Texas Rep. Michael McCaul Loses Top Spot For Wealthiest Congressman; Issa Surges Ahead

[TexasTowelie]

Anyone who calls Rep. Mike McCaul of Texas' 10th Congressional District the wealthiest member of Congress is a liar and a knave. He's the second wealthiest, according to a report yesterday by The Hill. According to the piece in The Hill and a related article on The Atlantic Wire, McCaul lost his top spot to now-infamous IRS witch hunter Rep. Darrell Issa of California. However, the sting remains when the average household income in McCaul's district is a mere $58,080.

To his credit, McCaul is not necessarily responsible for his jaw-dropping wealth. As The Atlantic Wire reported yesterday and Roll Call reported two years ago, the enormity of McCaul's wealth actually comes from his wife and her family.

While McCaul was no pauper entering Congress, Roll Call had this to say in August 2011:

"The lion's share of McCaul's wealth is held by his wife, Linda McCaul, the daughter of Clear Channel Communications CEO and founder Lowry Mays, and his dramatic rise in net worth appears to be the product of generational wealth transfer.

A footnote to McCaul's newest report notes that "certain assets" owned by his spouse were "acquired via a gift from spouse's parents." The accounts were not identified.

On his financial disclosure, McCaul lists a new asset owned by his wife, the Linda McCaul Descendant Trusts, valued at more than $50 million. According to his report, that trust is invested in several other family partnerships.

McCaul likewise added two trusts under the ownership of his dependent children, including one trust valued at $25 million to $50 million and another at $1 million to $5 million.

Another of Linda McCaul's investment accounts also appears to double in value, moving from a minimum worth of $25 million to a minimum of $50 million."

Reports like this, which also note the holdings of various members of Congress in trusts, limited liability companies, and partnerships, give the lie to their rhetoric and reinforce several truths about public office holders, which burn, especially given the stances of Republican office holders.

More at http://www.burntorangereport.com/diary/13972/texas-rep-michael-mccaul-loses-top-spot-for-wealthiest-congressman-issa-surges-ahead .

[font color=green]McCaul: I'm #2, I'm #2!

Shit!!!

I live in your district so I already knew that.[/font]

[Gothmog]

1. Limbaugh is partly responsible for McCaul losses

Clear Channel in on the hook to Limbaugh until 2016 and has no real outs in their contract with Limbaugh. The lost of advertising revenue from Limbaugh and right wing radio is hurting Clear Channel and McCaul.

[Deacon Blue]

2. Prenuptial Agreements, Anyone?

I have no idea whether these people were married before the meteoric rise of Clear Channel, but consider:

If there's a prenuptial agreement dispensing with Texas community property law, his wife's wealth is not his, nor are his kids' interests in any generation-skipping trusts, etc. Also, unless you have had a squint at any L.L.C.s, there's no way to tell from public filings who owns or controls anything: the critical document is the Operating Agreement, and these are not filed with the Secretary of State, and unless there's litigation and discovery, they never see the light of day.

So why can he assert this vast wealth is his on Congressional disclosures if there is a prenuptial agreement, and without additional disclosures regarding trusts and L.L.C.s?

Did McCaul bring anything to the marriage? If you are gonna be a kept man, it pays to be kept (very, very) well. "Yes, dear. Whatever you say, dear."

Just sayin'...