listed the asset with a value of $1 million to $5 million.
According to the Democrat’s financial report, Paul Pelosi saw two of his real estate investments, an office building in San Francisco and an undeveloped Sacramento property, increase in value in 2010 to $5 million to $25 million each. Those properties were each valued $1 million to $5 million in 2009.
Paul Pelosi also invested at least $2.47 million in the football league in 20 individual transactions in 2010 but continued to report an income loss of $1 million to $5 million.
Pelosi reported $8.25 million in liabilities from mortgage and other debts.
After failing to land a Member on the 50 richest Members list since Roll Call began its survey in 1990, North Dakota fills two places this year with Berg and Sen. John Hoeven (R).
Berg reported heavy investments in real estate, including apartment buildings and commercial properties.
Among his major assets were five commercial or apartment buildings in Fargo, N.D., and West Fargo, N.D., valued at $1 million to $5 million apiece.
While the values for some of those real estate investments have shifted since Berg filed his candidate financial disclosure in 2010, Berg’s wealth remains relatively level, increasing by less than 5 percent, or $1 million.
Corker added $1 million in new debts in 2010, but he still managed to boost his bottom line by almost $3 million.
The Tennessean’s wealth is largely concentrated in real estate, including a Maryville, Tenn., shopping center and Chattanooga, Tenn., office buildings, both valued at $5 million to $25 million. His two dependent children also owned shares in his office building partnership, each valued at “over $1 million.”
Corker also added a new investment in a Dow Jones industrial average index fund, valued at $5 million to $25 million.
But the Senator also dropped two loans worth a minimum of $1 million to the Julia Corker and Emily Corker trusts. He had listed both as assets.
Corker continued to hold promissory notes from his dependent children to himself, each valued simply at “over $1 million.”
Corker also added new debt of at least $1 million, listing two margin loans held by his dependent children worth $500,000 to $1 million each.
The New Jersey lawmaker’s fortunes remained relatively stable in 2010, increasing slightly more than 2 percent.
About a third of Frelinghuysen’s wealth stemmed from multiple investments in Procter & Gamble stock. He owned $1 million to $5 million in the company and reported two additional investments held in family trusts. The larger of those two holdings was worth $5 million to $25 million.
The lawmaker’s father, the late Rep. Peter Frelinghuysen (R-N.J.), was married to Beatrice Sterling Procter, a descendant of one of Procter & Gamble’s founders, the New York Times reported in a May obituary.
Frelinghuysen also added to his real estate portfolio, reporting a one-fifth interest in a Stockbridge, Mass., rental home valued at $100,000 to $250,000. The property produced no income in 2010. He also owned nearly 18 acres of undeveloped land in Frelinghuysen Township, N.J., valued at a minimum of $250,000 and a one-fifth interest in about 236 undeveloped acres in Stockbridge, Mass., valued at a minimum of $100,000.
It’s green acres for the Idaho Senator, who reported at least $16 million invested in 384 acres of Idaho farm and ranch land.
Risch details two 40-acre parcels in Ada County and Canyon County, Idaho, each with a value of $5 million to $25 million. Another 24-acre parcel in Canyon County was also worth at least $5 million.
The Senator’s largest tract, of 180 acres, was worth $1 million to $5 million.
Risch reported rental income of $5,000 to $15,000 on each of the most valuable properties and $2,500 to $5,000 on the remaining property.
Risch reduced his liabilities in 2010, dropping two promissory notes with a combined valued of at least $265,000. He continued to report three mortgages with a combined debt of at least $315,000.
The real estate magnate devalued one of his major assets by 95 percent in 2010 but managed to keep his minimum net worth from slipping by more than 10 percent.
The California lawmaker dropped the value of Long Term Bend Investors LLC in Irvine, Calif., from a minimum of $5 million to a minimum of just $250,000. It is not clear why the value of the LLC diminished sharply; Miller did not indicate a sale and actually reported increased income of $15,000 to $50,000 in the form of interest and rent from the property.
Miller also reported the purchase of several new parcels of land in Deschutes County, Ore., at a combined minimum value of $3.5 million.
He also maintained 382 acres of vacant land in Rancho Cucamonga, Calif., and a vacant industrial site in Rialto, Calif., valued at a minimum of $5 million and $1 million, respectively.
He reported no debts.
The “damn” plane that caused McCaskill so much heartburn earlier this year dropped from a value of at least $250,000 to zero in her newest financial disclosure report.
