Wednesday, November 2, 2011

Net Worth of Lawmakers Up 25 Percent in Two Years,

Via Global Guerrillas

Members of Congress had a collective net worth of more than $2 billion in 2010, a nearly 25 percent increase over the 2008 total, according to a Roll Call analysis of Members' financial disclosure forms.

Nearly 90 percent of that increase is concentrated in the 50 richest Members of Congress.

Two years ago, Roll Call found that the minimum net worth of House Members was slightly more than $1 billion; Senators had a combined minimum worth of $651 million for a Congressional total of $1.65 billion. Roll Call calculates minimum net worth by adding the minimum values of all reported assets and subtracting the minimum values of all reported liabilities.

According to financial disclosure forms filed by Members of Congress this year, the minimum net worth in the House has jumped to $1.26 billion, and Senate net worth has climbed to at least $784 million, for a Congressional total of $2.04 billion.

These wealth totals vastly underestimate the actual net worth of Members of Congress because they are based on an accounting system that does not include homes and other non-income-generating property, which is likely to tally hundreds of millions of uncounted dollars. In addition, Roll Call's tally is based on the minimum values of assets reported by Members on their annual financial disclosure forms; the true values of those assets may be much higher.

While wealth overall is scattered fairly evenly between the two parties, there is an interesting divide in the two chambers. Democrats hold about 80 percent of the wealth in the Senate; Republicans control about 78 percent of the wealth in the House.

4 comments:

  1. It is well past time to return to "The People's House" with citizen servants who serve their term and go home to live among those they served. Period....

    ReplyDelete
  2. It is well past time to return to "The People's House" with citizen servants who serve their term and go home to live among those they served. Period....

    Amen.

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  3. Most are aware of laws against "insider trading." If you work for a company and use special knowledge gained in your employment for personal enrichment, you'll go to prison!

    Most are NOT aware that there are no such laws restraining the employees of We The People. If you work for US, there are no prohibitions against using special knowledge gained in your employment for personal enrichment. "Insider" knowledge of - for example - upcoming legislation that may effect price of (a) certain stock(s) is used by these thieves to enrich themselves all the time.

    We truly are living in a kleptocracy!

    ReplyDelete
  4. Most are NOT aware that there are no such laws restraining the employees of We The People. If you work for US, there are no prohibitions against using special knowledge gained in your employment for personal enrichment. "Insider" knowledge of - for example - upcoming legislation that may effect price of (a) certain stock(s) is used by these thieves to enrich themselves all the time.

    Needs to be changed, but good luck getting them to vote for it.

    ReplyDelete