by InvestorPlace Staff | June 15, 2012 11:39 am
The economy’s struggle to regain its past strength was no stranger to many on Capitol Hill. According to financial disclosure forms released by many (but not all) members of Congress yesterday, a large number of Congressional leaders lost net worth from 2010 to 2011.
House Speaker John Boehner, R-Ohio, saw his net worth drop from $2.1 million to $1.7 million. Senate Majority Leader Harry Reid, D-Nev., lost $800,000 from his total net worth, mostly from a decrease in one of his property’s values.
Nancy Pelosi, D-Ca., the richest leader in Congress, also lost the most money last year. Worth $26.4 million in 2011, her net worth was down $8 million. Much of that loss came from a failed investment in the United Football League and one of the league’s teams by Pelosi’s husband. He lost as much as $10 million in those deals.
The news wasn’t all bad for Congressional leaders. House Majority Leader Eric Cantor, R-Va., had his net worth stay stable at around $2.97 million. Changes in filing requirements, though, revealed that Cantor has $1 million in mortgages on two homes in Arlington, Va. and in Richmond, Va. He took out a loan on his personal home in 2011, adding between $500,000 and $1 million to his debt.
Still, compared to some of the losses Cantor’s colleagues faced in 2011, the Majority Leader is practically living in prosperity.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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