The Missouri Republican Party called for an ethics investigation of McCaskill after Politico revealed she had used official funds to pay for fuel and other costs of using her own plane for Senate-related duties and at least one political event.
McCaskill’s husband previously reported ownership of the Delaware-based Timesaver in 2009 with a value of $250,000 to $500,000, and the couple jointly reported ownership of Sunset Cove Associates, which subleases the aircraft, with a value of zero. Neither company listed income in 2009.
Both companies were listed with a value of zero in 2010, and neither showed any income. After acknowledging in March that she had failed to pay property taxes on the aircraft, McCaskill told reporters: “I have convinced my husband to sell the damn plane.”
The Senator’s office said the plane has consistently depreciated in value since its purchase, resulting in the current zero value. It remains up for sale.
Like many lawmakers on Roll Call’s list, much of McCaskill’s wealth stemmed from her spouse.
The Missouri Senator’s husband, Joseph Shepard, listed investments in more than 250 affordable housing limited partnerships. Among the most valuable of those partnerships were the Georgia Housing Tax Credit Fund, Missouri Tax Credit Fund and Missouri-based Lockwood Group, each valued at “over $1 million.”
Shepard also reported two investment funds valued at “over $1 million.”
There’s wealth in those 1,800 pages.
The Texas lawmaker, who traditionally files one of the longest financial disclosures in Congress, maintained his wealth in more than a dozen investment accounts. He appended monthly statements for each account to his annual disclosure, creating a bit of a paper Goliath.
While Marchant dropped nearly $2 million in 2010, or about 11 percent of his minimum net worth, it may not be as dramatic as it appears.
Marchant increased his liabilities by $250,000 in 2010 by combining two lines of credit from the North Dallas Bank into a single account. Marchant previously reported the debts with minimum values of $250,000 and $500,000, respectively, but he now reports a debt of $1 million to $5 million to the bank.
One of Marchant’s real estate investments in Little Elm, Texas, dropped in value from at least $1 million in 2009 to $500,000 in his latest report. It is possible that investment remains closer to $1 million, however. In his 2009 report, the property had increased to $1 million from the $500,000 category.
Marchant also reported the sale of his investment in Carson Private Capital’s CPC Schweppes fund, previously valued at at least $500,000. Another of his Carson Private Capital’s investments, the group’s “Fund VI,” decreased in value from at least $1 million in 2009 to $500,000 to $1 million in 2010.
The Texan’s stake in Ken-Ran Development Inc. also lost significant value, dropping from at least $500,000 in 2009 to a minimum of $50,000. Marchant listed no related transactions for that investment.
Lowey stays on an even keel, reporting about a 4 percent increase in her minimum net worth in 2010.
The New Yorker’s wealth was concentrated in 12 funds valued at $1 million to $5 million, including several hedge funds, IRA accounts, cash accounts, her husband’s interest in his law firm and the Lowey Family Investment.
Among her accounts, one money market fund increased in value from a minimum of $500,000 to a minimum of $1 million.
Hanna arrives late to the party, but he makes a big entrance by reporting a minimum net worth of nearly $3 million more than he did as a candidate.
The freshman GOP lawmaker was one of three Members to take advantage of a 30-day grace period to file his financial disclosure beyond the maximum 90-day extension.
According to his new financial disclosure, Hanna reports $13.73 million in assets and no debts.
His report includes two additional assets not listed in his candidate financial disclosure: “Leigh Baldwin & Co. cash account” and “National Finance Services,” each with a value $1 million to $5 million. Neither assets reported any income in 2010.
Hanna’s other major assets continue to be his 50 percent stake in the Gabriel Group valued at $1 million to $5 million. His disclosure form offers no additional description but reported rental income of $50,000 to $100,000.
Hanna also reported an investment worth $1 million to $5 million in the S&P 500 Depository Receipts fund.
The New Yorker is the founder of Hanna Construction Inc., which retains its value of $100,000 to $250,000. It produced no income in 2010.
Kelly more than tripled the value of his assets from the time he filed his financial disclosure as a candidate in 2010 to his latest report filed in August.
The Pennsylvania Republican owns car dealerships with a combined value of at least $1 million, but the bulk of his wealth is attributable to his spouse, Victoria Kelly, who listed at least $10 million in natural gas stocks.
In his previous report, which tallied his assets through March 2010, Mike Kelly listed the value of his wife’s stock in Phillips Resources Inc. at $1 million to $5 million and her stock in TWP Inc. at $500,000 to $1 million.
