The wealthiest members of Congress grew richer in 2009 even as the economy struggled to recover from a deep recession. The 50 wealthiest lawmakers were worth almost $1.4 billion in 2009, about $85.1 million more than 12 months earlier, according to The Hill’s annual review of lawmakers’ financial disclosure forms.
For the most part they're investors and 2009 saw a recovery in the stock market. If you already have money, the market can make some big money for you.
The market's recovery, of course, benefited investors in terms of asset value, but it didn't (and this is a moral and economic fault line in the system) produce more jobs. The unemployment rate was reaching 10% even as things were looking considerably brighter for the 27 Democrats and 23 Republicans who found themselves on the Top Fifty list of Congress's asset-holders.
Harry Reid, not one of the wealthiest, can thank his friends for their financial support. Even Joe Lieberman is chipping in -- big time. Also in The Hill is an account of efforts to keep Harry Reid in the Senate and in his job as majority leader. As a result, Reid's campaign chest is much, much bigger than his rival's.
Reid holds a wide fundraising lead over Republican candidate Sharron Angle — he had $8.9 million on hand at the end of June, compared to her $1.8 million, according to Federal Election Commission reports.
The Hill analyzed Reid’s and Angle’s FEC reports from January 2009 to June 2010 and found that Reid has more contributions from lawmakers.
