Many many millionaires in Congress..here is the list !!!
January 21, 2002
Cash and Kerry
Massachusetts Senator Reclaims Top Spot as Economy Keeps Others at Bay
By Amy Keller
Roll Call's annual list of the 50 richest Members of Congress hasn't changed much since a year ago thanks in large part to the stagnant economy.
Moreover, because 2001 was not an election year, the elite roster of wealthy lawmakers also wasn't altered by retirements or election defeats, though two longtime Members who spent years on the list passed away last year. Rep. Norman Sisisky (D-Va.) died in March 2000 and Rep. Floyd Spence (R-S.C.) died last August.
While it's difficult to exactly assess Members' wealth - the most recent financial information available about Members' personal finances is current only through Dec. 31, 2000 - there were indications that several lawmakers lost large amounts of money in the stock market.
There's no better poster child for declining wealth than freshman Sen. Maria Cantwell (D-Wash.), who slipped from the ninth spot on our list to 24th, owing to the drop in price of her stock in RealNetworks, the Seattle-based company that produces audio streaming technology.
After a brief term in the House from 1993 to 1995, Cantwell returned to Seattle and made a sizable fortune as an executive with RealNetworks. At one point her net worth was estimated at about $40 million, thanks to the skyrocketing price of stock in the technology company.
Using millions of dollars of her personal wealth to finance a successful Senate bid in 2000, Cantwell fell on tough financial times shortly after winning her election as she watched the worth of her remaining stock holdings plummet.
Once selling for as high as $96 a share, RealNetworks is now trading at around $6. That left Cantwell in a tight spot early last year as she struggled to pay off campaign debts and personal loans she had taken for her campaign. Although her campaign reports indicate that she has managed, with the help of her colleagues, to raise funds to pay down her debts, and she's still worth millions, she is definitely not as rich as she was before the high-tech boom took a dive.
He's still near the top of our survey, but Rep. Amo Houghton (R-N.Y.) has also been feeling the sting of the stock market's slump as his enormous investments in Corning Inc. have dropped dramatically in value.
Although Houghton was flirting with billionaire status a year ago because of the then soaring prices of Corning stock, which at one point was selling for more than $100 a share, the stock tumbled to between $9 and $10 a share after the company's fiber-optic cable sales declined.
This year it took at least $3.2 million to even qualify for a space on the roster, up slightly from the $3 million it took to qualify last year. That left more than 100 other Congressional millionaires off the list.
Thirty-three lawmakers on the list are Republicans; 17 are Democrats.
Inspired by Forbes' annual list of the 400 wealthiest Americans, Roll Call's roster of well-heeled Members uses the following guidelines: We begin by using disclosure forms filed with the House and Senate, estimating net worth by combining minimum assets and minimum liabilities.
For example, if a holding is valued at between $500,000 and $1 million, we assessed its value at the minimum, $500,000. For assets valued at $50 million or more, the form requires Members to list their value at "over $50 million." So, for instance, a $100 million trust counts as only $50 million on the form.
Assets held by spouses and dependent children are included as part of the total net worth - a factor that helps keep individuals such as Sens. John Kerry (D-Mass.) and Dianne Feinstein (D-Calif.) staples on the list.
We use disclosure forms as a reference point, but combine them with information from Members' hometown newspapers and other sources, including the Forbes 400, to come up with a list of the 50 wealthiest Senators and House Members.
As in our previous efforts, we have done some estimating, but we present our list with a good deal of confidence that it's as close an approximation of the true state of individual Congressional wealth as is possible to derive from publicly available data.
1. Sen. John Kerry (D-Mass.) $675 million
Kerry still boasts a massive fortune thanks to his ketchup heiress wife's wealth. Teresa Heinz was booted off Forbes' list of the 400 wealthiest Americans in 1999, when the magazine estimated her ketchup fortune at $620 million, narrowly missing that year's cutoff of $625 million.
A more recent article in The Boston Globe described Heinz as having control of her family's $675 million fortune.
This year, Kerry returns to the No. 1 spot on our list after a one-year hiatus, thanks to the fact that Rep. Amo Houghton's (R-N.Y.) stock in Corning took a dive.
Kerry's 2000 financial disclosure forms reveal at least $170 million in assets, with the largest assets being a marital trust, other various Heinz family trusts and a bond fund. The couple regularly bought and sold stocks through the various funds that year.
2. Rep. Amo Houghton (R-N.Y.) $500 million
Last year we speculated on the possibility that Houghton was Congress' first billionaire, but with his chief investment in Corning taking a massive blow in 2001, the Congressman's financial portfolio has taken a large hit and knocked him out of first place in this year's survey.
Because of fluctuations in the stock market and the imprecise nature of Congressional financial disclosure forms - which do not require that Members disclose how many shares of stock they own, but only that they broadly estimate their holdings - it's unclear exactly how rich Houghton is.
Neither Houghton - a descendent of Corning's founders and a former employee of the company - nor his staffers will comment on his wealth, calling it a personal matter.
On his 2000 House financial disclosure forms, Houghton listed assets of between $33 million and $128 million - about 40 percent less than the $2 million to $216 million he listed on his 1999 forms.