In his most recent report, which values items as of December 2010, Kelly reported each stock as being worth $5 million to $25 million.
Kelly reported his own stake in each company at $1,000 to $15,000 in mid-2010, which likewise increased to $100,000 to $250,000 each by the end of last year.
A Kelly spokeswoman told the Associated Press in July that Kelly sold the investments in 2011. Those transactions would not appear on his 2010 financial disclosure.
When asked whether Victoria Kelly, whose family founded the companies, retained her much more significant investment, spokeswoman Julia Thornton wrote in an August email, “The companies were sold so the Kellys no longer have investments in them.”
The publication Greenwire reported in June that Exxon Mobil Corp. purchased both companies for $1.69 billion.
Franks’ minimum net worth jumped $7.5 million as the value of two of his investments increased to $5 million to $25 million, from $1 million to $5 million.
Because Members are allowed to report the values of their assets in broad categories, such as $1 million to $5 million, it can be difficult to gauge whether an investment has significantly increased or decreased or is merely on the cusp of two categories. An investment worth $4.99 million in reality may appear as a $1 million item one year and a $5 million item the next, even though it had relatively little change.
The Arizona lawmaker founded the oil and gas exploration firm Liberty Petroleum Corp. but stepped down after his election to Congress. The company and two other corporations, Trinity Petroleum and Providence Petroleum, are now operated by his brothers.
Although he no longer owns shares in Liberty Petroleum, Franks reported that his shares of Trinity Petroleum stock increased to at least $5 million in value in 2010.
Likewise, the value of his Providence Petroleum trust increased in value to at least $5 million.
In addition to his energy-related investments, Franks also owns the U.S. patents for the LP 1000 Life Pager, a decoy pager that contains pepper spray for self-defense. He reported no income from the assets but valued them at $100,000 to $250,000.
The Virginia freshman founded Freedom Automotive and owns a series of car dealerships in Virginia with his wife.
According to his financial disclosure report, Rigell’s Ford, Lincoln Mercury and Volvo dealerships were worth a combined minimum of $2.5 million.
Rigell reported the franchise sale of his Lincoln Mercury dealership, with combined dividends and capital gains of $1 million to $5 million.
He also listed real estate investments valued at a combined minimum of $5 million and certificates of deposit at Wachovia Bank worth $1 million to $5 million.
Despite slashing her minimum net worth by nearly two-thirds since filing a financial disclosure as a candidate in May 2010, Black still lands in the middle of the list.
As a candidate, Black had reported a minimum net worth of nearly $29 million but dropped more than $18 million in her first filing as a lawmaker.
Black’s largest investment had been her husband’s stake in Nashville, Tenn.-based Aegis Sciences Corp., previously valued at $25 million to $50 million. Black most recently valued that stock at $5 million to $25 million.
In her latest disclosure form, Black reported her husband sold his Aegis stock in an October 2010 transaction valued at $25 million to $50 million, while purchasing stock in the company the same day in a transaction valued at $5 million to $25 million.
David Black was listed as the CEO of Aegis Sciences, which he also founded. The company bills itself as “a forensic chemical and drug-testing laboratory specializing in Zero-Tolerance Drug Testing for businesses, professional and amateur sports drug testing, pain management physicians, and medical examiners” on its website.
Diane Black also reported a half-dozen real estate properties in Tennessee and Florida under Ebon Falcon, valued at a combined minimum of $8.5 million.
The Wisconsin lawmaker marked a more than 16 percent upswing in his riches while significantly shrinking his debt.
In 2009, Petri reported as his only debt a Merrill Lynch-issued “loan secured by stock” with a value of $1 million to $5 million. His 2010 form reported only a Merrill Lynch loan issued in September 2010 with a value of $250,000 to $500,000.
Petri’s largest asset remained stock in Walgreen Co., valued at a minimum of $5 million. His other investments included at least $1 million each in U.S. Bank, Berkshire Hathaway and Lloyd’s of London.
The Republican also reported selling off his shares of the Washington Post Co. in a transaction valued at $100,000 to $250,000. He had previously valued the stock in the same range.
The Tennessean’s fortunes dipped by more than 14 percent, or nearly $2 million, in 2010 with the sale of Nantucket, Mass., real estate.
