FeedPolitics: Millionaire public servant Schock says he’s not rich
November 13, 2007 in Statehouse & Capitol Tags: Aaron Schock, Jim McConoughey, John Morris
The first financial disclosure documents in the 18th District have been released. Not one of the GOP members in the race can be described as anything less less than upper middle class.
John Morris is the poor one of the bunch. He reported assets between $101,00 and $341,000. Obviously, he’s done well for himself.
According to the Journal Star, Aaron Schock “mostly carries investments in real estate, securities and stocks valued between $933,000 and $1,995,000.” And then there’s his $132,704 salary from the state and other other jobs. That makes the guy a millionaire. At 26 years old. He’s been a public servant since he was 18.
Schock’s quote:
“I think this hopefully demonstrates that while I’m not rich, I certainly know the importance of saving and investing and I tried to be responsible with the money that I earned and have tried to do the same as a public official,” Schock said.
Meanwhile, here in the real world, there’s a word to describe people with $1 million: “Rich.”
The other millionaire is Jim McConoughey, was thought by many at the state of the campaign to be rich enough to bankroll his own campaign. The disclosure revealed that his assets are worth between $524,000 and $1.31 million, mostly in mutual funds. To date, the guy has loaned his own campaign a less than spectacular $50,000.
Of course, I have not the slightest doubt that Dick Versace will blow the GOPers out of the water when it comes to personal wealth. The guy was a pro basketball coach, a pro basketball executive and a television color commentator. He’s gotta be absolutely loaded, despite his portrayal of himself as a working class hero during campaign events.
American politics is funny. We put a value on success and often measure success as the amount of money people earn. Millionaires of like Versace quite often think their wealth and popularity makes them ideal politicians. Yet no matter how well off a candidate is, there voters still want to hear that the candidates are really working stills just like them.
Working stiffs do NOT have $1 million in assets.
November 13th, 2007 at 1:12 am
Something doesn’t add up here…the guy makes 132000 a year (though that number has probably changed over the last 6 years) and is worth more than a million? Even if he didn’t spend a dime on any expenses from the time he was 18 until today he wouldn’t be worth that much. Can someone please provide a little insight…
November 13th, 2007 at 2:55 am
What wonderboy said. I doubt David Copley was worth that much at age 26.
November 13th, 2007 at 7:03 am
I thought McConoughey was worth millions upon millions, or at least that’s what he’s been telling everyone. Guess he better start raising some money or plan on holding off on that Florida home until later.
Schock continues to reveal his youth and inexperience when he claims that having a million+ is not being rich and I agree with wonderboy - how does that work at 100,000 a year for him to have as much as he does at age 26? Then, he claims he’s NOT richy!?!? He’s knows what the minimum wage is right? I mean he did try to raise it. At $7 an hour it would only take me 142,000 hours of labor to make that much. Oh, and that doesn’t include taxes and expenditures on say, food. Looks like mom and dad have given him quite a bit:) I know somebody else that young who has that much money - LeBron James.
November 13th, 2007 at 7:55 am
None of these candidates are considered rich, standing next to Mark Cuban.
Re: Wonderboy: investments. Although, that number can change fast. At age 26 in mutual fund investments-depending on the risk factor-this is attainable. Combine that with the ideal that when you are campaigning..money raised is used for food and travel and everything else. Then there is also, compound interest.
November 13th, 2007 at 8:14 am
Simply put, he is not liquid.
What is “rich” here are Bill’s comments.
Bill sez: “Working stiffs do NOT have $1 million in assets.”
I sez: You bet some of them do. You insult a LOT of hard-working, self-employed, and independent business people with a statement like that. I know plenty of “millionaires” and they are mostly farmers. On paper they look loaded. In reality, all those assets are mortgaged or debt-loaded.
Bill, your comments are, at best, extremely ignorant.
November 13th, 2007 at 8:32 am
Mutual Funds? Just using the old rule of seven and even doubling worst case scenario methods he wouldn’t have that much in mutuals. Impossible if you have knowledge of investing strategies and the amount of time it takes for money to multiply even in the best economic environments.
He may not be liquid, but his assets are substantially greater than his debt…thus he apparently has had a boost from somewhere. Methinks mommy and daddy provided a substantial lift early on. Hard to come off as mature and self-made when mommy and daddy footed the bill.
