While your net worth tumbles, congress scores big in recession
While the bad economy has shredded most taxpayer’s investment portfolios, including retirement plans, many members of congress have seen their net worth skyrocket. (story here) Hmmmm – I wonder how that could happen.
Congressional leaders in both parties reported dramatic increases in their net worth last year on the back of a rising stock market.
House Speaker Nancy Pelosi (D-Calif.) reported the biggest gain for 2009. The Speaker’s worth jumped by $9 million to roughly $21.7 million last year, according to financial disclosure statements released by the House clerk and the Senate secretary on Wednesday.
House Minority Whip Eric Cantor (R-Va.) saw his wealth rise by about $1.4 million, to $2.4 million, in 2009 compared to his report for 2008.
The recovery by the stock market from the financial crisis appears to be the main reason for the increased net worth. The Dow Jones Industrial climbed nearly 4,000 points in 2009 after diving to 6,626 points on March 6, 2009, one of the greatest bull markets in history. For the calendar year, it gained more than 1,600 points in 2009.
Interesting how the very people who have marshaled this financial disaster are the ones who are benefiting from it…