Moreover, the value of his Corning stock listed on the forms was between $12 million and $57 million - down substantially from the $16 million to $80 million he disclosed the previous year.
Corning stock - which skyrocketed during much of 2000 and part of 2001, transforming secretaries and other veteran company employees into millionaires - did not fair as well later in the year.
Corning posted a $220 million third-quarter loss in 2001, sales declined almost 30 percent and thousands of employees were laid off.
Although the company made a fortune months earlier manufacturing and selling fiber-optic cable, it was hit by an industrywide slump in sales and stock prices, which at one time reached a 52-week high of $101; it is now selling for between $9 and $10 per share.
Corning remains Houghton's mainstay, but he has investments in other stocks and bonds through several trusts.
3. Sen. Jon Corzine (D-N.J.) $400 million
With an estimated fortune of $400 million, the 55-year-old former chairman of Goldman, Sachs & Co. is the third-richest Member of Congress. It's clear that money is no object for the Wall Street millionaire, who spent nearly $60 million of his own funds in his 2000 race against Rep. Bob Franks (R) for retiring Sen. Frank Lautenberg's (D-N.J.) seat. Although his opponent tried to paint him as an inexperienced liberal businessman, Corzine insisted during the race that his financial prowess would be beneficial if he were elected because he would only be "beholden to the voters," not to big business.
Corzine's most recent financial disclosure statements reveal more than $66 million in assets, including an investment worth between $25 million and $50 million in JC Mesa Limited Liability Co., which he described as holding "undeveloped land" in Ouray, Colo.
Also in Colorado, he holds a $5 million to $25 million investment in Skyfield, a development in Telluride.
He also lists interests in a Denver mobile home community; Fatwitch Bakery, a New York home-baked goods company; and two Chicago bicycle shops. His stock holdings in Goldman, Sachs are listed at more than $50 million.
4. Sen. Herb Kohl (D-Wis.) $300 million
Despite the fact that Kohl's 2000 financial disclosure forms only show his net worth to be about $112 million, his true fortune is certainly much larger. (The Senate forms only require assets to be listed in general ranges, the highest category of which is $50 million and above.) In addition to sitting on a qualified blind trust worth more than $50 million, Kohl - who derived his fortune from his family's department store business - is the owner of the Milwaukee Bucks professional basketball team, which is also valued at more than $50 million. The team, which Forbes magazine estimated to be worth $131 million in 2000, had a particularly good season last year, likely boosting the value of the franchise.
Kohl disclosed that the team pulled in $51 million in gross receipts before expenses in 2000, up from the $35 million in receipts he listed in 1999.
Although final figures for the 2001 season are not yet available, revenue shot up last year when the team pulled in 89 percent of its capacity at games. Attendance was even better during the NBA playoffs, when every game was sold out.
Whatever the case, the team is worth millions more than the $19 million Kohl paid for it in 1985.
The Senator's other assets include significant real estate investments in Wisconsin and a horse breeding operation in Teton County, Wyo., valued at between $5 million and $25 million. Kohl disclosed more than $55,000 in horse sales in 2000.
5. Sen. Jay Rockefeller (D-W.Va.) $200 million
Rockefeller is the great-grandson of John D. Rockefeller, one of the world's first billionaires. Although Forbes estimates the Rockefeller family fortune to be at least $8.5 billion in October 2000, Rockefeller listed assets of more than $100 million - most of which is tied up in three qualified blind trusts and other investments - on his 2000 financial disclosure forms.
Other investments listed on his forms include U.S. savings bonds and numerous stocks in his wife's name. The stocks include shares in companies such as DoubleClick Inc., Walt Disney Co., Cisco Systems, Amgen, Applied Materials, AT&T Wireless, PepsiCo Inc., Nortel Networks Corp., Sotheby's Holdings Inc., Triangle Pharmaceuticals, United Parcel Service and Rolls-Royce.
6. Rep. Jane Harman (D-Calif.) $105 million
This former three-term House Member, who returned to the chamber in 2000, is married to Sidney Harman, founder of the Fortune 500 electronics company Harman International Industries, which manufactures high-end stereo equipment. The company paid him $1.3 million in 1999, according to the financial disclosure statement Harman filed during her 2000 House race. She declined to list his salary in her 2000 filing.
The couple also have a variety of other investments to supplement Harman's Congressional salary, and her financial disclosure statement revealed a net worth of more than $53 million.
Her husband's holdings in Harman International Industries alone are worth between $50 million and $100 million, up significantly from between the $10 million and $50 million she estimated in 1999.
The Harmans also have investment funds with holdings in commercial real estate property throughout the Washington, D.C., as well as Mexico, Argentina, Germany and Italy.
7. Rep. Darrell Issa (R-Calif.) $60 million
This freshman lawmaker who succeeded now retired Rep. Ron Packard (R) has a rags-to-riches story. He turned a $7,000 investment into a successful car-alarm business that has yielded him millions.
Issa first invested in the car-alarm business in Cleveland but later took full control of the firm, Directed Electronics, and moved it to San Diego in the mid-1980s. He reported receiving a salary of $761,800 from the company in 2000.
