Re: The 50 Richest Members Of Congress
- From: Benjamin <pb5511@xxxxxxxxx>
- Date: Sat, 27 Sep 2008 05:48:45 -0700 (PDT)
John Kerry gia`u nha^'t, John McCain ddu*'ng thu*' 13.
D. Spencer Hines wrote:
The 50 Richest Members of Congress1. 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.
18. Rep. Nita Lowey (D-N.Y.)
$17.77 million
The largest asset on Lowey's disclosure form is an account in her
husband's name with the investment firm Ingalls & Snyder listed with a
value of $5 million to $25 million. In 2006, Lowey listed the same
asset with a value of $1 million to $5 million.
Her husband has several other investment accounts worth a minimum of
$1 million each, as well as at least $1 million in a profit- sharing
plan from his law firm, Lowey Dannenberg Bemporad & Selinger (which
has since been renamed). The couple also list joint investment
accounts at Glickenhaus & Co. and Fidelity worth from $1 million to $5
million each.
19. Sen. Elizabeth Dole (R-N.C.)
$16.45 million
The North Carolinian and her husband, former Sen. Bob Dole (R-Kan.),
saw a modest rise in their wealth, increasing a little more than 2
percent since 2006.
The Doles' assets include the only liability listed by the couple
multiple checking and money market accounts worth at least $1.12
million, including one account held by Bob Dole valued at "over $1
million."
The former Senator also claims a stake in five investment funds, worth
a combined minimum of nearly $5 million. He also lists multiple
promissory notes from the Robert J. Dole Irrevocable Trust, including
two worth "over $1 million."
Elizabeth Dole also lists about 119 acres of land in Johnson City,
Kan., valued at $1 million to $5 million.
20. Sen. Olympia Snowe (R-Maine)
$15.05 million
Snowe's net worth is largely tied to her husband's position as
chairman of the board of Education Management Corp., a
Pittsburgh-based education company. Snowe lists her husband's stock in
Education Management as an asset worth $5 million to $25 million. In
last year's disclosure form, that asset was valued at $1 million to $5
million.
He also holds stock options worth $1 million to $5 million. The couple
jointly holds mutual funds shares worth more than $2 million.
21. Rep. Tom Petri (R-Wis.)
$14.63 million
The Wisconsin lawmaker claimed a nearly 7 percent increase in his
holdings over the past year, increasing his wealth by more than
$900,000.
Petri's major investments include stock in both U.S. Bank and
Walgreens Co., each valued at $5 million to $25 million.
He also claims at least $1 million in stock for both Berkshire
Hathaway and British insurance exchange Lloyds of London. The latter
has doubled in minimum value since 2006, when Petri listed the asset
as worth at least $500,000.
Petri's only debt is a loan issued by Merrill Lynch, valued at $1
million to $5 million.
22. Rep. Gary Miller (R-Calif.)
$14.49 million
Having disposed of several debts, Miller's net worth has rocketed more
than 39 percent, or about $4 million, in his most recent report.
The Californian no longer lists debts of at least $1 million each for
the Fontana Library Co. and the Upland, Calif.-based Church Haven Co.,
which he listed last year.
Miller's assets include an account with Pomona Bank and Trust 1st
Federal worth $5 million to $25 million and 382 acres in Rancho
Cucamonga, Calif., valued at at least $5 million.
He also added a new investment worth $1 million to $5 million in PFF
Bancorp, the parent company of Rancho Cucamonga-based PFF Bank and
Trust.
23. Sen. Lamar Alexander (R-Tenn.)
$12.43 million
The Tennessee Senator's largest asset is his stock in Processed Foods
Corp., a Knoxville-based company where Alexander served on the board
prior to his election to the Senate in 2002. He holds $5 million to
$25 million worth of the company's stock, and his wife holds "over $1
million" as well.
The family's other major assets are land and real estate, in
particular a patch in Nantucket, Mass., that is worth $1 million to $5
million for Alexander and "over $1 million" for his wife.
He incurred several new debts in 2007, taking out four loans totaling
at least $560,000.
