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WASHINGTON - A conservative group headed by one of former President Clinton (news - web sites)'s harshest critics is airing an ad that pokes fun at presumptive Democratic nominee John Kerry (news - web sites)'s haircut, designer clothing and property holdings. "
...
"The ad shows Kerry, boats at a marina and oceanfront property as an announcers says: "Massachusetts Senator John Kerry. Hairstyle by Christophe's $75. Designer shirts: $250. Forty-two foot luxury yacht: $1 million. Four lavish mansions and beachfront estate: Over $30 million."
Another shot is of Kerry and Sen. Edward Kennedy, D-Mass., with the words: "Another rich, liberal elitist from Massachusetts who claims he's a man of the people. Priceless."
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My question is how does a public servant amass so much wealth. What was Kerry's highest salary as a public servant?
Currently the annual salary for a US senator is $158,000.00
He has been in politics since 1982 starting out as Lieutenant Governor which I don't know off the top of my head what the salary was back then.
Originally posted by Alex From San Diego@Mar 8 2004, 12:23 PM My question is how does a public servant amass so much wealth. What was Kerry's highest salary as a public servant?
Currently the annual salary for a US senator is $158,000.00
He has been in politics since 1982 starting out as Lieutenant Governor which I don't know off the top of my head what the salary was back then.
it's not his, it's his wife who was married to a wealthy individual
I heard a brief report on NPR yesterday about Senators and the stock market ...
"A Georgia State University study shows that U.S. senators have an uncanny knack for picking stocks that outpace the overall market. Professor Alan Ziobrowski's analysis of senators' financial disclosure data found that over a period of six years, the lawmakers outperformed the market by 12 percent."
Originally posted by PornoDoggy@Mar 8 2004, 12:46 PM I heard a brief report on NPR yesterday about Senators and the stock market ...
"A Georgia State University study shows that U.S. senators have an uncanny knack for picking stocks that outpace the overall market. Professor Alan Ziobrowski's analysis of senators' financial disclosure data found that over a period of six years, the lawmakers outperformed the market by 12 percent."
JOHN YDSTIE, host: US senators may be having a hard time improving the government's bottom line, but they seem to be doing very well when it comes to their own finances. A study by a business professor at Georgia State University suggests that US senators have an unusual knack for knowing when to buy and sell stocks. In fact, over a period in the 1990s, their portfolios did better than the overall stock market by 12 percent. That's extraordinary. Even corporate insiders did only half as well, and most investors underperformed the market averages. Professor Alan Ziobrowski reached his conclusion after tracking the stock picks of US senators over six years. His results reflected the individual stock trades of about 60 senators.
Professor ALAN ZIOBROWSKI (Georgia State University): We went to the financial disclosure forms, and basically we kept track of each and every one of their transactions. Then, what we did was we created a portfolio, in effect, that follows their transactions through time. We bought when they bought; we sold when they sold. And from that, we can compare the returns of that portfolio to the market as a whole.
YDSTIE: And you concluded that they outperformed the market by 12 percent.
Prof. ZIOBROWSKI: Yes.
YDSTIE: But are the senators making the stock picks themselves, or are they in mutual funds like many of the rest of us?
Prof. ZIOBROWSKI: We excluded all the mutual funds from the study. So the only thing that we considered were individual stocks that they had purchased.
YDSTIE: Yeah. And so why do senators do so well?
Prof. ZIOBROWSKI: We suspect that they have some form of informational advantage that other people don't have. If you look at a chart of this stuff, you see that their stocks behave very, very normally almost until the day they buy it, and then all of a sudden, that curve takes off like a rocket.
Conversely, we find that if you look at both sides of the sell date, what you find is that before the sales, the stocks performed very, very well, but as soon as the stocks are sold, the line sort of flattens out and it becomes normal again.
YDSTIE: So are you accusing the Senate of insider trading?
Prof. ZIOBROWSKI: No. I need to be careful about that, 'cause insider trading suggests that the information that they got necessarily came from inside a corporation or from people that are well-connected to the company. That's not necessarily true. Certainly, they travel in those circles and that's possible, but in addition to that, they also are well-connected to government agencies that regulate their industries, issue contracts, approve drugs, and I can go on and on and on as to the possibilities here.
YDSTIE: Mm-hmm. So are you saying that what they learn during their hearings on Capitol Hill--that information is all that they've got?
Prof. ZIOBROWSKI: Highly unlikely, because my presumption is that anything that they would hear in a hearing would be in the public domain. That being the case, you would expect the markets to react to anything that's publicly available like that. As far as we can tell from everything that we've read, anything that they would learn in the course of their normal business dealings--it would not be legal for them to trade on that information.
YDSTIE: Is it too cynical to suspect that they actually might be abusing privileged information?
Prof. ZIOBROWSKI: No. What's commonly referred to as public choice theory by James Buchanan, if you will--he's an economist--his theory suggest that--and I might add, he won a Nobel Prize for it--his theories basically suggest that when a voter votes, he votes for his own pocketbook, not necessarily for the country as a whole. And he also would suggest that, indeed, when senators vote, or whatever actions they take, generally speaking, they are also acting in their best interests.
YDSTIE: So you think that senators are actually making votes with their stock portfolio in mind.
Prof. ZIOBROWSKI: It's sort of impossible to determine. There's two ways that one could view this. One is that they're acting benignly, which is basically where they pick up some piece of information which, indeed, is valuable and they go ahead and they know this is going to happen, they know the stock is going to go up, so they go ahead and they buy the stock and enjoy the benefits.
The other view is the one you've just expressed, which is where they're actually--could be doing legislative activities to push up stocks. And I don't think anybody knows the answer to the question of which is which.
YDSTIE: Well, how about their performance compared to sort of a comparable demographic?
Prof. ZIOBROWSKI: I think the most comparable demographic you've got is, again, in the corporate insiders. I mean, if you can beat the corporate insiders, I--it's hard to imagine anybody else who would have better information than they have.
YDSTIE: But your feeling is where there's smoke, there's fire, and maybe there ought to be a little bit more attention paid to this.
Prof. ZIOBROWSKI: I think there should be a lot more attention paid to this.
YDSTIE: Professor Alan Ziobrowski teaches at Georgia State University, and he joined us from the studios of WABE in Atlanta.
Thanks very much, Professor.
Prof. ZIOBROWSKI: Thank you very much. Appreciate it.
Last edited by PornoDoggy at Mar 8 2004, 05:05 PM
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I find it amusing that he pretty much married into all his wealth. Inherited weath, or wealth you marry into creates different mindsets then those who earn there own money.
As a professional politician I doubt he has paid for much himself....
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Kerry at least admits and everyone knows is a rich east coast liberal from MA.
Bush on the hand plays the rich boy from texas, but truley he is a rich guy from ME / CT via Texas
Kerry has made some of his own coin, but sure he married a gal that owns a good part of Heinz Company. She Inherited it when her Husband X Sen. Heinz died.
03-08-2004
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