Issa, who invested $2 million of his own money in his primary and spent nearly $10 million on a failed Senate bid in 1998, lists a variety of other investments in his fat financial portfolio.
His holdings include an investment in Greene Properties, a property management company, valued at between $5 million and $25 million; shares in the Vanguard 500 Index Fund worth between $25 million and $50 million; and the Issa Family Foundation, a tax-exempt charitable foundation valued at between $1 million and $5 million.
He also has a large portfolio of blue-chip stocks and bonds worth more than $25 million.
8. (tie) Sen. Lincoln Chafee (R-R.I.) $50 million
Appointed to replace his late father and elected to a full term in 2000, Chafee brought a sizable fortune as well as a political legacy to his Senate seat.
His largest assets are several multimillion-dollar blind trusts, which are in the names of his spouse, his children and his grandchildren.
The various stocks and bonds that comprise these trusts together total more than $40 million. Chafee's other large assets include his wife's WeeHoose Farm in Exeter, R.I., worth more than $1 million. The couple also jointly own undeveloped land in Sorrento, Maine, worth between $100,000 and $250,000 and a house in Franconia, N.H., also worth between $100,000 and $250,000.
8. (tie) Sen. Dianne Feinstein (D-Calif.) $50 million
California's senior Senator has extensive, diversified holdings with her husband, real estate mogul Richard Blum, most of which are in his name. Blum is chairman of the merchant banking firm BLUM Capital Partners.
Feinstein's assets, which are held directly or through the Bertram Feinstein Trust as separate property, consist of her interest in Carlton Hotel Properties, a pension from the city of San Francisco, a deposit account at Bank of America and the Freedom Cash Management Fund. Together those assets are worth between $5 million and $25 million.
She also has a qualified blind trust valued at between $1 million and $5 million that was established in 1991 and qualified in 1993, and she is the beneficiary of the Richard C. Blum Marital Trusts of 1994 and 1996.
The Feinsteins own a condo in Princeville, on the Hawaiian island of Kauai, and have deposit accounts at the Bank of America and First Republic Bank. The couple's investment in Carlton Hotel Properties is valued at between $5 million and $25 million.
Blum owns more than $1 million worth of stock in Northwest Airlines and a company called Kinetic Concepts. He has smaller stock holdings in dozens of other major companies.
8. (tie) Rep. Doug Ose (R-Calif.) $50 million
A wealthy developer of mini-storage facilities, Ose's most recent financial disclosure forms reveal a net worth of at least $48 million, up substantially from the $11 million we estimated him at last year. The main reason for the increase? His holdings in Ose Properties jumped from $6.25 million to more than $25 million.
Besides various properties and stocks, he has significant holdings in Lockerrooms 2, Melenco Inc., River Court West LP and Levee Road LP, though he sold off somewhere between $1 million and $5 million of his investment in Lockerrooms 2 at the end of 2000.
11. Sen. Peter Fitzgerald (R-Ill.) $40 million
This former state Senator, lawyer and banker won his seat in 1998 by using at least $7 million of his own money to beat scandal-damaged Sen. Carol Moseley-Braun (D).
His fortune is derived from his father, Gerald, who founded Suburban Banking Corp. outside Chicago in 1961. The Bank of Montreal purchased it in 1991, yielding Fitzgerald about $40 million in stock.
With the majority of his wealth still concentrated in large holdings of Bank of Montreal stock (his holdings are worth between $25 million and $50 million, according to his forms), Fitzgerald declined a seat on the Banking, Housing and Urban Affairs Committee to avoid a conflict of interest. He has also recused himself from voting on banking legislation.
In addition, the Senator has substantial stock holdings in Bank One, Charter One Financial Inc. and several other financial institutions. He also has investments in a couple of money market funds, including Harris Insight Funds.
12. Rep. Robin Hayes (R-N.C.) $35 million
An heir to a multimillion-dollar textile fortune, Hayes was a hosiery mill owner before being elected to Congress in 1998. His 2000 financial disclosure forms revealed his net worth to be at least $33 million, with the bulk of his fortune tied up in three trusts containing a variety of stocks and bonds.
He also owns an airplane worth between $1 million and $5 million as well as various properties throughout the Tar Heel State.
Hayes has stock in companies ranging from Oracle to EMC Corp.
13. Sen. Edward Kennedy (D-Mass.) $30 million
Kennedy's father, Joseph, was a Boston bank president by age 25 and founded a political and financial dynasty after making millions in the liquor business. Although folks such as Bill Gates have long since edged the Kennedy clan off the Forbes 400 list, in 1990 the magazine estimated the combined Kennedy family fortune at $850 million.
Those holdings are now divided among dozens of living heirs, and the Senator reports somewhere between $10.4 million and $48 million in assets. That's significantly more than the $2.6 million to $8.2 million in assets he listed in 1999.
His largest holdings are several family trusts. Although in past years Kennedy stated that the value of those trusts is "unknown," in his 2000 forms he listed values for each for a total of more than $10 million. He also owns undeveloped land in Lafayette, La., valued at between $100,000 and $250,000, and has between $50,000 and $100,000 in various accounts with Citibank in New York.
