Roll Call reports that the Members of Congress who are deciding how to address the depressed housing market and economic slowdown are among those who've lost the most. And one of the contenders for the title of biggest loser is John Kerry:
Congress' uber-rich had the most at stake. Sen. John Kerry (D-Mass.), who married into the Heinz ketchup fortune, is near the top of Roll Call's list, with as much as $2.9 million in potential banking stock losses. According to his 2007 disclosure form, Kerry owned at least $1 million apiece in insurer AIG, investment bank Morgan Stanley and mortgage issuer Washington Mutual, whose stock alone has lost 75 percent of its value during the past 15 months.
It's useful to remember that hundreds of Representatives have experienced losses direct and indirect as a result of the slowing economy. Few if any will recuse themselves from voting on legislation that may directly influence their net worth. And if you may have lacked faith in the wisdom of Congress to properly address the slump, check out this:
Cleta Mitchell, a lawyer who works with many GOP Members on their financial disclosure statements, suggested during a conversation about potential pitfalls in disclosing financial information that it's not surprising that nearly 10 percent of lawmakers may be out millions of dollars because of the current credit collapse.
"Frankly ... these people are economically illiterate," she said.
There's always been a wealth of evidence that Members of Congress don't understand the economy, but it's nice to have it confirmed by someone who handles their investments on a day-to-day basis. It explains a lot.
