How much insider trading do these guys do?
Ron Wyden has been in Congress for 31 years. His starting salary there was $60,662; today's it's $174,000. He's got two homes and four kids, and went through one divorce. So how is he reportedly worth somewhere between $5.7 million and $8 million?
Earl Blumenauer has been in Congress for 16 years; before that he was on the Portland City Council for nine years. His starting salary in Congress was $133,600; today it's the same as Wyden's, $174,000. He, too, is divorced, and he has two stepchildren to go with two children. Yet he's reportedly worth between $2.4 million and $7.4 million. What gives?
For one thing, both of these guys are married to women with dough. Wyden's wife since 2005, Nancy Bass, manages her family's famous Strand Bookstore in New York City. Blumenauer's wife since 2004, Margaret Kirkpatrick, is reportedly making more than $650,000 a year as a vice president at the gas company.
But you have to wonder: Even with the Mrs. bringing in the bucks, how much insider trading have these two done? They're allowed to trade in stocks and bonds based on Capitol Hill secrets that only they and their staffs know. And many congresspeople have portfolios that, funny thing, substantially outperform everybody's else's. Are the Oregon boys in that club?
| Posted at 11:39 AM | Permalink |
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Comments (14)
"Yet he's reportedly worth between $2.4 million and $7.4 million. What gives?
Bluemanure did a lot of friends and family deals in Portland real estate and with Saltzman's family company in town and I think that's where he made most of his scratch.
However, this is one more proof on why Congress represents Joe average about as well as Wall Street does.
Posted by Steve | November 23, 2011 11:57 AM
I think 60 minutes recently did a piece on this phenomenon
Posted by zac | November 23, 2011 12:00 PM
Zac, you may be referring to this interview by 60 mins CBS with jack Abramoff
http://www.cbsnews.com/video/watch/?id=7387331n
Posted by Gibby | November 23, 2011 12:07 PM
But they talk a good game about being for the "little guy"... !
Posted by tankfixer | November 23, 2011 12:15 PM
Earl's wife only makes $269k/year in salary. That's compares poorly to most GCs at publicly traded companies with similar market caps.
I'll bet $10 she drives a NG powered car, or a Prius.
Posted by Mister Tee | November 23, 2011 12:27 PM
Her total comp is $669K. And it's a regulated utility.
Posted by Jack Bog | November 23, 2011 12:37 PM
Don't forget "Shady" Schrader at $6.4 million.
Posted by RickN | November 23, 2011 1:06 PM
How much insider trading do these guys do?
Hahahahahaahahaha!
Who says the credit economy doesn't work?
The formula:
1) Raise money to get elected (take on debt).
2) Have your "awareness of issues" raised by lobbyists once elected (take on more debt).
3) Use your "awareness of issues" to make "good investment decisions" (take on debt).
4) Pass laws to "help those with issues" (pay off debt).
Repeat until satiated!
That's not insider trading, that's "living a life of service"!
Posted by EB | November 23, 2011 1:33 PM
Who do you suppose EB is?
Posted by cross | November 23, 2011 1:53 PM
1. Raise money to get elected (from the light rail/streetcar cabal)
2. Have your awareness of issues... (from same light rail family)
3. Make "good investment decisions" (personally benefit from light rail/streetcar investment in ways ordinary citizens can't)
4. Pass laws (that benefit the light rail folks)
The only one in debt is me because I can't get to work thanks to EB's personal destruction of the bus system...but it's great that folks in EB's invested condo structures can get a free ride on MAX thanks to my tax dollars.
Posted by Erik H. | November 23, 2011 8:24 PM
Years and years ago, I recall an article in the Parade Magazine one Sunday, (the source of absolute truths...) showing that Senators Hatfield and Packwood were the only two senators with net worths of under $1,000,000.
I remember thinking, "If these two are too dumb to feather their own nests, how in the hell can we expect them to bring anything home to Oregon".
Nothing has changed...
Posted by Plague2u | November 23, 2011 9:31 PM
Plag,
Those two Kings of Pork gave many Billions to Oregon, at the expense of taxpayers across the nation. Just like the current Chairmen of Appropriations and Finance Senate Committees do today. It is Pork today that is hurting the US Taxpayer (bridge to nowhere) just like it was back when Oregon had seniority in the Senate instead of a NY buffoon.
And both Packy and St. Mark enriched themselves bigtime at the trough. Maybe not the largest of largess, but bigtime just the same. Worth many millions at the end, on government salaries barely in the six digits at the end of their service.
Shameful.
Posted by Harry | November 23, 2011 10:05 PM
Also consider Harry Reid, who has never held a job outside of Congress in the past 20 years. When he first entered Congress, he was a lawyer that hardly made any money outside of his salary from the Nevada State Gaming Commission. His estimated net worth is now over $6 Million dolars and I understand his wife does not work.
Posted by Dave A. | November 23, 2011 10:11 PM
Harry,
Were I to get my tongue out of my cheek, you'd discover that I'm in complete agreement with you!
It is truly disgusting what these thieves have done to our country while they enrich themselves.
Posted by Plague2u | November 23, 2011 10:25 PM