Report Details Senator Investments
Wednesday, June 14th 2000, 12:00 am
By: News On 6
WASHINGTON (AP) â€” The nation's senators, like millions of Americans, invest in high-tech and Internet stocks, and at least one holds margin trading accounts. Some have a second career, including songwriter Orrin Hatch and author Joseph Lieberman, their annual financial reports show.
One of the tech investors, Assistant Majority Leader Don Nickles, R-Okla., reported owning shares of America Online, Cisco, Compaq, Dell and Oracle last year. He sold shares of chip maker Intel and Microsoft, which a federal judge recently ordered split into two companies.
In contrast, his counterpart, Assistant Minority Leader Harry Reid, D-Nev., concentrated on real estate. He has a property investment partnership with holdings throughout the Southwest.
Major assets include an office building in Las Vegas, worth between $500,000 and $1 million, and 100 acres of land in Bullhead City, Ariz., in the same range. He has several mining claims in the Southwest, worth between $200,000 and $400,000.
Senate Majority Leader Trent Lott, R-Miss., owned several tech stocks in an individual retirement account valued at $28,025: America Online, Intel, Lucent Technologies and Microsoft. He also holds a brokerage account worth between $3,000 and $45,000.
Lott has a half interest in a rental real estate partnership that owns property in Hattiesburg, Miss., worth $50,000-$100,000, and also owns a 161-acre lot in Carroll County, Miss. in the same asset range.
The annual financial reports are designed to disclose the types of investments and liabilities lawmakers have, not their net worth, so holdings are only reported in broad ranges. They cover financial activity in 1999.
Democratic Leader Tom Daschle of South Dakota listed ownership in 22 investment funds and bank accounts worth between $197,000 and $730,000. Daschle owned six apartments, but sold three of them last year â€” two in Arlington, Va., and one in Sioux Falls, S.D. â€” bringing in between $45,000 and $150,000.
He earned rent totaling $10,000 to $30,000 from two of the apartments in Arlington, a Washington suburb.
Sen. Wayne Allard, R-Colo., timed the market well. He bought 50 shares of Qwest Communications International on July 19 â€” the day the company announced a nearly $35 billion merger with a Denver-based regional telephone company, U S West. Allard bought another 70 Qwest shares two months later.
Allard spent $3,700 for an investment worth about $5,700 earlier this week.
Sen. Jeff Bingaman, D-N.M., signaled his willingness to take some investment risks; he has two margin accounts worth between $250,000 and $500,000 each.
Hatch, R-Utah, writes inspirational songs for performers such as Gladys Knight. The Senate Judiciary Committee chairman earned $6,125 in ``composing income'' for Prime Recordings Inc. of Provo, Utah and received royalties that included $500 from MTV.
Sen. Joseph Lieberman, D-Conn., earned a $45,000 advance from publisher Simon & Schuster for his book, ``In Praise of Public Life.''
Lieberman's wife, Hadassah, owns stock in CBS and Fox Entertainment Group. Both networks have been recipients of Lieberman's ``Silver Sewer'' awards, aimed at embarrassing networks that show sexually explicit or violent programs.
Sen. Edward M. Kennedy, D-Mass., received $12,499 for regular appearances on the ``Face Off'' radio program, and donated the payments to charity.
His major asset was listed as a blind trust worth between $1 million and $5 million, but his real worth is unknown. He holds trusts of unknown value set up by his father in his name and the names of deceased family members.
The chairman of the Senate Budget Committee, Pete Domenici, R-N.M., is a major player in the battle over the government's $1.83 trillion budget. But his major source of unearned income was $15,000 to $50,000 in rent on D&V Investments, a family partnership that owns three buildings in Albuquerque worth between $250,000 and $500,000.
Retiring Sen. Daniel Patrick Moynihan, D-N.Y., accepted the $250,000 Touchstone award from the Heinz Family Foundation. The Senate Ethics Committee waived the $50 gift limit so he could receive the cash.
Sen. Chris Dodd, D-Conn., married last year and reported several wedding gifts, a sculpture of a torso among them. Its value was not listed.