Congressional Financial Statements Gephardt Sells House on Beach, Report Discloses

By Tim Poor Post-Dispatch Washington Bureau David Greene Of The Post-Dispatch Washington Bureau Contributed To This Story, As Did The .. | St Louis Post-Dispatch (MO), June 15, 1997 | Go to article overview

Congressional Financial Statements Gephardt Sells House on Beach, Report Discloses


Tim Poor Post-Dispatch Washington Bureau David Greene Of The Post-Dispatch Washington Bureau Contributed To This Story, As Did The .., St Louis Post-Dispatch (MO)


House Minority Leader Dick Gephardt's former vacation home made its farewell appearance on his personal financial disclosure statements released Friday, along with those of the rest of the members of Congress.

Gephardt, D-St. Louis County, sold his half interest in the North Carolina beachfront home to his partners, realizing a gain of $50,000-$100,000, according to the statement, which requires only the disclosure of ranges of assets. In September, aides said Gephardt had made about $47,000 on the sale.

The home was the subject of an ethics complaint filed last year against Gephardt, who charged that it was retaliation for ethics complaints filed against House Speaker Newt Gingrich, R-Ga. The House ethics committee dismissed the Gephardt complaint, while suggesting that he be more diligent about reporting requirements. Although some Republicans made much of Gephardt's fancy beachfront home, the disclosure report shows he is one of the least wealthy members of Congress from Missouri. The house was Gephardt's main asset last year; aides said he sold it to help pay for his children's college tuition.mt$ The Missourian whose financial lot appeared to improve the most was Rep. Kenny Hulshof, R-Columbia, who was elected in November. Hulshof reported earnings last year of just over $32,000 from his work as a lawyer. As a member of the House, he's now earning $133,600. The disclosure report filed by Sen. Carol Moseley-Braun, D-Ill., included a letter from the Senate Ethics Committee granting her a waiver from the Senate's gift ban for a cooperative apartment in Chicago she co-owned with her ex-fiance, Ksogie Matthews, who was making the monthly mortgage payments. Mike Briggs, a spokesman for Moseley-Braun, said the apartment was sold in April for about $525,000 and that Matthews will get $100,000 from the sale. Here are highlights of 1996 personal financial disclosure forms for senators from Missouri and Illinois and House members from eastern Missouri and southern Illinois. Items are only required to be listed in financial ranges. Sen. Christopher Bond R-Missouri Earned Income: $133,600. Honoraria, all donated to charity: $8,000. Major assets: Retirement pension account, $100,001-$250,000; various money market accounts, annuities and IRAs, each $15,001-$50,000. Major sources of unearned income: Parents' trust fund, $15,001-$50,000; money market account, $2,501-$5,000. Major liabilities: Home equity loan, $100,001-$250,000; guarantee on business loan, $15,001-$50,000. Narrative: Bond made several stock, bond and money market investments in 1996, including a March 26 purchase of a Keogh plan worth $50,001-$100,000. He listed one all-expense-paid trip to Malaysia on Jan. 5-12 courtesy of the Asia Pacific Policy Center on a trip to promote foreign trade.cefp Sen. John Ashcroft R-Missouri Earned Income: $133,600. Honoraria, all donated to charity: $1,500. Major assets: Farm property in Willard, Mo., worth $250,001-$500,000; a Delaware-based bank account worth $100,001-$500,000; undeveloped land in Grand County, Colo., $50,001-$100,000 (sold for $15,001-$50,000 in March); 17 mutual funds and investment funds, none valued at more than $100,000; stocks in 11 companies, including AT&T and U.S. West, worth $1,001-$15,000; investments in commercial realty and cable television companies, $1,001-$15,000 each. Major sources of unearned income: Royalties from legal textbooks, $65,261; Bank account interest, $5,001-$15,000; interest from retirement fund, $5,001-$15,000; rent from farm property, $1,001-$2,500; dividends, interest and other investment gains, none more than $5,000. Major liabilities: None. Narrative: Ashcroft received $1,000 from Coral Ridge Ministries for a March 2 speech in Fort Lauderdale, Fla., and five days later got $500 from the California Governor's Prayer Breakfast for a speech in Sacramento. All of the money was donated to charity. Sen. Carol Moseley-Braun D-Illinois Earned Income: $133,600. Honoraria, all donated to charity: $2,500. Major Assets: Money market, IRA and mutual fund worth $15,001-$50,000 each; annuity, U.S. savings bonds, and IRA worth $1,001-$15,000. Major sources of unearned income: Interest and other investment gains worth $201-$1,000 each. Major liabilities: None. Narrative: Moseley-Braun lists three trips for which travel was reimbursed: to Charleston, W.Va. for a speaking engagement, paid for by the West Virginia AFL-CIO; to New York for an appearance on the Phil Donahue Show, paid for by Multimedia Entertainment; and to Sauget, Ill. on a fact-finding trip paid for by The Marmon Group. Sen. Richard J. Durbin D-Illinois Earned Income: $133,600. Honoraria, all donated to charity: $1,000. Major Assets: Residence in Springfield worth $220,000; IRAs worth $145,437; mutual funds worth $44,653; thrift savings plan, $72,039; stock in Starbucks, $5,725; money market funds worth $17,418. Major sources of unearned income: Dividends and interest, none more than $1,000. Major liabilities: Mortgage