Alexander reported that both he and his spouse sold their investments in an undeveloped lot in Nantucket in two transactions valued at $500,000 to $1 million each. Alexander had previously reported the investments being worth $1 million to $5 million each.
The Senator remained otherwise invested in real estate, with investments in ranchland, farmland, commercial buildings and other lots in Texas worth more than $1 million combined.
Alexander also maintained his investment of $5 million to $25 million in Processed Foods Corp., a Knoxville, Tenn.-based company where he served on the board before his election to the Senate in 2002. His wife also reported owning more than $1 million in company stock.
The more things change, the more McCain’s wealth stays the same.
The Arizona Senator reported a minimum net worth — as always, largely made up of assets owned by his wife, Cindy, from her family’s beer distribution business — nearly identical to the amount he claimed a year ago, decreasing less than 2 percent.
Among the shifts, McCain reported that his wife and children sold King Aviation Inc. and its Cessna Citation Excel aircraft in September 2010. The sale netted $15,000 to $50,000 in capital gains in a transaction listed at more than $1 million.
King Aviation was previously valued at more than $1 million.
McCain also reported a decrease in his debts, as two credit card debts dropped from the form and Cindy McCain reported that one of her American Express cards carried a $15,000 minimum balance rather than the $100,000 minimum balance in the previous year.
Harkin’s financial disclosure remained virtually unchanged from last year’s.
The Iowa Senator’s spouse, Ruth, contributed nearly all of Harkin’s wealth. Among her holdings was an investment of more than $1 million in United Technologies Corp., where she previously served as senior vice president for international affairs and government relations.
Ruth Harkin also reported owning $500,000 to $1 million in ConocoPhillips Co. stock, which earned $100,000 to $1 million in 2010 from dividends and capital gains. The Senator’s wife also serves on the board of ConocoPhillips and AbitibiBowater Inc.
Ruth Harkin added a new position in 2010, a seat on the advisory board of NTR PLC, a Dublin-based company that focuses on renewable energy.
The couple’s largest joint asset was a Bahamas vacation home valued at $500,000 to $1 million. The rental property earned $15,000 to $50,000 in rent in 2010.
Location, location, location.
The New York lawmaker’s wealth was concentrated in real estate holdings in North Carolina, Virginia, Washington, D.C., Florida, Jamaica and, of course, New York.
Maloney, who earned $25,000 last year in management fees from her family’s Virginia Beach real estate business, reported at least $2.5 million in various Virginia Beach real estate investments.
She also reported at least $2 million in two investments in North Carolina properties. Her largest asset remained a New York residence and rental valued at $5 million to $25 million.
Maloney listed $2.25 million in liabilities, all of them either real estate acquisition loans or mortgages.
Sensenbrenner is once again rich. Not that he hasn’t been.
The Wisconsin lawmaker fell off Roll Call’s annual survey last year after he changed the way he filed his annual financial disclosure report.
Sensenbrenner used to file a personal wealth statement — a quirky document in which he detailed not only his stock investments and bank accounts but his travelers checks and stamp collection — along with his standard financial disclosure form.
That document often put Sensenbrenner’s wealth at double what his formal financial disclosure report suggested, in part because he included more information than required, including his personal residence and vehicles, as well as exact values rather than the broad categories provided on the disclosure forms.
According to his 2010 financial report filed this spring, Sensenbrenner has a minimum net worth of about $5.19 million.
But in a separate financial statement filed in the Congressional Record, the Wisconsin lawmaker declared a net worth of $10.14 million — including a 1996 Buick Regal, retail value $2,000.
If the Senate doesn’t work out, there’s always art school.
Snowe’s wealth dropped more than 21 percent in 2010, as the value of one of her spouse’s stock investments fell from a minimum of $5 million to a minimum of $1 million.
The Senator’s husband, former Maine Gov. John McKernan (R), is chairman of the board of directors of Pittsburgh, Pa.-based Education Management Corp., which provides post-secondary education through schools including the Art Institutes.
McKernan’s investment in Education Management Corp. common stock dropped by more than $4 million in 2010. McKernan’s stock option agreement with the corporation maintained its previous value of $1 million to $5 million.
The Senate Minority Leader diversified his holdings, and he increased his fortunes nearly 39 percent in the process.
McConnell reported cashing out a portion of the $5 million to $25 million Vanguard money market fund he shares with his wife, former Labor Secretary Elaine Chao, and opening a new Sun Trust money market account valued at $1 million to $5 million.