14. Rep. Rodney Frelinghuysen (R-N.J.) $21 million
The Frelinghuysen family arrived in New Jersey in the 1720s, and four Frelinghuysens served in the Senate in the 1800s. The Congressman's father, Peter, served in the House for two decades last century.
The House Member's wealth consists mainly of diversified stock and bond holdings, with assets totaling more than $20 million in 2000, according to his financial disclosure forms. His largest holding includes stock in Proctor & Gamble, worth between $7 million and $27 million. Other large holdings include between $1 million and $5 million worth of stock in both Eli Lilly & Co. and International Business Machines.
15. (tie) Sen. Mark Dayton (D-Minn.) $20 million
This multimillionaire heir to the Target Corp. fortune has a checking account at the Wells Fargo Bank in Minneapolis containing between $5 million and $25 million. His financial disclosure forms reveal assets of between $9 million and $38 million and other media sources have pegged his worth at around $20 million.
Once again last year Forbes magazine listed the Dayton family among the 40 richest in America, with an estimated fortune of $1.5 billion from the retail industry.
Dayton, who spent more than $11 million of his own money on his 2000 Senate campaign, has hundreds of investments, including stock, bond and mutual funds, though that portfolio likely looks dramatically different now.
After facing criticism on the campaign trail in 2000, Dayton reportedly sold off all his stock holdings and plunked his money into a money market account. He does not disclose those transactions - which campaign aides at the time argued resulted in a financial loss - on his disclosure forms, noting that he was "not a federal employee" during the period when he made the sales.
He did, however, reveal the more than $1 million in capital gains taxes he was forced to pay for selling each of six holdings: BP Amoco, American International Group, Chevron, Citigroup, Intel and Waters Corp.
He has since said that any stock holdings he owns outright have been deposited in a blind trust.
He can't be hurting too badly, though. According to news reports, he was personally paying the salary of one Senate employee who can't accept federal funds because she isn't a U.S. citizen.
15. (tie) Sen. Bill Frist (R-Tenn.) $20 million
This transplant surgeon and chairman of the National Republican Senatorial Committee knows how to operate a budget. Frist is worth millions thanks to his holdings in Columbia/HCA, the for-profit hospital chain pioneered by his late father and run by his brother.
On his 2000 financial disclosure forms he listed several multimillion-dollar trusts, including a qualified blind trust in his name worth between $5 million and $25 million and another trust in his wife's name valued at more than $1 million. He also disclosed several trusts in the names of his children.
Other holdings include undeveloped commercial and residential land in Memphis valued at between $500,000 and $1 million, as well as real estate in Colorado, San Francisco and Texas.
15. (tie) Rep. Porter Goss (R-Fla.) $20 million
The former CIA agent and newspaper publisher listed assets totaling close to $18 million, according to his 2000 financial disclosure forms, about the same as the previous year.
His largest assets are farmland in Virginia valued at between $1 million and $45 million and stock in American Home Products valued at between $1 million and $5 million. He has stock in IBM, General Electric, Merck, Wal-Mart and several other companies valued at between $1 million and $5 million. He is also a partial beneficiary of a family trust valued at between $1 million and $5 million.
18. (tie) Sen. John Edwards (D-N.C.) $15 million
North Carolina's junior Senator made his fortune as a successful trial attorney, earning millions representing children and others in personal injury lawsuits. Although he listed roughly $22 million in assets on his 1999 disclosure forms, he disclosed about $14 million in assets on his 2000 forms.
Edwards maintains an impressive multimillion-dollar stock-and-bond portfolio, much of which is held through a blind trust. He also owns property in Raleigh, N.C., including several buildings valued at more than $700,000, and reported $1.4 million he received as part of a 1998 buyout provision with his law firm, which is being paid out over five years.
18. (tie) Rep. Gary Miller (R-Calif.) $15 million
A wealthy real estate developer and former California state Assemblyman, Miller revealed a net worth of at least $14.7 million on his financial disclosure forms. Major assets include plots of land in Monrovia, Calif., valued at more than $10 million. He also listed land in Diamond Bar and Rialto as well as vast stock holdings in companies from Cisco Systems and Sprint to Intel and Microsoft.
18. (tie) Rep. Nita Lowey (D-N.Y.) $15 million
Among Lowey's largest assets is her husband's law firm, Lowey, Danenberg, Bemporad & Selinger, which (with profit sharing) was valued at between $2 million and $10 million, according to her 2000 financial disclosure forms. Other million-dollar holdings include the couple's portfolio of New York tax-free bonds and an investment in EGS Partners.
21. Rep. Nancy Pelosi (D-Calif.) $14 million
The incoming Minority Whip derives most of her money from real estate and business investments. Her husband, Paul, has diverse holdings in everything from resort hotels to wine estates as well as a limousine business.
Large assets in her husband's name include an investment worth between $1 million and $5 million in Nine Forty Five Battery, a San Francisco-based real estate partnership and another real estate partnership, called Thirteen Hundred One Sansome LLC, also valued at between $1 million and $5 million.
The couple own rental property on K Street in Washington, D.C., valued at between $500,000 and $1 million, and an eight-acre vineyard in Napa worth between $1 million and $5 million.
