Illinois Sen. Barack Obama is on his way to becoming a millionaire author, and Rep. Rahm Emanuel is the state’s richest congressman, thanks to a 2 1/2-year stint as an investment banker, according to congressional financial forms released Wednesday.
Other records showed that Rep. Bobby Rush (D-Ill.) and his wife, Carolyn, traveled to seminars in such vacation spots as the Bahamas and Lausanne, Switzerland, through the largesse of a private foundation.
Obama, the state’s junior Democratic senator who has quickly gained national attention in his first six months in office, has negotiated agreements for advances totaling $1.9 million for future non-fiction books. And last year, his publisher agreed to a $330,000 payment for a prior book whose sales are now soaring, the forms show. The book, “Dreams from My Father: A Story of Race and Inheritance,” has been a national best seller for the last 39 weeks.
The disclosure forms for Emanuel, a Chicago Democrat, list his assets between $8.1 million and $31.5 million, most of it held in blind trusts. The forms only require that amounts be reported in broad categories, although some members voluntarily provide more-specific information.
Financial disclosures for members of Congress are an annual ritual, providing a picture of the personal wealth and income of some of the nation’s most-influential politicians. They have taken on an added significance this year and are attracting greater scrutiny because of the ethics scandal surrounding House Majority Leader Tom DeLay (R-Texas).
DeLay’s problems have set off a rush among lawmakers to comply with disclosure rules that in many cases they ignored for years. During the last year, 214 members of Congress have provided tardy disclosure of at least 483 trips paid for by private groups, according to PoliticalMoneyline, a private non-partisan watchdog group.
Rush, a 12-year veteran of Congress, for years had failed to file required forms listing travel paid for by private groups. Now he has filed forms showing the trips he and his wife took in 2004 to Switzerland and the Bahamas, each costing about $10,000 and paid for by the Aspen Institute, a think tank that promotes “enlightened leadership.” The institute also sponsored a $3,000 trip he took for a seminar in Cancun, Mexico, in 2005. A spokeswoman for Rush said the congressman’s staff is continuing to research his prior trips and will eventually file required reports.
Gutierrez tardy
Rep. Luis Gutierrez (D-Ill.), also a 12-year veteran of Congress, only recently complied with rules on reporting privately paid travel. He did not make the deadline for filing the required disclosure of his personal finances. A spokesman said the Chicago congressman had applied for and received an extension until August from the House Ethics Committee, but he gave no reason for the delay.
The financial disclosure forms also provide a glimpse of some lawmakers’ quirks, such as central Illinois Republican Rep. Tim Johnson’s practice of using personal bank deposits as a form of political patronage–spreading his wealth around small-town banks throughout his largely rural district. His disclosure form shows deposits of between $1,000 and $50,000 each in 20 banks within his district, as well as larger deposits in five out-of-state banks.
“He represents all these people, these businessmen and these communities. This is a way of saying Thank you and recognizing their support,” said Phil Bloomer, a spokesman for Johnson.
Newly elected Rep. Melissa Bean, a suburban Chicago Democrat, has something in common with many of her constituents: credit card debt to a discount store. Her disclosure shows a balance between $10,000 and $15,000 on a credit card from Target.
DeLay has been enmeshed in a series of ethics scandals, including his ties to Washington lobbyist Jack Abramoff, who is the subject of a federal criminal investigation. Abramoff helped arrange for private foundations to fund overseas travel for DeLay.
Wednesday’s disclosure forms show that in 2004 DeLay took in $439,300 in contributions for a legal defense fund, much of it coming from corporations, Republican members of Congress and their campaign funds. The report shows DeLay at the end of 2004 owed between $125,000 and $315,000 in legal bills to three firms.
Hastert living well
The financial disclosure form for House Speaker Dennis Hastert (R-Ill.) shows the former high school wrestling coach is living well. He put the value of his home in rural Plano between $1 million and $5 million. Hastert also owns a quarter interest in 69 acres of farmland in Plano, with his share valued between $250,000 and $500,000. He owns a townhouse in Washington valued between $250,000 and $500,000.
Sen. Dick Durbin (D-Ill.) reported that his wife, Loretta, earned $59,500 as a lobbyist based in Springfield, where the couple lives.
Obama has seen his personal fortune rocket since his new national prominence boosted his marketability as an author.
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His financial disclosure form lists assets valued between $200,000 and $400,000 as of Dec. 31 and earnings last year of $92,000.
Books change picture
But that was before the multimillion-dollar book deals. Obama spokesman Robert Gibbs said the senator so far has received $850,000 of the advances on his next two books, reflecting a common publishing-industry practice in which advance payments are staggered, with some payments awaiting delivery of a finished manuscript. Since his current book has fully earned back its advance, Obama receives 7 percent of the cover price for each new copy sold, Gibbs said.
Although members of Congress only are required to report gifts worth at least $285, southern Illinois Republican Rep. John Shimkus provided an exhaustive 34-page list. Among the perks of office for the back-bench member: four “Superman” T-shirts from a company in Metropolis, Ill., fictional home of the comic book character; fish oil pills from the Dietary Supplement Information Bureau; and a used basketball from the Collinsville High School Athletic Department.
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REP. RAHM EMANUEL
2004 Earned income*: $0
Assets (Members required to provide a range): $8.1 million-$31.5 million
Highlights: Wealthiest member of the Illinois delegation. The vast majority of his assets is held in blind trusts.
REP. DENNIS HASTERT
2004 Earned income*: $31,002
Assets (Members required to provide a range): $1.6 million-$6.3 million
Highlights: His largest single asset is his farm home in Plano, Ill. Also owns a townhouse in Washington, D.C.
SEN. BARACK OBAMA
2004 Earned income*: $92,431**
Assets (Members required to provide a range): $200,000-$400,000
Highlights: Also agreed to a $1.9 million advance for writing two nonfiction books and a $330,000 payment for his book published in 1995.
*Does not include congressional salary, which is $162,100 for House and Senate members and $208,100 for the speaker of the House.
**Includes income earned prior to becoming a U.S. senator.
Sources: Clerk of the House of Representatives, U.S. Senate baiduhai
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