Wealthy lawmakers increased their riches as U.S. economy sputtered in '09

By Kevin Bogardus and Barbra Kim -The Hill

The wealthiest members of Congress grew richer in 2009 even as the economy struggled to recover from a deep recession.

The 50 wealthiest lawmakers were worth almost $1.4 billion in 2009, about $85.1 million more than 12 months earlier, according to The Hill’s annual review of lawmakers’ financial disclosure forms.

Sen. John Kerry (D-Mass.) tops the list for the second year in a row. His minimum net worth was $188.6 million at the end of 2009, up by more than $20 million from 2008, according to his financial disclosure form.

While the economy struggled through a recession during much of 2009 and the nation’s unemployment rate soared to 10 percent, the stock market rebounded, helping lawmakers with large investments. The S&P 500 rose by about 28 percent in 2009.

Total assets for the 50 wealthiest lawmakers in 2009 was $1.5 billion — that’s actually a nearly $36 million drop from a year ago. But lawmakers reduced their liabilities by even more, cutting debts by $120 million last year.

There are various reasons why asset values dropped. Some lawmakers saw their real estate holdings fall as the housing crisis intensified. A handful of lawmakers also had other investments or businesses that turned sour.

The only newcomer to the Top 10 list is Rep. Michael McCaul (R-Texas), who came straight in at No. 5. He replaced Rep. Harry Teague (D-N.M.), the 10th wealthiest member in 2008. Teague fell off the top 50 list after the value of a company he has a stake in — Teaco Energy Services Inc. — fell in value from $39.6 million in 2008 to at the least $1 million in 2009.

There were a few other new faces in the Top 50, including Rep. Patrick Kennedy (D-R.I.), who received an inheritance after his late father, Sen. Edward Kennedy (D-Mass.), died in 2009.

Sen. Ron Wyden (D-Ore.) and Rep. Tom Petri (R-Wis.) also made the list.

To read more, visit, http://thehill.com/homenews/senate/116489-wealthy-lawmakers-increased-their-riches-as-economy-sputtered-in-2009-

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published.