The 50 Richest Members of Congress
Downturn Hits Even the Wealthiest Lawmakers
Roll Call Staff
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Together with Blum, she also owns a condominium in Kauai, Hawaii, valued at $1 million to $5 million. Blum also lists a Tahoe City, Calif., condominium valued at $1 million to $5 million, which generates $15,000 to $50,000 in annual rental income.
In addition, Feinstein lists an investment in Carlton Hotel Properties in San Francisco valued at $5 million to $25 million.
Nonetheless, the California Senator’s coffers appeared to shrink by more than $9 million in her most recent disclosure.
Among the declines, Blum reported the liquidation of two limited partnerships with stock in the Korean broadband company Hanaro Telecom, reporting capital gains of “over $1 million” from each partnership. As a result of the sale, however, the value of each asset declined from “over $1 million” to a minimum of $100,000.
10. Rep. Harry Teague (D-N.M.)
$40.63 million
The first-term New Mexico lawmaker made his fortune as the founder of Teaco Energy Services, a Hobbs, N.M., oil services firm.
On his candidate financial disclosure form last year, Teague listed the company with a value of $5 million to $25 million. But on his first Congressional disclosure form, Teague has helpfully given exact values for all his assets — and the oil company is valued at $39,630,537.
Because Roll Call evaluates assets by the minimum value of the reported range, what was a $5 million asset is now a $39 million asset.
Teague’s only liability is a personal loan to Teaco Energy Services, valued at $1 million to $5 million.
11. Rep. Mike McCaul (R-Texas.)
$38.08 million
The Texas lawmaker saw his portfolio significantly increase since filing his 2007 report. McCaul’s assets grew by at least $14 million in 2008, a jump of nearly 60 percent from his reported minimum value the year before. McCaul holds the largest percentage increase in wealth among any Member.
The gain in McCaul’s wealth comes from a significant jump in his wife’s LLM Partners Family Investments, which were valued at a minimum of $25 million in 2008. The same investment was valued at a minimum of $3.3 million in 2007.
McCaul lists no assets to his name with his spouse and his dependent children claimed as his only income sources.
McCaul’s family sold off most of its investments in the media conglomerate Clear Channel Communications Inc. In 2007, family investments in the media giant came in at a minimum value of $12.1 million. The lawmaker’s father-in-law, Lowry Mays, is the company’s chairman. McCaul’s wife also sold off her investments in Live Nation, an events-planning spinoff of Clear Channel, nearly halving that reported minimum amount. In 2007, McCaul’s Live Nation investments amounted to almost $1 million.
The Texan lists no debts.
12. Rep. Alan Grayson (D-Fla.)
$31.12 million
The Florida lawmaker’s largest asset stems from an apparent financial mistake.
Grayson lists a claim valued at $25 million to $50 million against Derivium Capital.
The now-bankrupt firm managed a Ponzi scheme in which investors, including Grayson, could turn over stock to Derivium in exchange for cash loans and redeem the value later if the stock prices increased. A South Carolina court ruled earlier this year that Derivium shareholders were collectively owed about $270 million in lost profits and that Grayson’s share would be about $34 million.
In addition to that claim, Grayson, an attorney who founded the telecommunications company IDT Corp. in 1990, lists a trust valued at $5 million to $25 million. The same trust was previously Grayson’s largest asset, with a value of $25 million to $50 million when he filed a candidate disclosure form in November 2008.
13. Sen. Jim Risch (R-Idaho)
$19.29 million
Idaho’s freshman Senator joins the list despite the fact that his portfolio’s minimum value dropped by nearly $1 million from his 2007 candidate financial disclosure.
Cardin: U.S. Needs to Keep Pace Developing Energy Technology
Feb. 8, 12 a.m.
Today, too many Americans are out of work. Today, we will send $1 billion overseas to satisfy our appetite for foreign oil, while the Chinese will continue their massive investment in clean energy technology. Today, our nation faces an economic crisis, an energy crisis and a global climate crisis. Read Full Article
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