Summaries of Senate financial disclosure forms

Recs

0

Here are summaries of the 2007 financial disclosure forms filed by Senate leaders, chairman and ranking members of Senate committees, and senators under scrutiny in ethics investigations.

Sen. Mitch McConnell, R-Ky., Senate Minority Leader.

Earned income: $183,500.

Honoraria: None.

Major assets: Washington, D.C. rental property, $1 million-$5 million; mutual fund investments in a family trust, including three Vanguard funds, each $100,000-$250,000.

Major sources of unearned income: Rent, $5,000-$15,000; Family trust income, $7,500-$15,000.

Major liabilities: 15-year mortgage on Washington, D.C. property, held by McConnell's wife, $100,000-250,000, from Republic National Bank in Louisville, Ky., issued in 2003 at an interest rate of 4.625 percent.

Gifts: Crystal sculpture valued at $500, from the American Ireland Fund.

Narrative: McConnell's modest holdings are in a family trust and individual retirement account funds. The larger assets on his financial report are held by his wife, Labor Secretary Elaine Chao, including a Vanguard 500 index mutual fund worth $1 million-$5 million. McConnell holds uncompensated positions on boards of the University of Kentucky School of Law and Harvard Business School.

___

Sen. Jon Kyl, R-Ariz., Republican Whip.

Earned income: $165,200

Honoraria, all donated to charity: none

Major assets: Three IRAs, each $100,000-250,000; Bank of America savings account, $50,000-100,000; Fidelity investment fund, $50,000-100,000.

Major sources of unearned income: None.

Major liabilities: None.

Gifts: None.

Narrative: Most of Kyl's assets are in individual retirement accounts, which were worth almost $550,000 at the end of 2007.

___

Sen. Richard Durbin, D-Ill., Democratic Whip.

Earned income: $165,200.

Honoraria, all donated to charity: None.

Major assets: Residence in Springfield, Ill., $350,000: Thrift Savings Account, a retirement fund for federal employees, $346,234; Condo in Chicago, $310,000.

Major sources of unearned income: Capital gains on investments, $17,451; Dividends, $2,900.

Major liabilities: Mortgage on Springfield residence, $55,072; mortgage on Chicago condo, $202,838.

Gifts: None.

Narrative: Durbin, as he has done since becoming a member of Congress 25 years ago, provides the actual value of his assets and liabilities, rather than reporting the values within wide ranges, as required by law. He also releases his federal and state income tax returns.

Durbin's joint 2007 tax return showed his adjusted gross income increased almost $13,000 from 2006, to $253,665, including $85,182 his wife Loretta earned as a state lobbyist. She is an owner-founder of Springfield, Ill.-based Governmental Affairs Specialists. The firm does no business with the federal government.

Durbin claimed a $3,000 deduction for travel expenses as a member of Congress, as he did in at least the two previous years. The Durbins also took a deduction of $8,874 for gifts to charity. Durbin did divest himself of any interest in investments connected with Sudan, the North African nation Durbin and others have said is supporting a genocidal conflict in its Darfur region.

___

Sen. Robert Byrd, D-W-Va., Senate president pro tempore, chairman, Senate Appropriations Committee.

Earned income: $213,500

Honoraria, all donated to charity: None.

Major assets: Individual retirement account, $100,000-$250,000. Insurance holdings $100,000-$250,000.

Major sources of unearned income: Interest on IRA, $5,000-$15,000. Rental home, $5,000-$15,000.

Major liabilities: None.

Gifts: None.

Narrative: The longest-serving senator in U.S. history, the 90-year-old Byrd never accumulated the wealth enjoyed by many of his Senate colleagues. Beyond his IRA, his main source of unearned income was rent from a house in Shepherdstown, West Virginia. He also reported $30,000 in income from a book.

___

Sen. Daniel Inouye, D-Hawaii, chairman, Senate Commerce, Science and Transportation Committee.

Earned income: $165,200.

Honoraria, all donated to charity: $74.

Major assets: Central Pacific Financial Corp. stock, $300,000-$600,000; Morgan Stanley money market fund, $50,001-$100,000; three-acre vacant lot in Fern Forrest, Hawaii, $15,001-$50,000; bank accounts, $16,000-65,000.

Major sources of unearned income: Capital gains on sale of Central Pacific Financial Corp. stock, $15,001-$50,000.

Major liabilities: None.

Gifts: None.

Narrative: Inouye received a Hawaii state pension of $1,257. His single biggest investment is in Hawaii-based Central Pacific Financial Corp., the holding company for the Central Pacific Bank, which says it was created in 1954 through a grass-roots effort by World War II veterans to help small businesses in Hawaii. Inouye is a World War II veteran who holds the country's highest award for military valor, the Medal of Honor. He is chairman of the board of governors of the nonprofit Japanese American National Museum in Los Angeles.

___

Sen. Christopher Dodd, D-Conn., chairman, Senate Banking, Housing and Urban Affairs Committee.

Earned income: $165,200.

Honoraria, all donated to charity: None.

Major assets: Cottage in County Galway, Ireland, $100,001-$250,000.

Major sources of unearned income: Rent from cottage., $5,001-$15,000.

Major liabilities: Mortgage on cottage, $100,001-$250,000.

Gifts: None.

Narrative: Dodd received a $78,893 advance from Crown Publishing Group in New York for his book "Letters from Nuremberg." His father was a prosecutor in the Nuremberg Trials. His wife, Jackie, has money market funds, IRAs and stock in companies including Blockbuster, Inc. and Brookdale Senior Living, Inc. She received director fees from Blockbuster, Inc., Cardiome Pharma Corp., the Chicago Board of Trade, Javelin Pharmaceuticals, Inc. and Brookdale Senior Living. She reported $15,001-$50,000 income from the sale of land in Wasatch, Utah.

MORE

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

TD AMERITRADE
more info
ShareBuilder
more info
Power E*Trade

more info
Scottrade
more info
Fool Disclosure

DocumentId: 664570, ~/articles/articlehandler.aspx, 12/2/2008 12:54:02 AM,

Sign up for FREE Motley Fool site access!

Already registered? Login Here

It’s FREE! Enter your email address, and we’ll rush you to the article you're looking for right now.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

.

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

What Fools Are Saying

Most Recent

Most Recommended

Market Summary

S&P 500816.21 -8.93%
DJIA8,149.09 -7.70%
NASD1,398.07 -8.95%
Updated: 4:04:56 PM
Sponsored by:

Related Tickers

Blockbuster, Inc.

CAPS Rating 1/5 Stars

$1.02

-0.17 (-14.29%)

Outperform717

Underperform752

Rate This Stock