The 50 Richest Members of Congress (2008)

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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 inaccurately 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.

Clarification: Sept. 24, 2008

The article did not intend to imply that Rep. Rahm Emanuel (D-Ill.) had falsified his financial disclosure reports. The article intended to point out that the reporting forms themselves often result in a misleading picture of a Member’s financial condition.