22. Rep. Charlie Taylor (R-N.C.) $13 million
Taylor, a tree farmer, revealed assets of more than $12 million on his 2000 disclosure forms, up slightly from the $11.9 million he reported in 1998. The bulk of his wealth comes from stocks and his farms, and his largest holding is stock in Financial Guaranty Corp., worth between $5 million and $25 million. He also owns a sizable chunk of stock (between $1 million and $5 million worth) in the Monte Vista Corp.
His family farm in Transylvania County, N.C., along with his investment in a land-and-timber partnership in Haywood, N.C., is worth more than $3 million. Large holdings in his wife's name include an investment in Southeastern Real Estate and Discount Co., worth between $1 million and $5 million, and stock in Blue Ridge Savings Bank, valued at between $1 million and $5 million.
23. Rep. Jim Sensenbrenner (R-Wis.) $11 million
Sensenbrenner is slightly richer this year. This self-described "tightwad" takes all the guesswork out of reading his financial disclosure forms by listing his own net worth along with a breakdown of each of his assets. For 2000 he pegged his own fortune at around $10.8 million, up several hundred thousand from 1999 as the dollar value of his assets increased. His home in Alexandria, Va., rose in value from $658,000 to $689,400, and a condominium he owns in Waukesha County, Wis., jumped from $99,000 to about $107,600. A single-family residence in Wisconsin he has an interest in increased in value from about $384,000 to about $424,000. In all, Sensenbrenner listed $41.2 million in real estate property and nearly $400,000 worth of life insurance policies.
The Congressman also reported more than $8 million worth of stock and bonds, including between $1 million and $5 million in Kimberly Clark, between $500,000 and $1 million in General Electric, and between $1 million and $5 million in the pharmaceutical giant Merck.
He also listed an additional $800,000 worth of miscellaneous items, including a 20-foot pontoon boat worth $4,250 and a 17-foot Boston Whaler worth $8,000.
24. (tie) Sen. Maria Cantwell (D-Wash.) $10 million
Cantwell fell several notches in our survey after weathering some difficult financial storms last year following her defeat of Sen. Slade Gorton (R).
A former executive with the Seattle software company RealNetworks, Cantwell cashed in more than $6.5 million of company stock to fund her campaign and also secured $3.8 million in loans, using her stock holdings as collateral. In all, she reported an income from RealNetworks of $10.8 million, including the stock options she exercised.
As a new Senator she struggled with significant campaign debts and incredibly shrinking assets when RealNetworks' value plunged on Wall Street. Stock in the streaming media software manufacturer, which at one time was selling at a high of $96 a share, plunged to less than $10.
At the end of 2000, when it was trading at between $15 and $16 a share, she estimated her remaining stock holdings in the company to be worth between $5 million and $25 million. In September of 2001, the stock plunged to a one-year low of around $3 per share; it is currently trading at about $6.
While her Senate colleagues, including Sen. Hillary Rodham Clinton (D-N.Y.), held fundraisers to help her, Cantwell also used her own funds to continue to pay off the campaign debt.
Besides her stock in RealNetworks, her financial portfolio contains various bonds, a modest 401(k) retirement fund, a US Bank Money Fund worth between $50,000 and $100,000, and a smaller Salomon Smith Barney money fund.
24. (tie) Sen. John McCain (R-Ariz.) $10 million
While he fights to put an end to big money in politics, McCain's not complaining about the big bucks in his own bank account.
A decorated Vietnam veteran who's earned a reputation as a maverick in the Senate with his push for campaign finance reform, McCain has a sizable personal fortune thanks to his wife, Cindy Hensley McCain, heiress to the Hensley liquor fortune.
Her father, James Hensley, is an Arizona beer baron who controls Henseley & Co., the nation's fifth-largest beer wholesaler. The company controls more than 60 percent of the beer market in Arizona.
According to McCain's financial disclosure forms, his net worth rose from $6.2 million in 1997 to more than $8 million in 1998 and has held steady at around $10 million for the past three years.
Million-dollar plus holdings in his wife's name include property in picturesque Sedona, Ariz., a life insurance trust, stock in a beer distributorship and stock in Anheuser-Busch as well as in the Phoenix-based King Aviation.
McCain also lists a holding worth between $250,000 and $500,000 in Fielder's Choice LLC, whose underlying asset is the AZPB Limited Partnership, which owns the Arizona Diamondbacks professional baseball team.
McCain also reported a Navy pension of $48,000 and $20,000 he received from USA Films for the rights to his best-selling autobiographical book, "Faith of My Fathers." McCain donates the royalties he receives from Random House to charity, an amount that totaled $483,000 in 1999.
24. (tie) Sen. Gordon Smith (R-Ore.) $10 million
This former frozen-food company executive listed more than $9 million in assets on his most recent financial disclosure statements, although his actual worth is likely much higher. The bulk of his fortune is linked to holdings in his companies, which broker, harvest, package and store vegetables.
