Saturday, October 31, 2015

The Kennedys didn’t get rich and powerful by playing fair!

Joseph P. Kennedy III is the 22nd wealthiest member of Congress ($18.6 million). His wife Lauren Anne Birchfield also has some college debt. Her student loans remain (she’s in the hole some $50,000 to the federal government, Harvard and a Des Moines-based educational outfit). Really? I have nothing against the rich dynasty Massachusetts Democrats continue to send to Congress, but with all those trust funds, couldn't they pay us back for college? Roll Call.

The main source of the Kennedy family wealth was amassed by his namesake in banking, real estate, liquor, films and Wall Street holdings. In 1998, the Kennedy family sold Chicago’s Merchandise Mart for $625 million, which the family patriarch had purchased in 1945 for $12.6 million. The deal allowed Kennedy heirs to receive a stake in one of the nation’s largest real estate investment trusts, according to the Associated Press.

Kennedy, who represents the 4th Congressional district, reported most of his assets are held in family trusts. The 2014 range - $18.7 million to $64.5 million – is higher than the $15.6 million to $55.8 million range he reported as a candidate in 2012. His latest report also includes mortgage debt of between $750,000 and $1.5 million on homes in Brookline and Washington, D.C., and student loans – owed by his wife Lauren Birchfield – of between $40,000 and $115,000.

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