24. Rep. John Campbell (R-Calif.)
$11.39 million
Kids. You pour your heart into them, and they grow up, leave and take
all your money. Or something like that.
Campbell's financial disclosure form for 2007 notes that one of his
children reached the age of majority, so Campbell is no longer
required to report the assets that were previously counted as
belonging to the "dependent child." That and the fact that one of the
rental properties Campbell owns was misreported the year before (it
was listed as being worth at least $1 million, but should have been
listed at $500,000 to $1 million) leaves the California Congressman
showing a drop of more than $2 million in the assets that he declared
last year.
However, he still owns more than $6 million worth of California real
estate, among his other holdings.
25. Rep. Jim Sensenbrenner (R-Wis.)
$11.34 million
Sensenbrenner, who submits one of the lengthiest financial disclosures
each year by providing his regular report along with a detailed
accounting of his net worth, saw his tally drop by about 3 percent
from the previous year.
Much of the Wisconsin lawmaker's losses come from a downtick in his
$6.7 million of investments in stocks and bonds, comprising $1.3
million in Merck & Co. Inc. and significant investments in Exxon Mobil
Corp., General Electric Co., Pfizer Inc. and Abbot Laboratories Inc.
He also owns an Alexandria, Va., home valued at $1.5 million and a $1
million interest in a Waukesha County, Wis., home.
Sensenbrenner has also listed $7,800 in travelers checks for the past
two years.
26. Rep. Denny Rehberg (R-Mont.)
$11.20 million
Rehberg increased his net worth by 5 percent in 2007 as the value of
his wife's Billings, Mont., farm increased by $500,000.
The Montanan's office said Rehberg's spouse reincorporated the
property in preparation to sell it, revising the property value to at
least $1 million. The Rehbergs did not ultimately sell the parcel.
Rehberg's assets also include at least $10 million in ranching and
livestock operations and $1 million in Rehberg Ranch Marketing Inc.
He also lists $1.3 million in loan debt for development, construction
and agriculture.
27. Sen. Tom Harkin (D-Iowa)
$10.50 million
According to Harkin's financial disclosure forms, his minimum net
worth has essentially doubled since 2006 because of his wife's
purchase of about $5 million worth of stock in 2007.
Harkin's office wouldn't comment on where the money for the purchases
came from, but the disclosure form indicates that his wife, Ruth,
bought and sold "over $1 million" worth of stock in United
Technologies Corp., where she used to be a vice president. Harkin's
forms have previously stated that his wife's compensation from UTC
included a "contractual right to receive stock in the future," so it
is possible that she took stock that was owed to her and converted it
to other securities.
The assets that are listed as belonging to the Senator alone or
through joint ownership have a minimum value of less than $100,000.
The Harkins list no liabilities.
28. Rep. Kenny Marchant (R-Texas)
$10.49 million
In 2007, Marchant exchanged several ranch properties for a partnership
interest in Bonita Lands and Cattle, a group that holds 3,500 acres,
plus cows and equipment. Bonita became the largest asset on his
disclosure form for 2007, valued at $5 million to $25 million.
Marchant's other major assets are rolled into a family partnership
called Marken Interests Ltd. The partnership holds 73 acres in Ft.
Worth, Texas, which Marchant values at $1 million to $5 million, plus
mineral rights and a wide array of stocks.
Marchant also lists more than $3 million in liabilities, but several
of those items are mortgages that appear to have been paid off or
assumed by Bonita, which would suggest that his net worth has already
risen over the total reported on his latest financial disclosure form.
29. Sen. Hillary Rodham Clinton (D-N.Y.)
$10.39 million
In 2006, in preparation for her White House bid, Clinton closed a
blind trust worth $5 million to $25 million, reported its stock
holdings and then sold them off because of different disclosure
requirements for presidential candidates.
In 2007, her primary assets were two Citibank deposit accounts, each
worth $5 million to $25 million, one of which is new. While the
disclosure form she prepared for the presidential race indicated a
minimum net worth of about $17 million and her current disclosure only
tallies about $10 million, the wide ranges reported for the family's
cash accounts could easily accommodate millions more in assets than
she gets credit for in this tally.