His largest asset, valued between $5 million and $25 million, is Smith Frozen Foods, a Weston, Ore.-based company that processes frozen vegetables and invests in personal property. The packing and sales divisions of Smith Foods are worth another $1.5 million to $6 million. Smith's wife, Sharon, is also active in the business and received an undisclosed salary and director's fees from Smith Food Sales Inc. and Smith Frozen Foods Inc.
Other assets include a condominium in the ski playground of Park City, Utah, worth between $250,000 and $500,000, mutual funds, life insurance policies and a residential building lot in Estacia, Ariz., valued between $250,000 and $500,000.
24. (tie) Rep. Ellen Tauscher (D-Calif.) $10 million
Tauscher's divorce has made her fortune difficult to calculate in recent years. Her financial disclosure forms from 1997 revealed about $19 million in assets, but her 2000 forms listed between $5 million and $25 million in assets - though she provides little description of what she might own - pending the outcome of her divorce property settlement. The ex-couple owned a ritzy Kalorama-area home worth about $2 million, in which Tauscher still resides.
It can be safely assumed that the Congresswoman has received a large chunk of her husband's computer fortune. His stock holdings in Vanstar Corp., for which he is CEO, had previously been valued at between $25 million and $50 million.
28. Rep. Dan Miller (R-Fla.) $9 million
A shopping center and restaurant owner who came to Congress in 1992, Miller still has large holdings in a variety of Florida-based businesses, which have increased in value since our last survey.
Last year, we estimated that Miller was the 38th richest lawmaker with a fortune of about $5 million.
But with the significant increase in the value of a development company called Miller Enterprises of Manatee - now valued at between $5 million and $25 million, up from the $1 million to $5 million estimate in 1999 - Miller climbs several notches in our survey.
Other major assets include a $1 million to $5 million investment in Segrest-Miller Corp., a wholesale fish farm. Meanwhile, he sold his investment in Suncoast of Manatee in 2000 for between $1 million and $5 million.
29. (tie) Rep. Cass Ballenger (R-N.C.) $8.5 million
This Hickory, N.C., Republican earned his millions through the company he founded, Plastic Packaging Inc. Ballenger, in fact, was a businessman for nearly 40 years before becoming a Congressman. He still serves as chairman of the company and has a controlling interest in it, which he describes as his "principal family investment." His stake is valued at between $5 million and $25 million, according to his 2000 financial disclosure form. Other holdings include rental properties, stocks in a number of major U.S. corporations, Treasury notes and bonds.
29. (tie) Rep. Tom Petri (R-Wis.) $8.5 million
A former Peace Corps volunteer and lawyer, Petri revealed a net worth of nearly $8 million, with a diverse investment portfolio of stocks and bonds on his 2000 financial disclosure forms. His two largest assets are between $5 million and $25 million in Walgreen's stock and between $1 million and $5 million in Firstar Corp stock. In 2000 he bought and sold shares of Firstar and sold holdings in Disney Corp. He invested in the Strong Advisor Bond fund, the Strong Growth fund and several other investment funds.
31. Rep. David Dreier (R-Calif.) $8 million
A former college administrator who later spent four years as the marketing and government affairs director for Industrial Hydrocarbons, Dreier is sitting pretty with several solid investments. The Rules Committee chairman listed more than $7.6 million in assets on his 2000 financial disclosure statements. His largest holding is a $5 million to $25 million investment in Tiffany Manor Ltd. in Kansas City, Mo., where he was born. He also has between $500,000 and $1 million worth of stock in the Oklahoma Publishing Co. and between $250,000 and $500,000 in Gaylord Entertainment Co. stock. Additionally, he has CBS stock valued at between $1 million and $5 million.
32. Rep. Chris Cannon (R-Utah) $7.5 million
Cannon's 2000 financial disclosure forms revealed a net worth of at least $7.3 million.
His largest asset remains a loan made to his investment firm, Cannon Industries, for between $5 million and $25 million, according to his disclosure statement. Previously, some sources have estimated that his company is worth between $10 million and $20 million, according to the Salt Lake Tribune, though it appears the business may have downsized in recent years.
A former government lawyer who worked on mining and other issues for the Interior and Commerce departments during the Reagan administration, Cannon made his fortune when his brother Joe and other investors negotiated the purchase of what became Geneva Steel Co. from USX Corp. for about $40 million a decade ago, according to the Tribune.
Cannon ended up suing his brother in the late 1980s because of a disagreement over modernizing the plant. He received millions in the settlement and in the process created Cannon Industries Inc., a successful venture capital company.
Other large assets include between $500,000 and $1 million worth of stock in Advance Resin System, a foundry chemicals and supply sales company and property in Utah.
33. (tie) Sen. Bob Graham (D-Fla.) $7 million
Graham's father pulled himself out of poverty to become a wealthy dairy farmer and real estate investor. After graduating from Harvard Law School, the younger Graham joined his father in the real estate business and helped develop the town of Miami Lakes, Fla.
Graham slips a few notches on our list this year, as his fortune dropped from $8.2 million in 1999 to around $7 million in 2000.
Real estate, land development and golf resorts in Dade County still make up the bulk of his fortune. His real estate holdings alone are worth between $1 million and $5 million.