on home in Springfield, Ill., $68,821; automobile loan, $13,216. Narrative: Durbin attended a conference entitled "U.S. National Security Global Environment" in Portugal last November. All expenses for Durbin and his wife were paid by the Aspin Institute. Rep. William Clay D-St. Louis Earned Income: $133,600. Honoraria, all donated to charity: None. Major assets: Numerous stocks, bonds and bank certificates of deposit worth between $1,001-$50,000, including stock in Anheuser-Busch Cos. Inc. a nd Cracker Barrel Country Store worth $15,001-$50,000 each. Major sources of unearned income: Dividends and interest ranging from $200 to $2,500 on the investments. Major liabilities: Mortgage on home in Silver Spring, Md., $100,001-$250,000. Narrative: Clay reported two trips paid for by others in 1996. With his wife, Carol, Clay went to Las Vegas in August courtesy of the Black Pilots Association and to New York in October paid for by the New York Marathon. Rep. James Talent R-Chesterfield Earned Income: $133,600. Honoraria: None. Major assets: Jointly with wife, Exxon Corp. stock worth $15,001-$50,000 and numerous other stocks, bonds and other investments worth $1,001-$15,000; a bank account worth $15,001-$50,000; pension from state of Missouri, $15,001-$50,000. Major sources of unearned income: Interest and dividends from investments, generally $1,000 or less each. Interest from bank accounts, $1,001-$2,500. Major liabilities: None. Narrative: Talent's father, Milton O. Talent, set up a trust for Talent's children worth between $100,001-$250,000. The trust has a diverse portfolio of investments in stocks and money funds, most worth no more than $15,000. Rep. Richard Gephardt D-St. Louis County Earned Income: $148,400. Honoraria: None. Major assets: Half interest in beach house at Corolla Light, N.C., valued at between $250,001-$500,000 (sold in 1996). Major sources of unearned income: Capital gains of $50,000-$100,001 from sale (value $250,001-$500,000) of half interest in beach house at Corolla Light, N.C., in April; dividends, interest and capital gains from investment fund, $1,001-$2,500; distribution from estate, $1,001-$2,500. Major liabilities: Mortgage on North Carolina property, $250,001-$500,000 (paid in full after sale); two student loans for college-age children, $15,001-$50,000 each; loan on life insurance policy, $15,001-$50,000. Narrative: Gephardt, the House's top Democrat, listed seven short trips paid for by others in 1996, most of them labor union meetings where he gave speeches. They included a December visit to Miami courtesy of the Service Employees International Union and a Las Vegas trip in August paid for by the United Association of Plumbers and Pipefitters. Rep. Jo Ann Emerson R-Cape Girardeau Earned Income: $146,072 as lobbyist for American Insurance Association. Honoraria: None. Major assets: Home in Cape Girardeau, Mo., valued between $100,001-$250,000 that was purchased in July 1996; an investment portfolio worth $500,001-$1 million. Major sources of unearned income: Rent from Missouri home, $201-$1,000; sale of house in Cape Girardeau, $50,001-$100,000; interest from investment account, $5,001-$15,000. Major liabilities: Two personal bank loans, one $15,001-$50,000 and the other $50,000-$100,000; a home equity loan, $15,001-$50,000; one mortgage of $15,001-$50,000 and another for $100,001-$250,000. Narrative: Emerson was elected in November 1996 to replace her husband, Rep. Bill Emerson, who died of cancer in June. She reported the sale of their home in Cape Girardeau for between $50,001-$100,000 and the purchase of another home in the same city for $100,001-$250,000. Rep. Kenny Hulshof R-Columbia Earned Income: $32,627 from work as lawyer. Honoraria: None. Major assets: Bank account in Columbia, Mo., $1,001-$15,000; Missouri state retirement system, $1,001-$15,000. Major sources of unearned income: Bank account interest, $201-$1,000. Major liabilities: VISA card balance, $15,001-$50,000. Rep. Jerry F. Costello D-Belleville Earned Income: $133,600. Honoraria: None Major Assets: Two IRAs each worth $15,000-$50,000; two IRAs each worth $1,001-$15,000; two retirement funds worth $15,001-$50,000 each; various mutual funds worth $1,001-$15,000 each. Major sources of unearned income: Interest and capital gains from two funds, $1,001-$2,500 on each. Major liabilities: None Rep. Glenn Poshard D-Marion Earned Income: $133,600. Honoraria, all donated to charity: None. Major Assets: Eight annuities, four worth $50,001-$100,000 and four worth $15,001-$50,000; two retirement accounts worth $50,001-$100,000 and $15,000-$50,000; mutual fund worth $15,001-$50,000; tax exempt fund worth $1,001-$15,000; scholarship bonds worth $1,001-$15,000; savings worth $1,001-$15,000. Major sources of unearned income: Interest and dividends, none over $200. Major liabilities: Guarantor for personal loan to son worth $15,001-$50,000; guarantor for personal loan to daughter worth $10,001-$15,000. Rep. John Shimkus R-Collinsville Earned Income: $133,600. Honoraria: None. Major Assets: Two properties in Collinsville, Ill., each worth $15,001-$50,000; IRA worth $15,001-$50,000; two mutual funds worth $15,001-$50,000 each; various funds and investments worth $1,001-$15,000. Major sources of unearned income: Rent from two properties worth $5,001-$15,001 and $2,501-$5,000; interest, dividends and capital gains, none worth over $5,000. Major liabilities: Two mortgages of $15,001-$50,000 and $10,001-$15,000.

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