Congress

The Senate: A Millionaire’s Club, Plus Max

By Karen Tumulty | September 29, 2009 | +

Roll Call takes a look at the annual disclosure forms. And while we won’t be playing violins for any of them, it does appear that the Chairman of the Senate Finance Committe might consider finding another financial planner.:

Wealth in the chamber ranges from Sen. John Kerry (D-Mass.) — the richest Member of Congress overall — who tops the list with a minimum net worth of at least $167.55 million, to Sen. Max Baucus (D-Mont.), who registers a negative $40,000.

Overall, the chamber claims a combined minimum net worth of nearly $651 million, or an average of about $6.64 million per Senator.

The median value of the Senators registers at $1.06 million, falling between Sen. Jeff Sessions (R-Ala.) at a minimum net worth of $1 million and Sen. Barbara Boxer (D-Calif.) at $1.12 million.

There do seem to be some extenuating personal circumstances here in Baucus’ case:

Although Baucus ranks last in the chamber’s tally, District of Columbia property records show he sold his Georgetown home in late April for $2.1 million, shortly after he announced his divorce from his wife, Wanda. D.C. property records also report Baucus purchased a new three-bedroom Capitol Hill home in June, now valued at $907,000. Baucus will not be required to reveal these transactions in next year’s filing.

The only other Senator to report a negative net worth, Sen. Debbie Stabenow (D-Mich.), also owns Capitol Hill property, according to public records. The Senator’s three-bedroom home is valued at more than $675,000.

Even without the added value related to such major assets, however, 92 of those Senators reported net worth above that of typical American households.

According to a U.S. Census Bureau report issued in 2008, the median net worth for households headed by 55- to 64-year-olds reached $133,000 — or just $34,000 excluding home equity — in 2002, the most recent data available.

Not to mention, they all have a great health care plan.

Related Topics: John Kerry, millionaires, Congress

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  • nflfoghorn

    Alimony payments are made public, too — is that why Baucus is against the public option?

  • deconstructiva

    Good morning, KT. At least when Baucus leaves the Senate, he can ask his former aides for a job in the insurance lobby / MIC (medical industrial complex). I wonder about those senators who hold a lot of / pricy real estate. With the crappy property values, would this account for drops in values? Anyhow, before the shouting begins (here, as well as in the Fin. Ctte.), how you think the PO debate will go today? Detailed dialogue? Rants and fistfights sim. to comments here, or stonewall? Are you, Kate, and Jay going to cover House HC stuff or are they not going to talk about HC today? Do you have your sleeping bags, sangria coolers, and favorite wall outlets for your laptops located? I hope Amy stopped by to drop off some muffins and drinks for you (and chicken salad sandwiches later + join you three for euchre during lunch break?). Good luck with the PO coverage today (and the shoutfests).

  • http://twitter.com/ktumulty Karen Tumulty

    Thanks. I think all of the above is going to happen, and then it is going to fail. Alas, I won’t be there, as I have some business that takes me to NYC and the Mother Ship today. Proximity to High Sheriffs suggests that I will need sangria coolers more there than I would in the Senate Finance room.

  • stuartzechman

    KT:
    .
    Thanks so very much for responding to commentary!

  • bitterpill8

    I read the Roll Call piece. It tells me that the information is far from complete and is an typical Washington exercise in “disclosure”: smoke and mirrors, anyone?

  • http://twitter.com/ktumulty Karen Tumulty

    Absolutely.

  • http://twitter.com/ktumulty Karen Tumulty

    The disclosure forms have huge ranges and gigantic loopholes of information that they do not have a report. And guess who wrote the rules for what they have to disclose? Why, they did, of course.

  • deconstructiva

    Good luck at Starfleet Command today. If High Sheriff issues / policies ever create no-win scenarios for your colleagues, remember that: (1.) James Kirk beat the Kobayashi Maru (and Scotty nearly did), therefore, no-win scenarios can be beaten, and (2.) you’re an international media starlet (cover stories, Jon Stewart, MPW conf.) so you have some arm-twisting leverage to help out your teammates if needed.

  • plukasiak

    The Senate: A Millionaire’s Club, Plus Max
    _
    this headline brought to you by AHIP, owner and operator of Max Baucus, and proxy owner of KT.
    _
    Seriously… only 52 of the senators are millionaires, but you try and make Max Baucus look good in your headline by signalling him out? That you manage to demonstrate that Max is actually quite well off “below the fold” doesn’t excuse the pro-baucus headline….

  • bobell

    This is off-topic for this particular item, but I think the usual suspects will see it in its broader context.

    Perhaps you have noticed President Obama promising “If you like your current health care plan, you can keep it.” Perhaps you have also noticed Senator Baucus trying to abolish the plan for federal employees, which is one of the finest fringe benefits offered anyone in the US. Perhaps you have noticed an inconsistency in what Obama is promising and what Baucus is threatening. Also, I believe the plan for feds includes Senators and Reps. Is Baucus going to throw his own negative-net-worth self on the mercy of the market?

    My ox isn’t going to get gored either way, even though I’m a fed — wife and I are old enough to qualify for Medicare, so the federal employees’ plan is more a frill for us than a necessity. But I have a lot of younger colleagues who may suddenly become yet another group opposed to a major aspect of at least one health-care bill.

    Is this any way to run anything? I think we all know the answer.

  • bitterpill8

    I have been watching and listening to the HC debate in the SFC this past 90 minutes. I have had it. This is still a mess; and it looks like the much ballyhooed public option debate has been put off for next Tuesday. I have not heard such bs in a long time. The more I see the Waffler, aka Baucus in action the less confident I am that the PO debate will ever take place.

  • spob

    And how many of these Senators made their money through questionable deals? You know like Dodd’s Ireland investment . . . .

  • gysgt213

    I really don’t care how rich these people are or how they originally made their money. I do care about them taking contributions and sweet heart deals to secure their votes.
    .
    We are all going to make up our own minds about what looks like a vote for sale anyway, but in order for us to even begin to make those kinds of decisions we need to know that type of information. What are they taking, when did they took it and from whom (individual, union, organization or corporation.)

  • spob

    I’m sure, gunny, you’d support and IRS audit of each and every Congressman . . . .

  • maryyooch

    These bastards really need to lose their tax payer funded health insurance.
    While they’re all enjoying their beautiful homes, delicious meals every day and having no worries about how they’ll pay the light bill, we the people have all of the above to worry about or do without.
    Half of my family’s monthly income goes to medical bills. It’s always cash, begging or borrowing. Why should we the people pick up the tab for their health insurance when they deny us any type of insurance at all?
    The dear Senators need to live more like their constituents do. Then maybe they’ll pull their heads out of their butts and listen to us, we, the people.
    They have no sense of shame.

  • maryyooch

    Max still doesn’t have a damn thing to worry about. When he fails at re-election, the health care lobby will be waiting for him with open arms.

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