Various stocks in his wife's name also dot his portfolio, including Abbott Laboratories, Bristol-Myers Squibb, Cisco Systems, General Electric and Boeing. His spouse also holds various mutual funds and bonds as well as an investment in dairy and beef cattle in central Florida and south Georgia.
33. (tie) Rep. Fred Upton (R-Mich.) $7 million
The grandson of one of the founders of Whirlpool, Upton revealed a net worth of about $6.8 million on his 2000 financial disclosure forms, making money in everything from stocks to oil and gas holdings. About $3 million of his fortune is divided between two trusts, which contain a variety of stock, cash and other investments. One trust contains an investment in chewing gum manufacturer Wrigley valued at between $1 million and $5 million.
33. (tie) Rep. Lloyd Doggett (D-Texas) $7 million
Doggett's fortune continued its steady climb, from $6.7 million in last year's survey to more than $6.8 million this year, according to his 2000 financial disclosure forms. Before he was elected to Congress in 1994, Doggett built a lucrative law practice in Austin focused on big product liability cases.
His financial portfolio reveals diversified stock, mutual fund and bond holdings, including an investment of between $500,000 and $1 million in a Charles Schwab tax- exempt money market fund.
He played the stock market regularly in 2000, buying and selling shares in Intel Corp., Cisco Systems and Citigroup as well as a variety of other companies and mutual funds.
36. Rep. Paul Gillmor (R-Ohio) $6 million
This former lawyer and state lawmaker's largest asset is stock in Gillmor Financial Services valued at between $5 million and $25 million. Other large holdings include shares in Dealers Alliance worth between $100,000 and $250,000, stock in the Paul Gillmor Co. worth between $250,000 and $500,000 and shares in a truck-leasing business worth between $100,000 and $250,000. According to his most recent financial disclosure forms, he traded shares in Krispy Kreme in 2000 and sold stock in Cooker Restaurant and Max & Erma's, a popular restaurant chain.
37. Rep. Tom Osborne (R-Neb.) $5.7 million
The legendary former head coach of the University of Nebraska football team has also made some smart long-term financial moves. Osborne's largest asset is a retirement account valued at between $1 million and $5 million, but he has plenty of other investments to supplement that income, including shares in the home improvement store Lowes, Microsoft, Pfizer and WorldCom. And the famous sports figure, who raked in speaking fees before launching a Congressional career in 2000, was still receiving royalties from a number of sources, including Black Inc. and College Sports Media.
38. Rep. Anne Northup (R-Ky.) $5.6 million
Although she is a former teacher and former state lawmaker, Northup has a net worth of more than $5 million thanks to her husband's stake in his business, Radio Sound Inc., an $11 million company that manufactures stereo systems for Harley-Davidson motorcycles.
His holdings in Radio Sound were worth between $5 million and $25 million, according to Northup's 2000 financial disclosure forms. The couple also have investments in Compaq, Pfizer, and Clear Channel Communications.
39. Rep. Johnny Isakson (R-Ga.) $5.1 million
Isakson revealed a net worth of more than $5 million on his 2000 financial disclosure forms, about the same as the previous year. The former real estate executive has a diverse investment portfolio containing stocks, mutual funds, oil and gas investments and real estate. He lists a timeshare in Hilton Head, S.C., and a condominium in Athens, Ga.
New stock investments in 2000 included Starbucks, Radio Shack and Tyco International.
40. (tie) Sen. Bob Bennett (R-Utah) $5 million
Utah's junior Senator falls several notches in this year's survey after selling large holdings and downgrading the value of certain assets.
Nonetheless, he's still reaping the benefits of his days at Franklin International Institute, a day-planner manufacturer and motivational-materials firm he headed during the mid-1980s. Under Bennett's direction the firm went from four employees to 800 and revenue skyrocketed from almost zero to more than $80 million annually.
Bennett reported close to $5 million in assets on his 2000 forms, down substantially from the nearly $15 million he listed the previous year.
A trust whose worth he estimated to be between $5 million and $25 million is now valued at between $1 million and $5 million, partly the result of the 2000 sale of KHWY, a Los Angeles radio station he had valued at between $1 million and $5 million.
Bennett does, however, list a $1 million to $5 million investment in the Watermark Corp. of Salt Lake City as well as a $1 million to $5 million stake in The Jackson Lodging Group Inc., which holds property in Jackson, Wyo.
40. (tie) Rep. Terry Everett (R-Ala.) $5 million
A former newspaper publisher and real estate developer, Everett disclosed a net worth of more than $4.9 million on his 2000 financial disclosure forms, up slightly from the $4.1 million he reported the previous year.
His major assets include a 400-acre farm in Houston County, Ala., worth between $500,000 and $1 million, and Treasury notes valued at between $500,000 and $1 million. He also has money market accounts, CDs and holdings through a variety of other investment vehicles.
42. Rep. Jim Leach (R-Iowa) $4.5 million
Leach knows a thing or two about money. In addition to having an impressive personal financial portfolio, this former Banking chairman helped overhaul the financial services industry during the 106th Congress. Serving as a propane gas company executive, foreign service officer and Congressional aide before being elected to the House in 1976, Leach has sizable investments in the Foxley Cattle Co. and a Merill Lynch Cash Management Account. He and his wife also have a number of IRAs and shares in large U.S. corporations.
