- Sen. Evan Bayh (D) is the richest with assets of between $4.3 million and $15.1 million. That's quite a fete for a man who owned nothing but a used BMW and a cheap condo when he first entered public office back in the 1980s, and with the exception of a 2-year stint at one of Indy's premier law firms, has been on the public dole practically his entire adult life. He's also not been the beneficiary of inherited wealth. Is he a self-made millionnaire? There's more on this below.
- Rep. Julia Carson (D) is the poorest member in the delegation, if the report is to be believed, with assets of $1,003 to $17,000. I thought she owned her home on Park Street in the Fall Creek neighborhood, which has to be worth more than $17,000, but maybe I'm wrong.
- Rep. Joe Donnelly (D) is the most indebted member of the delegation with debts between $230,005 and $550,000. He also has assets of between $536,069 and $1.19 million, the largest including a vacation home worth between $500,001 and $1 million. It's kind of unusual for someone of his wealth to have so much invested in a second home. And since the Star article mentions that he earns more as a congressman than he earned in the private sector and his current pay is $165,200, one can't help but think he's pretty much living paycheck to paycheck struggling to pay two mortgages.
- Rep. Dan Burton (R) earned more money from investment income than any other Indiana delegation member, with investment income of between $70,512 and $217,500. He also reported assets ranging from $2 million to $4.3 million and is virtually debt free with no more than $10,000 indebtedness. His largest asset is a condominium in Bonita Springs, Fla., valued at from $500,001 to $1 million, plus he has property in Florida, Kentucky, Indiana and California. Who knew Burton was such a smart investor?
- Sen. Richard Lugar (R) earns a distinction he would probably not like us to discuss. He took more trips than any other member, 9 at a cost of over $38,000, which were all paid for by private groups.
- Rep. Mike Pence (R) earns the award for accepting the most expensive gift. He accepted a Remington rifle from the NRA valued at $480. I might dispute that though. I think the member who accepted the most gifts would have to be Sen. Bayh. This part of Groppe's story says it all on that account: "Much of their wealth comes from Susan Bayh's service on corporate boards. She sat on eight corporate boards last year, including Emmis Broadcasting, WellPoint and four pharmaceutical or biotechnology companies. A chunk of the Bayhs' assets is in stock or stock options, and Susan Bayh last year cashed in more than $1 million in stock options in WellPoint, the Indianapolis-based insurance company. She also exercised from $500,001 to $1 million in E-Trade Bank stock options. The reports do not detail her profit on the options after her costs are subtracted."
Friday, June 15, 2007
Star Rates Financial Standing Of Congressional Delegation
It's a requirement of the job that keeps many people from seeking to become one of the 535 Members of Congress. That, of course, is the filing of personal financial disclosure statements. Most people, as a general rule, don't want the world to know how much money they have or don't have. It can be embarrassing. Or it can lead people to draw conclusions about you which may or may not be fair. The Star's Maureen Groppe runs down the Indiana's congressional delegation's wealth today not unlike the way you might examine a prospective business in which you were thinking of investing. A quick check of the investment scorecard reveals the following: