I can't believe he said this.
Yale yearbook photo
Posted on 12/05/2009 12:59:53 AM PST by raccoonradio
The nation’s richest senator - the Bay State’s own John Forbes Kerry - has been knocked down a few notches after seeing his fortune sliced by one-third by the fiscal meltdown that ripped down Wall Street.
Kerry’s personal net worth plunged from an estimated $336 million in 2007 to $208 million in 2008, according to a study by the Washington-based Center for Responsive Politics. The Boston Democrat’s staggering losses dropped him from first to third among the wealthiest senators, trailing Herb Kohl (D-Wis.) and Mark Warner (D-Va.)
“So does this mean Senator Kerry is now arriving in Nantucket by ferry instead of private jet?” sniped Massachusetts GOP spokeswoman Tarah Donoghue.
But Kerry said, “This isn’t about me. The folks who have taken it in the chin during this recession are the people who didn’t start out with anything to lose and they’re hanging on by their fingernails.”
He added that the meltdown “could have been much worse . . . (but) the stimulus stopped us from going over that cliff.”
Kerry was not alone in his personal financial losses. The late Sen. Edward M. Kennedy lost more than half his fortune as his estimated net worth sank from $104 million to $44 million - dropping him from third to ninth among the wealthiest senators. And Rep. Niki Tsongas (D-Lowell) saw her fortune shrink from an estimated $11 million to $4.9 million.
Tsongas owns millions in stocks and bonds, including shares of municipal bonds from several Bay State towns, including Barnstable, Randolph, Wellesley and Springfield. She also owns stock in major companies such as Wachovia, Verizon, Bank of America and Wells Fargo, records show.
Rep. Barney Frank, chairman of Congress’ financial services committee, which oversaw the banking crisis, suffered relatively minimal losses as his net worth went from an estimated $1.3 million to $972,000, the study found.
“The fact is it depends on where people had their money. In my case, I have been most heavily invested in assets that didn’t suffer major losses,” Frank said. “Members of Congress are full participants in the economy - for the good and the bad.”
As for Kerry, he sold millions in stocks in 2007, including shares in Anheuser-Busch, Honeywell, McDonald’s, Raytheon and Coca-Cola, all of which saw dramatic price increases in 2008. He cashed in millions of shares in his wife’s company, Heinz, which also saw its value jump in 2008.
He also shifted around millions in private equity and asset management funds in 2007, and purchased several banking stocks, including millions in Capital One, a troubled lender that has since received $3.5 billion in federal bailout money.
Barry Armstrong, a Needham financial adviser and part-time Herald columnist, said, “I don’t think (Kerry is) hurting. But we have wealthy clients . . . who still have more money than they could ever spend in their lifetime but all of them have cut back.”
Couldn't happen to a more deserving cabana boy. ;)
Sorry, I had to stop reading right there.
oh damn, however will he survive now?
So the top three richest senators are Dems. These are the guys representing the ‘little guy’. Right.
He still does have 5 mansions plus a boat orig called the Scarmouche (now the Let It Be)
http://liveshot.cc/billions_and_billions.htm
Howie Carr list ping. Howie hinted there would be a “good news” story in today’s paper and I think he meant this
Looks like Kerry was trying to sell short based on inside information (but guessed wrong) and attempted to enrich himself using same to scarf up bank stocks. He should probably get at least as much jail time as Martha.
Kerry’s stock portfolio has been Swift-boated.
Yeah a hole, that is one solitary thing we have in common. Go right ahead and adopt you cap & trade as well as the national health rip off. We will both be living in a van down by the river.
ha—good comment from the original Herald article:
>>JOHN KERRY OUT MILLION$
>>>I thought this headline was announcing Kerry’s split from Mama T (Teresa). The day she leaves him is the day Jared at Subway gains a famous coworker with a horse face.
The richest Senator is almost certainly John D. “Jay” Rockefeller of West Virginia. He may just have it hidden better than some others.
Bush's fault!
Well now, he can thank President Obama for this great economy.
As for Kerry, he sold millions in stocks in 2007, including shares in Anheuser-Busch, Honeywell, McDonald’s, Raytheon and Coca-Cola, all of which saw dramatic price increases in 2008. He cashed in millions of shares in his wife’s company, Heinz, which also saw its value jump in 2008.
He also shifted around millions in private equity and asset management funds in 2007, and purchased several banking stocks, including millions in Capital One, a troubled lender that has since received $3.5 billion in federal bailout money.
And people like this will run our health care system more efficiently than insurance companies !!
This article is BS until someone can tell me that Teresa Heinz has merged her $$$ with John Kerry’s. Which I find highly unlikely. By himself Kerry is worth at most 3-5 million
1n 2004 I never heard any stories about him pumping any of this alleged fortune into his Presidential campaign .....Teresa didn’t either
Another year of Obama, Kerry will living out of his 1984 Chrysler Labaron. Like the pre Teresa days.
I can't believe he said this.
Yale yearbook photo
He does not have to. He is one of the wealthiest "trustifarians" in America.
The dynastic trust of the Rockefellers is run by some of the sharpest people on the planet, including good old David, Jay's uncle.
“oh damn, however will he survive now?”
Guess he will have to bunk with Al Goreon.
Did you know that Kerry was in Viet Nam??
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