43. Rep. Nick Rahall (D-W.Va.) $4.2 million
A former travel agent and broadcasting executive, Rahall reported a net worth of more than $4.1 million on his 2000 financial disclosure forms, down slightly from the $4.6 million he disclosed the previous year. His largest single asset is a Salomon Smith Barney account worth about $2.2 million as of the end of 2000, according to supplements to his filings. An investment in 250 acres in Hernando County, Fla., he shares with his brother, cousins and friends is worth between $15,000 and $50,000, and he has another real estate investment with his brother in Raleigh County, W.Va., worth between $250,000 and $500,000. He also owns a timeshare in Hilton Head, S.C., as well as an apartment in Washington, D.C., which he acquired in 1985 and began renting out in 1999.
44. Sen. Mike DeWine (R-Ohio) $4 million
Ohio's former lieutenant governor derives his financial prosperity from two family businesses, which together are worth more than $3 million. Founded in the early 1950s, DeWine's Ohio Twine Co. used to import agricultural twine, but today consists of a 216-acre farming operation in the Buckeye State as well as various stock and bond holdings.
The Senator also owes his wealth to DeWine Enterprises, a personal holding company with assets of 1,158 acres of grain-producing farmland in Greene, Clinton and Fayette counties as well as stock and bond investments.
His financial disclosure forms listed about $3.8 million in assets, up slightly from the previous year.
45. (tie) Sen. Sam Brownback (R-Kan.) $3.7 million
This former teacher, lawyer and White House fellow has a solid investment portfolio filled with IRAs, mutual funds, stocks and bonds. His stock investments - all of which are in the names of his wife and children - include companies such as Abbott Laboratories, Amgen Inc., Enron, Exxon Mobil Corp. and General Electric. He and his wife, Mary, also own 240 acres of farmland in Linn County, Kan., valued at between $100,000 and $250,000. Brownback revealed a net worth of more than $3.6 million on his 1999 financial disclosure documents.
45. (tie) Rep. Butch Otter (R-Idaho) $3.7 million
This multimillionaire businessman and rancher was lieutenant governor of Idaho for 14 years before being elected to Congress. The freshman lawmaker's largest single asset is an investment of between $1 million and $5 million in G.O. Ranches Inc. His partnership in Western Capital Associates is worth between $500,000 and $1 million. The rest of his financial portfolio consists of stock investments, real estate and IRAs.
47. (tie) Sen. John Warner (R-Va.) $3.5 million
The ranking member of the Armed Services Committee has armed himself well for retirement, should he ever get the urge to do so. Warner has a variety of stocks, bonds and mutual funds, as well as oil and gas interests, real estate holdings and trust income, some of which grew out of the $7 million settlement he received in the divorce from his first wife, Catherine, an heiress to the Mellon fortune.
Warner's real estate investments include property in Laurinburg, N.C., and investments in oil and gas properties in Utah and Montana. An art connoisseur, he sold several paintings in 2000, including one called "Huntsman and Hounds" and another titled "Marigolds and Astors."
47. (tie) Rep. Sue Kelly (R-N.Y.) $3.5 million
Kelly held a variety of jobs before being elected to Congress in 1994. A former professor, teacher, hospital administrative aide, medical researcher and retailer, Kelly and her husband, Edward, have invested wisely over the years. The couple's financial portfolio includes a number of stock investments, including shares in Cisco Systems valued at between $250,000 and $500,000 at the end of 2000. They also own stock in American Home Products, American International Group, Bank of America, BP Amoco, Intel and Texaco. Kelly's husband also has a number of commercial real estate investments.
49. Rep. Rob Portman (R-Ohio) $3.4 million
A former high-powered attorney and lobbyist with the firm Patton Boggs who won a special election in May 1993 to fill the seat of then retiring Rep. Bill Gradison (R), Portman has a diverse financial portfolio made up of mutual funds, trusts, IRAs and stocks. His largest holding is an investment in Portman Equipment Co. valued at between $1 million and $5 million. He has several other smaller investments affiliated with that company.
50. Sen. Richard Shelby (R-Ala.) $3.3 million
A millionaire who switched parties in 1994 after spending 15 years in Congress as a Democrat, Shelby has a net worth of about $3.3 million, the same as a year ago.
His 48 shares in the Tuscaloosa Title Co. are valued at between $1 million and $5 million and netted him between $100,000 and $1 million in 2000. In 1995 he purchased a Tuscaloosa, Ala., apartment complex valued at between $5 million and $25 million (he still has about 18 years to go on that mortgage). He also owns a townhouse in Washington valued at between $500,000 and $1 million and another home in Tuscaloosa worth between $250,000 and $500,000. Shelby purchased 100 shares of AOL Time Warner stock at the end of 2000. He and his wife, Annette, also own stock in WorldCom, VISX, Cisco Systems and Nokia.
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A search reveals the following......
Of the 50 listed 16 are Democrats and 34 are Republicans. The how and why they got there is interesting as well.....How they manage in any shape or form to avoid a "conflict of interest" with the legislation they may pass, I will never know !
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