The Kentucky Senator also reported exchanging a portion of his Vanguard fund for shares in another Vanguard mutual fund, now valued at $1 million to $5 million.
McConnell and his spouse received the $5 million fund as a gift from Chao’s father in memory of Chao’s late mother, as reported in McConnell’s 2009 disclosure form.
The pair also reported a Capitol Hill town house and carriage house valued at $1 million to $5 million.
Price continues to steadily increase his fortunes, thanks to growth in his largest asset, an investment account he shares with his spouse valued at more than $2.1 million at the end of last year.
The Georgia lawmaker also reported retirement accounts for himself and his wife valued at more than $1 million each, as well as life insurance policies with a combined value of more than $1 million.
Price also reported owning a vacant lot in St. Simons, Ga., valued at $1 million to $5 million, although he reported it does not generate any income. Price listed no debts.
In a word: bonds.
The New York Republican’s wealth is largely concentrated in more than $6 million of city- or state-issued bonds held by herself, her husband or their dependent children.
Hayworth’s minimum net worth dropped less than 2 percent since her previous filing as a candidate. Her most recent report noted her husband transferred a number of assets to his sister in 2010.
She listed no debts.
With her wealth rising more than 11 percent last year, it appears the odds favor the Congresswoman from Las Vegas.
The increase in Berkley’s fortunes is primarily fueled by an increase of more than $450,000 in one of her husband’s investment accounts, valued at about $3.2 million at the end of 2010. He also reported doling out three new loans as assets, valued at a combined minimum of $80,000.
Berkley’s spouse, Larry Lehrner, is employed by Kidney Specialists of Southern Nevada and has investments in a variety of medical office buildings and dialysis services in the state.
The couple also reported owning rental property in the District valued at a combined minimum of $1.5 million.
Kohl bounces from the bottom of the list back to the ranks of the 50 Richest.
While the Wisconsin Senator ranked as the poorest Member of Congress in 2009 — with a minimum net worth of negative $4.64 million — it had more to do with an imperfect system than with his actual wealth.
Financial disclosure forms cap the amount of wealth a Member can report on any one asset to a maximum amount of “over $50,000,000.”
The Wisconsin Senator owns the NBA’s Milwaukee Bucks and reported the team in that category. According to a Forbes analysis of NBA team worth in January 2011, the Bucks are more likely worth about $258 million, the lowest among the league’s 30 teams.
Even without a specific value, that asset alone would put Kohl among the richest Members, but the Senator also reported the team’s liabilities, usually canceling out his assets.
Even as he added new loans in 2010, Kohl reduced his overall liabilities to $101 million from $115 million in 2009.
The Texas lawmaker’s portfolio appears to have fully recovered from its 2008 dip, growing more than 6 percent in 2010, or about $500,000 above his 2009 report.
Doggett’s largest asset is a Travis County, Texas, property valued at $1 million to $5 million, which generated $50,000 to $100,000 in rent.
Doggett also reported owning three other Austin area properties, each valued at $250,000 to $500,000. He listed a number of mutual funds, including three valued at $500,000 to $1 million each.
Financial disclosure reports aren’t always the easiest things to read, and apparently some Members have trouble filling them out right the first time around, too.
According to his office, Farenthold correctly reported his share of several family partnerships but then went on to list the full value of the underlying assets — making his wealth appear significantly higher than it was.
Before his election to Congress, Farenthold, an attorney, also worked as a conservative radio talk-show host and founded a computer consulting and Web design firm.
His largest asset is listed as the ABMH Management Trust valued at $5 million to $25 million, which shows investments in a range of other family trusts. Farenthold’s grandmother is the late Annie Blake Morgan Head.
Farenthold also reported another family trust, the Morgan Trust for the benefit of R. Blake Farenthold, valued at $1 million to $5 million.
Everyone knows Campbell is a sports car aficionado. It turns out he’s also a fan of the band Rascal Flatts.
According to the Californian’s most recent financial disclosure report, Campbell is now a managing member of Fast Cars and Freedom Publications LLC, which appears to borrow its name from the Rascal Flatts tune of the same title. The LLC registered itself with the California secretary of state in April 2010.
Campbell reported an investment of $15,000 to $50,000 in the firm, which did not produce any income in 2010.
The bulk of Campbell’s wealth was held in ACD Holdings LLC, a real estate holding company that includes a half-dozen properties with a combined value of at least $5.5 million.
Campbell, a former automobile dealership owner, now rents property to dealerships.
