Friday, November 19, 2010

Rich Politicians (2010)

Cross-posted from the World Socialist Party of the United States website

CBS News reports that although the basic pay for members of Congress is $174,000, nearly half — 261, to be exact — are millionaires (there are 535 total members of the House and Senate). Just 1 percent of Americans overall can say the same. 55 members had an average calculated wealth of $10 million or more in 2009.

While the economy has generally faltered over the past two years, congressional members actually saw their collective personal wealth increase by more than 16 percent between 2008 and 2009.
The wealthiest member of Congress is Rep. Darrell Issa (R-Calif.), whose holdings exceed $303.5 million. Rep Jane Harman (D-Calif.) is close behind with $293.4 million, and Sen. John Kerry (D-Mass.) rounds out the top three at $238.8 million. In the House, five Democrats and five Republicans make up the 10 wealthiest members, while in the Senate, six Democrats and four Republicans make up the top 10.

The median wealth of a House member in 2009 stood at $765,010, while the median wealth for a senator in 2009 was nearly $2.38 million.

The most popular company among members of Congress, CRP found, was General Electric, in which 82 current members invested. The second most popular company was Bank of America, which 63 members invested in.
FN Brill

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