Wednesday, 27 July 2011

Some members of congress have bizarre jumps in net worth if they belong to the ruling party. Update.

Politicians look after their own money better than your money.
One in seven of the ruling party have bizarre jumps in their net worth once they get to Washington.

The 3-minute video via Drudge via pronlinenews has been tarted up and needs analysis but is worth watching.

Bad stats at Drudge:  

The title is suspect:  Congress is likely unaware of this guy's video.
The first section targets 2004-2008 which is a worst case time period.
He highlights that 223 out of 535 members of congress saw their net worth increase in that time.  In other words, the majority had a loss or no change.
What is striking is his cherry-picked choice of a sub-set of "high-rise" politicians.
39 Republicans had an averaged 138% increase in net worth 2004-2008
41 Democrats had an averaged 535% jump in net worth for 2004-2008.
What stands out for me is that the 15% top-gaining Democrats, whose party held the balance of power in both houses,  gained four times as much each as a comparable group of top-gaining Republicans in the 2004-2008 time period.  This doesn't look good.

He also highlights that members of Congress are exempt from Insider Trading laws but doesn't prove a connection.

See earlier story on net worth of Congress and President in period 2008-2011.
Added:  Seven out of the ten richest members of Congress are Democrats  August 19th.  List of top 50 based on minimum estimate of assets take away minimum estimate of liabilities, with head shots. Click the side arrow for detail.

Update November 14 2011.  The Pelosi's invested millions in an IPO share offering from VISA while she stalled two bills that would restrict the rates VISA charges merchants.
Update November 15 2011:  Seven of the Top Ten Wealthiest Members of Congress Are Democrats

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