Berman Neglected to Disclose Stock Income

Posted December 11, 2009 at 4:07pm

Rep. Howard Berman (D-Calif.) recently amended his financial disclosure forms, disclosing slight capital gains on Exxon Mobil Corp. stock and other assets.In a letter filed Dec. 3 with the Clerk of the House, Berman stated that he neglected to include income from the sale of Exxon Mobil stock in 2008, increasing the asset’s reported income to $2,500 to $5,000.Berman also reported the purchase of a mutual fund owned by his wife, valued at $50,000 to $100,000. Berman had previously listed the fund but neglected to report it as a new purchase in 2008. The California lawmaker is one of dozens of Members who have filed amendments to their annual disclosure forms in recent months.As reported in his 2009 financial disclosure, which covers calendar year 2008, Berman’s net worth is at least $724,000. He reports no liabilities. According to a Roll Call analysis of wealth in the House, the median net worth of the 441 lawmakers — including Representatives, non-voting Delegates and Puerto Rico’s Resident Commissioner — is about $366,000.House lawmakers claimed a combined minimum net worth of at least $1 billion in 2008. The chamber includes at least 125 lawmakers with assets of $1 million or more.Roll Call’s analysis of House lawmakers’ wealth is based solely on the information that Members provided in their annual 2009 financial disclosure reports, which covered calendar year 2008. Roll Call determines each lawmaker’s minimum net worth by adding the lowest number in the range reported for each asset — for example, an asset reported as being worth $1 million to $5 million is counted as $1 million — and subtracting the lowest total of the reported liabilities.