The opinions expressed by columnists are their own and do not represent our advertisers

Monday, September 16, 2013

50 Richest Members Of Congress 2013

Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club. The wealthiest lawmakers with breakdowns of their assets and liabilities is found below.

1.Rep. Darrell Issa R-Calif.

This year#1$355.38M$430.38M$75.00M
Previous year#3$140.55M$315.55M$175.00M

Issa had a very, very good year. The longtime denizen of the 50 Richest list finally reached the No. 1 spot after making about $135 million in 2012, mostly from investments that swelled in a bull market.

Before his election to Congress, the Californian made his fortune founding Directed Electronics — based in Vista, Calif. — which manufactures car alarms. Now Issa appears to make his money in the stock market. He ended 2012 with at least $390 million in bonds and stocks. His true worth, however, could be far greater. Members of Congress aren’t obligated to disclose exact figures, only ranges, and Issa has seven accounts with a minimum of $50 million, which is the highest category available on standard disclosure forms.

Issa also has about $75 million in outstanding loans, owing at least $50 million to Merrill Lynch and $25 million to Union Bank. Whether he truly is the richest member of Congress actually depends on precisely how much money he owes to Merrill Lynch.

It is impossible to really know, even though Issa’s own financial disclosure forms list him as president of the OpenGov Foundation, which aims to bring transparency and technology to government. Regardless, Issa made a significant amount in the stock market in 2012 — more than $100 million — and he made at least $10 million more in real estate sales.


Ismell1776 said...

Absolutely disgusting. These people do not represent we the people, they represent themselves. They are exempt from the proposed healthcare. They are exempt from persecution for insider trading. I think there are at least 50 conflicts of interest you can find in that article about company holdings, married to the daughter of this company, etc., etc. The congress is a millionaire playground to get filthy demonically rich with no term limit.

Anonymous said...

The 1% running a country FOR the 1%If you are not a billionaire or have billionaire friends you might as well sit the race out. And we wonder how we got in this mess.

Anonymous said...

Let elect some loser that is poor. Would people be happy then?

Anonymous said...

Spoken like a true aristocrat 9:27. You must benefit from the cronyism in place now. Pick a side now but choose wisely, tar and feathers are still available.

Anonymous said...

top 20 are split 50/50 republican and democrat.

lmclain said...

Insider info and trading. Illegal. For us, "we the people". Do you know any middle class stock traders that made $100 MILLION in trading last year????? Where in the hell is the IRS and the Justice department???? Chasing US over $300, that's where....