The Californian reported the sale of one of the company’s properties in 2010 — in a transaction valued at $1 million to $5 million but with no apparent profit — dropping its value from its previous total of at least $6.5 million.
He listed no debts.
Johnson made his wealth via his Oshkosh, Wis.-based plastics manufacturer, reporting compensation of more than $10 million in 2010, according to his disclosure report.
The freshman Senator’s minimum net worth dipped slightly since filing a candidate report last year that tallied at just shy of $9 million.
Since then, Johnson appears to have sold a large number of stocks, setting the values on dozens of individual assets to “none or less than $1,001” in his latest report. Johnson also added a cash account valued at $5 million to $25 million.
Although Members are required to report transactions when they buy or sell most stocks and other assets, freshman lawmakers are exempted from reporting transactions made after their election but before being officially sworn in.
Johnson’s other assets included a 5 percent interest in his plastics company, Pacur, valued at $1 million to $5 million.
The Wisconsin lawmaker also dropped two promissory notes issued by Pacur with a minimum value of $1 million each. He reported no debts in 2010.
It’s almost like he never left.
Pearce returns to the ranks of the 50 richest after a two-year absence — he made an unsuccessful 2008 bid for the Senate before winning re-election to his former House seat in 2010 — with a report nearly identical to the one that he last filed as a Member.
His largest asset in 2010 was a stock membership in Trinity Industries Inc., an equipment rental company based in Hobbs, N.M., valued at $5 million to $25 million. His stake in another equipment and property rental firm, LFT LLC, was valued at $1 million to $5 million. Both assets produced income of $100,000 to $1 million in 2010.
Pearce’s spouse also reported owning at least $1 million in Lea County Bancshares.
After a decade serving as his state’s governor, Hoeven joins the Senate with a healthy financial portfolio.
Most of Hoeven’s wealth appeared based in two assets: $5 million to $25 million in stock in the Minot, N.D.-based Westbrand Inc. Bank Holding Co. and a stake of $5 million to $25 million in St. Paul, Minn.-based Northwest Respiratory Services.
The North Dakotan’s stock investment earned $100,000 to $1 million in dividends in 2010. Northwest Respiratory Services, which sells “oxygen and respiratory products” in 10 states, according to its website, generated $1.8 million in income.
Hoeven, who spent seven years as president and CEO of Bank of North Dakota before his election to the governor’s office in 2000, also reported more than 50 transactions in December 2010, adding a new stock portfolio worth at least $65,000 combined.
Hoeven listed only one debt, but it’s a big one: a 2009 “personal guarantee” from Kenmare, N.D.-based State Bank & Trust valued at $5 million to $25 million.
The Michigan lawmaker’s grandfather helped to found the Whirlpool Corp., and Upton reported owning $1 million to $5 million in the company’s stock.
Upton and his spouse were also the beneficiaries of multiple family trusts valued at $5 million to $25 million. Among the dozens of stocks included in those trusts was a second investment in Whirlpool, also valued at $1 million to $5 million.
Upton also added five life insurance policies to his disclosure report this year, with a combined value of at least $181,000. The policies are not new, but Upton admitted in an amendment filed in April that he had not previously disclosed them as assets.
The lawmaker also added a debt to his latest filing, reporting a new home equity loan valued at $15,000 to $50,000.
Nearly all of Flores’ wealth was accounted for by two individual retirement accounts.
According to attachments to his forms, he reported owning one account worth more than $2 million and sharing a second account with his wife valued at more than $4.5 million.
Flores’ disclosure report recorded purchases and sales for the accounts valued at $5 million to $25 million each. His report indicated the accounts were managed by the investment firm Salient Partners.
His assets also included a loan to his campaign committee for $500,000 to $1 million. Flores reported no income from the loan.
Flores served as CEO of Phoenix Exploration Co., an oil and natural gas firm, before his election to Congress.
The Texan reported he repaid his only debt, a margin account valued at $100,000 to $250,000. Members are required to list debts valued at more than $10,000 at any point in the calendar year, even if the liability has been repaid before the end of the year.
Flores’ previously reported debts included an “aircraft loan” valued at $1 million to $5 million, as well as three credit cards listed at $10,000 to $15,000 each. Those liabilities do not appear on his most recent filing.
The value of Bingaman’s largest asset dipped more than $1 million in 2010, but his fortunes actually increased thanks to several new additions.
The New Mexico Senator, who continues to boast a robust investment portfolio with hundreds of transactions, reported his wife’s Goldman Sachs account with a decreased value of $3.6 million in 2010.
According to his report, that account also tallied six transactions valued at “over $1 million” and divided evenly between sales and purchases.
Bingaman’s spouse, Anne, also listed a purchase of Cerca Acquisition with a value of at least $1 million. A footnote in Bingaman’s report stated that Cerca is a New York-based private equity fund that owns a New Mexico-based software company.
The Senator’s debts remained unchanged from 2009. He listed a mortgage worth $500,000 to $1 million and two lines of credit worth at least $10,000 each.
Hagan’s wealth remains rooted in her childhood home of Florida, where she and her husband own more than $5.2 million in commercial warehouses.
The North Carolina-born Senator spent her youth in Lakeland, Fla., where her father served as the city’s mayor. She is also the niece of the late Sen. Lawton Chiles (D), who also served as Florida’s governor.
Hagan’s financial disclosure included multiple investments in commercial warehouses, including three owned by the Senator valued at $1 million to $5 million, and one owned by her husband and valued at “over $1 million.”
Hagan, a former bank official, also listed $3.28 million from two dozen debts, most of which are mortgages.
Nelson’s fortunes shifted little in 2010, not a surprising outcome since more than half of his investments are in various bonds and certificates of deposit.
The Nebraskan’s major stock investments included his wife’s ownership of at least $1 million in Berkshire Hathaway and his own share in the company worth $500,00 to $1 million.
Nelson, whose previous job titles include insurance company executive and Nebraska governor, also reported owning a stake worth $500,000 to $1 million in Behlen Manufacturing Co., where he serves on the advisory board but is not compensated. He also reported various real estate investments with a combined value of more than $765,000.
After a downward slide over the past few years, Isakson’s portfolio appeared to slowly improve, increasing nearly 3 percent in 2010.
The Senator reported the purchase of about three dozen new stocks, all with values of $1,000 to $15,000. He also reported the sale of nearly two dozen assets.
Isakson’s investments also included more than $2 million in various real estate holdings. The most valuable item in that category is a 12-acre tract in Rabun County, Ga., which Isakson listed at $1 million to $5 million. The land produced no income in 2010, however.
Isakson also gave insight into his TSP, the federal government’s version of a 401(k) retirement savings plan, which he valued at $250,000 to $500,000. Lawmakers are not required to report the values of those retirement accounts, and most do not.
The only liability that he reported was a home equity loan valued at $15,000 to $50,000.
The Texas lawmaker’s fortunes shrank by nearly $500,000, but he holds on to make the last spot on Roll Call’s annual list.
Neugebauer added a new mortgage debt valued at $500,000 to $1 million on the Capitol Hill town house that he bought in 2005. He also continued to list a second mortgage on the property, also valued at $500,000 to $1 million, which he took out in 2007. But the Texan’s office explained that the new mortgage was a refinance, so the prior mortgage will drop from his disclosures next year. The disclosure forms require Members to report liabilities over $10,000 that they held at any time during the year, even if they were paid off during the year.
Because the new mortgage is owned by Texas-based Kingdom Enterprises, of which Neugebauer is a partner, Neugebauer also reported purchasing his own mortgage.
The town house is also one of Neugebauer’s single largest assets, valued at $1 million to $5 million.
It earned him $15,000 to $50,000 in rental income in 2010.
* Indicates a freshman Member of Congress. Roll Call did not calculate percent change from forms filed as candidates.
** Member has not yet filed a disclosure form this year. The number here is based on the last available data, a disclosure form filed last year when he was a candidate for Congress. This information will be updated.
*** Roll Call added Sensenbrenner to this list after initial publication based on more detailed information about his wealth provided by his office. Sensenbrenner used to file a personal wealth statement — detailing not only his stock investments and bank accounts, but his travelers checks and stamp collection — along with the standard disclosure form. He did not attach a similar accounting with his 2010 financial report filed this spring, which showed a net worth of at least $5.19 million. But during Roll Call’s review of the details of Sensenbrenner’s nearly 700-page report, his office pointed to a separate financial statement he submitted to the Congressional Record in May, which indicates the Wisconsin lawmaker has a net worth of $10.14 million dollars, including several items that he does not have to report on the disclosure form. With Sensenbrenner’s addition, Rep. Rosa DeLauro (D-Conn.) drops from our list.
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