Beyond the two giant bank accounts, the family's biggest asset appears
to be Bill Clinton, who earned more than $10 million giving speeches
in 2007.
30. Sen. Richard Shelby (R-Ala.)
$8.64 million
The Alabaman's fortunes diminished nearly 6.5 percent in 2007, a drop
of about $600,000.
Shelby owns 48 shares in Tuscaloosa Title, a title abstract and
insurance company, with a value of $1 million to $5 million, and his
wife owns two shares worth $50,000 to $100,000.
The couple transferred a 49 percent stake in a Tuscaloosa, Ala.,
apartment building, listed at $500,000 to $1 million, to the Shelby
Family Trust in late 2007.
Shelby's assets also include a D.C. town house and a Tuscaloosa home,
both valued in the "over $1 million" category, as well as a Tuscaloosa
office building listed at $500,000 to $1 million.
The Senator lists $1 million in mortgage debt on the apartment
building, as well as a personal note issued by Regions Bank for
$250,000 to $500,000.
31. Rep. Steve Pearce (R-N.M.)
$8.40 million
After the sale of his oil services company in 2003, several other
companies Pearce founded have continued to grow. Last year, LFT, which
takes its name from Lea Fishing Tools, the company Pearce sold, rose
from $500,000 to $1 million to $1 million to $5 million, and Pearce
also bought investment land in New Mexico.
Roll Call reported in April that Pearce apparently sold his company
for about $12 million, but because the assets are held in a corporate
account, he does not have to list the total amount among his assets or
income.
32. Rep. Lloyd Doggett (D-Texas)
$8.38 million
Since Members of Congress are required to report only properties that
are producing income, it is not uncommon to see assets hop on or off
Members' disclosure forms from year to year when they start or stop
renting them. Doggett appears to be a case in point: An Austin, Texas,
property that was not reported in 2006 appears on his 2007 form with a
value of $100,000 to $250,000, producing $5,000 to $15,000 in income.
There is no reported transaction, which suggests that Doggett already
owned it but began renting the "garage apt" last year.
His other holdings, which showed a solid increase over the prior year,
include investments of at least $500,000 in several Vanguard
investment funds, as well as Whole Foods Market Inc.
33. Sen. Johnny Isakson (R-Ga.)
$8.20 million
The Georgia Senator paid off a small home mortgage while adding a new
Massachusetts Avenue condo to his real estate portfolio.
Isakson reports a stable fortune, increasing his net worth less than 2
percent over his 2006 values.
His only debt is a $15,000 to $50,000 equity loan from Wachovia Bank.
Isakson also reported the purchase of a condo for $250,000 to
$500,000.
The lawmaker's assets include a mix of real estate and stocks,
including Synovus, a financial services company. Isakson lists an
investment of $1 million to $5 million in the company.
Among his real estate holdings are 12 acres in Rabun City, Ga., valued
at $1 million to $5 million.
34. Sen. Bob Bennett (R-Utah)
$7.93 million
Bennett's fortune remained the same from 2006, with at least $5
million of his assets tied to Watermark Corp., a company that owns
lodging properties in Salt Lake City.
While Bennett, who once owned all of Watermark Corp, now claims only a
one-third stake, he acknowledges in his disclosure form that he
maintains full rights to the company's assets because he remains a
guarantor on mortgages for company properties.
Those mortgage debts, for two Anniversary Inns located in Salt Lake
City, are valued at minimums of $1 million and $5 million,
respectively. Bennett lists the net value of those properties at $1
million to $5 million each.
35. Rep. Heath Shuler (D-N.C.)
$7.81 million
It was a good financial year for the one-time NFL quarterback, who
added a more than 20 percent increase, about $1.3 million, to his net
worth.
Shuler's investment in River Crest Development, a Del Rio, Tenn.-based
real estate development firm, jumped to a minimum value of $1 million,
doubling from its $500,000 minimum rating last year.
The North Carolinian also added to his portfolio the River at Shining
Rock, a Haywood County, N.C.-based real estate development company,
valued at $1 million to $5 million.
