So much for the "Rich Republican" label..-..Doug Lamborn is a Man of the People

Web site adds up finances of lawmakers, candidates

PAM ZUBECK The Gazette Friday May 9, 2008

How much is a politician worth? No, this is not a joke or a trick question. According to OpenSecrets.org, the richest House member, Jane Harman, D-Calif., is worth $409.4 million; the wealthiest senator is John Kerry, D-Mass., $267.8 million. The average net worth of all House members is $5 million and more than twice that for senators. So the answer is: A lot.

In the 5th Congressional District, though, it’s a different story. Rep. Doug Lamborn has assets up to $115,000 — a growth fund up to $15,000 and a $100,000 campaign loan to himself. That sum ranks him 406th among House members in personal wealth. Before being elected, he made $30,000 a year as a state senator and $1,000 from his law practice. Now taxpayers pay him $169,300. Lamborn’s only debts are between $10,001 and $15,000 each on two credit cards. His wife, Jean, owns a home on Mulligan Drive in Colorado Springs valued by the county assessor at $533,426.

Why should anyone care about such things? “Being able to review how politicians invest their money is one more way for voters to size up the candidates and trust that their elected representatives aren’t in public service for personal gain,” said Massie Ritsch, communications director for the Center for Responsive Politics. The center produces the OpenSecrets.org site, which spotlights Congress members’ wealth and who’s taking money from whom, among other things. Data are based on financial disclosure statements required of lawmakers and candidates, which report values in ranges rather than exact figures.

So how do Lamborn’s GOP opponents compare? Jeff Crank is worth up to $966,675, the top value of 19 assets that include investments, stocks, a home and a $57,000 campaign loan. Crank’s chief asset is his Shaugnessy Road home he reported in 2007 was worth $100,000 to $250,000 as it was being built. After completion this year, the assessor valued it at $556,675. Crank’s $79,752 annual income came from XAware Inc. and Rocky Mountain Consultants. Crank’s only liability is a home construction loan of up to $250,000.

Bentley Rayburn’s only asset, a condo in Tacoma, Wash., is worth $442,000, according to the assessor. He valued it at $250,000 to $500,000. The retired major general got $98,908 in 2007 from his Air Force pension and between $15,001 and $50,000 in rent. Rayburn owes between $25,001 and $65,000 on two credit cards and up to $250,000 on the rental. He didn’t list $160,000 in campaign loans to himself as assets, he said, because he doesn’t expect repayment. That money came from insurance policies, active-duty pay and rent.

By the way, Dick Cheney is about $46.5 million richer than his boss.

http://www.gazette.com/sections/metro/inside-the-halls-of-power/

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