Levin, Stabenow disclose modest financial portfolios

Analysis

This story provides the personal wealth of both Michigan Senators, Levin and Stabenow. For the 2006 Election Watch purposes only the information on Stabenow is relevant. With most financial disclosure stories this one does not ask any questions about whether or not the investments of either Senator impacts how they vote.

Article Text

Unlike many of their Senate counterparts, Carl Levin and Debbie Stabenow have modest financial portfolios beyond their government salaries, according to records filed with the state.

Levin and Stabenow, D-Mich., who have spent most of their careers in government, list in their financial reports conservative investments such as 401(k), IRA and other investment plans, along with some real estate holdings.

Their reports were released in advance of today’s public disclosure of congressional forms, which typically uphold the Senate’s reputation as a club of multimillionaires.

The 2005 forms provide broad ranges of each lawmaker’s financial picture, in addition to senators’ salaries of $162,000.

Levin, sticking with his past practice, provided precise dollar figures besides the value ranges included on the form. Levin and his wife, Barbara, listed combined assets of about $1.8million.

The Senator’s Washington home is valued at $676,000 while IRA, bank accounts and US savings bonds held by Levin are worth $326,149.

Levin’s real estate holdings include a 50 percent stake in 79 acres in Livingston County, worth $259,000; 10 acres in Livingston County valued at $115,000 and two-thirds interest in 18 acres in another Livingston County property worth $94,000.

He also listed one-ninth of an undivided interest in commercial real estate in Birmingham, valued at $347,100.

Levin earned $24,600 in rental income from the property, and earned $13,800 in gross income from a rental unit at his residence last year.

Stabenow, who is seeking re-election this year, listed assets ranging from $117,000 to $3330,000. They include a state of Michigan 401(k) worth between $100,001 and $250,000 and a separate state 401(k) valued at between $15,001 and $50,000.

Stabenow holds stock in Sirius Satellite Radio worth $1001 to $15,000. She sold shares in the Scudder Money Market Fund on two separate occasions – May 9, 2005, and Oct. 31, 2005. Both transactions were in the amount of $1001 to $15,000.

Her husband, Tom Athans, disclosed a salary of more than $1,000 from Democracy Radio Inc.

Author: mediamouse

Grand Rapids independent media // mediamouse.org