It Pays To Be Elected
The Bear on May 27 2008 at 8:24 am | Filed under: Culture of Corruption
Politics: It’s curious how so many lawmakers enter office with little, yet accumulate tens of millions in assets over the years. Nothing wrong with building wealth, but cashing in while serving the public looks bad.
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The Sunlight Foundation, which recently launched its Fortune 535 Web site detailing the growth of lawmakers’ wealth, reports that Hillary’s $37 million turnaround is the fastest financial upgrade of any member of Congress who entered office without assets.
Another stunning reversal of fortune is that of Rep. Jim Moran, Virginia Democrat. The former mayor of Alexandria had a negative net worth of $12,000 in 1995, five years after he was first elected. In a little more than a decade, he rolled up $12 million in assets.
Hillary’s rival for the Democratic presidential nomination, Sen. Barack Obama, has done well. When he was elected in 2004, his net worth was $328,442. By 2006, it had reached $799,000. He and wife Michelle made $4.2 million last year, according to tax returns.
By the way, aren’t Democrats against the concentration of wealth? If so, then why are seven of the 10 richest members of Congress Democrats?
One Response to “It Pays To Be Elected”
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I would see a windfall profit tax. A law maker many keep their pay, (+) the average rate of return year for that year, (-) inflation. All other profits would be returned to their districts to offset property taxes.