His real estate holdings also include the Cove at Blackberry Ridge,
valued at a minimum of $5 million, and a stake in a Knoxville, Tenn.,
shopping center valued at a minimum of $1 million.
Shuler carries $1 million in mortgage debt on rental property, as well
as an additional $500,000 in business loans and a $50,000 consumer
line of credit from United Community Bank in Lenoir City, Tenn.
36. Rep. John Spratt (D-S.C.)
$7.50 million
Spratt's minimum net worth soared in 2007 as the value of an 800-acre
swath of pasture land in Fort Mill, S.C., moved into the $5 million to
$25 million range.
The increase over its previous minimum $1 million listing swells the
Democrat's fortunes by $4 million, the largest factor in his 141
percent increase.
Spratt's other assets include investments in Bank of America Corp.
valued at $500,000 to $1 million and York Bancshares at $1 million to
$5 million.
His real estate holdings include a D.C. rental unit and properties in
South Carolina, with a combined value of at least $850,000.
Spratt carries $480,000 in debt, a combination of mortgage debt,
credit cards and promissory notes.
37. Rep. Bill Foster (D-Ill.)
$7.37 million
Foster, who won the special election to replace former Speaker Dennis
Hastert (R), has almost all of his assets tied up in the theater
lighting company he founded with his brother in 1975, Electronic
Theatre Controls. Foster reports holding $5 million to $25 million in
a promissory note "for payments over time arising from sale of
interest" in the company, but also a $1 million to $5 million
ownership interest in the company "that owns the factory building used
by ETC Inc."
He also has more than $1 million in savings, checking and money market
accounts.
Foster reports no liabilities.
38. Rep. Steve Kagen (D-Wis.)
$7.31 million
The Wisconsin lawmaker, who operated Kagen Allergy Clinics before his
election to the House, maintains a portfolio composed largely of
bonds, as well as a money market account valued at $1 million to $5
million.
He lists no debts.
39. Rep. Fred Upton (R-Mich.)
$7.21 million
Upton's fortunes increased by approximately $460,000 in 2007, adding
nearly 7 percent to his net worth.
Together with his wife, the Michigan lawmaker owns $1 million to $5
million in Whirlpool, the Benton Harbor, Mich.-based appliance company
co-founded by his grandfather.
The couple also lists $5 million to $25 million in family trusts and
an additional $1 million in an investment account.
Upton lists no debts.
40. Rep. David Dreier (R-Calif.)
$7.03 million
Dreier's wealth remains relatively unchanged at just over $7 million,
decreasing less than 1 percent from his estimated 2006 net worth.
The California Republican's primary asset, valued at $5 million to $25
million, is an interest in Tiffany Manor Apartments, a complex in
Kansas City, Mo.
He also has $500,000 to $1 million invested in the Oklahoma Publishing
Co., which produces both the Oklahoman newspaper and its Web site,
NewsOK.com.
Dreier, who lists no debts, also has investments worth at least
$250,000 in both Viacom and Gaylord Entertainment, which owns resorts
in Nashville, Orlando, Dallas and D.C., as well as the Grand Ole Opry.
41. Sen. Ben Nelson (D-Neb.)
$7.02 million
Nelson holds an unusual investment portfolio that is made up almost
entirely of certificates of deposit, municipal bonds and treasury
notes. As such, his net reportable worth did not grow much over the
past year, but his report also doesn't indicate significant investment
losses.
Nelson does report "residential acreages held for resale" in Nebraska,
with a value of $500,000 to $1 million; a year ago, that property was
valued at $1 million to $5 million. He also holds stock worth $500,000
to $1 million in a Nebraska metal building manufacturing company.
42. Rep. Tom Price (R-Ga.)
$6.99 million
The Georgia lawmaker's net worth increased nearly 15 percent, or about
$1 million, in the past year.
Much of that growth is the result of an increase in the value of a
Minnesota Life annuities fund that Price lists in the $1 million to $5
million category. In 2006, he listed the annuities at a base value of
$500,000.
Price also lists partial ownership for at least $600,000 worth of real
estate in Roswell, Ga., including medical buildings and a condo
development. Together with his wife, he also lists a vacant lot in St.
Simons, Ga., valued at $1 million.
The Republican and his spouse also have multiple retirement and
investment accounts valued at at least $4 million.
43. Sen. Jeff Bingaman (D-N.M.)
$6.20 million
Bingaman is something of a media mogul, having much of his worth
invested in partnerships that hold stock in broadcast, print media and
digital communications, among other things.
Bingaman's net worth appears to have dropped by almost 20 percent from
2006 to 2007, as his wife sold off $2 million worth of stock from a
Goldman Sachs investment account. The couple also put up nearly
$400,000 in "capital calls" for various investments.
44. Rep. Rosa DeLauro (D-Conn.)
$5.88 million
DeLauro remains financially steady, reporting an identical figure for
her net worth two years in a row.
The Connecticut Democrat's wealth comes primarily from the stake her
husband, pollster Stan Greenberg, holds in Greenberg Quinlan Rosner
Research, valued at $5 million to $25 million.
DeLauro's only debt is a loan from Chase Auto in Phoenix, listed at
$15,000 to $50,000.
45. Sen. John Warner (R-Va.)
$5.86 million
The retiring Senator has assets scattered across a handful of
brokerage accounts, none of which by itself is worth more than $1
million. Last year he added two real estate investments - Under the
Missouri Sky Properties and Golden Dome partners - worth nearly
$300,000.
Warner reports no liabilities.
46. Rep. Jackie Speier (D-Calif.)
$5.77 million
Speier, a newcomer to Congress, owns four California properties with a
combined value of at least $3 million, which propels her onto this
list. She is also boosted by her husband's assets, including more than
$1 million worth of stock in a California investment firm.
Her disclosure form lists no liabilities.
47. Rep. John Linder (R-Ga.)
$5.67 million
In August 2007, Linder sold his holdings in Grayling Industries, a
Georgia manufacturer of plastic packaging, for $5 million to $25
million, netting a capital gain of more than $5 million.
His financial disclosure form shows two new Schwab money market
accounts, one in his name and one in his wife's, both listed as having
a value of $1 million to $5 million. The couple also have two other
IRA funds listed in the same category. Linder's wife also owns three
companies holding Mississippi timber land worth at least $700,000.
48. Rep. Randy Neugebauer (R-Texas)
$5.50 million
A developer before he came to Congress, Neugebauer remains active in
land and real estate dealings. According to his disclosure forms, in
2007 he sold properties valued at a minimum of $180,000 and bought
properties worth at least $317,000, and he holds a passel of other
properties, including a D.C. town house. He also bought $1 million to
$5 million in U.S. treasury bills last year.
49. Sen. Herb Kohl (D-Wis.)
$5.49 million
Though he is among the wealthiest Members of Congress, Kohl's
financial disclosure fails to do him justice under Roll Call's
methodology.
The owner of the Milwaukee Bucks, Kohl values the NBA team at more
than $50 million, the highest category available on the forms. But
according to Forbes, the team's estimated value in 2007 was $264
million.
Using that figure would put Kohl's net worth at about $219 million,
but his liabilities cancel out most of his assets.
The Wisconsin lawmaker's debts are also tied to the basketball team,
including three promissory notes from the NBA credit facility combined
to value at least $55 million. Kohl also lists a promissory note to
himself from the Bucks for more than $50 million.
The Senator also lists a blind trust valued at more than $50 million.
50. Rep. Rahm Emanuel (D-Ill.)
$5.02 million
Emanuel's blind trust appears to have lost a few hundred thousand
dollars in value over the past year, resulting in a disclosure report
that falsely indicates he lost almost half his personal wealth.
In 2006, he listed the blind trust at $5 million to $25 million; last
year it was listed as from $1 million to $5 million. In a separate
filing with the ethics committee, Emanuel reported that as of June 30,
the value of the trust was $4.1 million. If that number were reported
on his disclosure form, it would raise his minimum wealth to about $8
million.
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