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Steve McIntosh Report Blog Archive

The richest man in Congress

The web site Roll Call puts out an annual list of the 50 richest members of the U.S. Congress. This year Republican Representative Michael McCaul from the 10th District in Texas has bumped Democrat Senator John Kerry of Massachusetts from the top spot. Kerry’s now also behind Republican Representative Darrell Issa of California, worth 220 million dollars.
Issa’s net worth climbed by 38% during the last year, while Kerry’s went up a mere 2.5%.
McCaul lists assets of 294 million dollars, with liabilities of zero. Last year McCaul was worth a mere 74 million dollars. He’s a former U.S. Attorney and deputy Texas attorney general.
How did he manage a 299% increase in net worth in one year? It pays to marry right. McCaul’s wife Linda is the daughter of Clear Channel Communications chairman Lowry Mays, and sister of Clear Channel C-E-O Mark Mays. The huge increase in Congressman McCaul’s wealth during the past year came from large monetary transfers from his wife’s family.
I guess broadcasting pays … especially if you’re not a broadcaster.
Our thought for today is from Rex Stout:
“Nothing is more admirable than the fortitude with which millionaires tolerate the disadvantages of their wealth.”

Tags :  
Topics : Politics
Social :
Locations : CaliforniaMassachusettsTexas
People : Darrell IssaJohn KerryLindaLowry MaysMark MaysMichael McCaulRex Stout

08/26/2011 1:10AM
The richest man in Congress
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