November 13th, 2007 at 8:40 am
RE: wonderboy: take someone in a position with lobbyists..and investment knowledge, collect 32% a year-and then take the rule of 72-and then don’t spend much money outside of the campaign-and your going to find these figures. Also, consider that you are, “always,” working-on the campaign it all adds up fast.
November 13th, 2007 at 8:48 am
Wonderboy had a number of investment properties in the Arbors, for which he made bank on, when he eagerly sold out to Bradley University.
November 13th, 2007 at 9:37 am
Anon: I think Billy was referring to the “working stiffs” who haven’t been fortunate enough to work in the Caterpillar factories at union wages over the past 30 years. Since Cat rolled back on their fortunes for the “working stiffs,” it truly isn’t very easy for the “working stiffs” to amass a million over a LIFETIME, let alone 8 years. Most of the “working stiffs” in Central Illinois, over the past 15-25 years, have been making do at anywhere from $7-15/hr. or thereabouts. Good Luck getting a million on those wages.
As for Jim McCono-whatever, were my eyes working when I read that he’s knocking down a salary of around $180K per year? Is that so? If it is, can someone PLEASE tell me exactly what that Heartland Thing does… and who finances it? Better yet, let me know how Jim got that job, and if there are any more out there like that.
November 13th, 2007 at 9:47 am
Forget it. I put my laziness on the back burner for a moment or two and checked out the web-site. It’s what I thought it was. A gathering point for the high and mighty’s in Peoria. Bleeeeeeeech.
November 13th, 2007 at 9:49 am
I guess you’ve got to find something new to bag on McConoughey for now that his wealth isn’t an issue huh prego?
November 13th, 2007 at 10:43 am
Not that this helps him much, but I heard that Aaron’s financial start came fi high school rom the purchase of some land near kickapoo which was subsequently sold to the sanitary district. Then he purchased the bradley fixer-uppers which he subsequently sold at a big profit, then the Garage tech franchise he bought and then sold, the a job working for Khazzam. Now I don’t know how he got the intial cash for he kickapoo land, but after that , its a pretty logical progression to where he’s at. The more interesting story is McC. He was widely rumored to have owned and then sold his interest in a hotel chain, with the potential of self financing half up to a million $ for this campaign. Well thats obviously untrue. Talk of the millionaire exception being invoked because of Jim McC was fantasy perpetuated by someone. knowing Who and why would be interesting.
November 13th, 2007 at 10:49 am
Has anyone else heard anyone question the potential conflict of interest Aaron Schock might face as a member of the House Appropriations Committee for Human Services (the committee that holds the purse strings for ALL health services provided by the state) and working for one of the providers (Petersen Healthcare)???
I would think this would be a serious issue to sit on the committee that spends the money your employer recieves as a healthcare provider. Anyone else out there agree??
November 13th, 2007 at 11:35 am
Pipe dreams, Mr. Opinion. Even if he had the full amount each year, as in 100,000 plus, he wouldn’t reach that figure by following the rule of 72. Unless, of course, you are talking a bit of insider trading–which you seem to infer. And then, of course, you are talking about ethical issues and opening a whole different can of worms.
However, if you are telling me that you can make me a million dollars in six years with your investment strategy, perhpas I need to switch financial advisors.
November 13th, 2007 at 3:42 pm
“which you seem to infer”
Imply.
—-
I think I read when I first came to Peoria that Schock’s parents gave him his first properties.
November 13th, 2007 at 3:47 pm
Yes, teacher.
November 13th, 2007 at 3:59 pm
I stand corrected. Though I would always find it preferable to make a grammatical error over an error of nuclear proportions :).
But I always hate being wrong…thanks for the humble pie, Eyebrows.
November 13th, 2007 at 4:52 pm
Sep 2004 GOOG (google) $108 x 500 shares= 54K
Nov 2007 GOOG $644.00/ share x500 shares =322K nice profit. Who would of known, maybe some other wise investors saw the potential and took a chance to make almost six times investment capital.
CAT stock around 2001 was 18.00/ share in 2007 stack reached 80/ share - nice investment also
November 13th, 2007 at 5:21 pm
If he is that heavily invested in one or two stocks, then you are right. I simply doubt that this is the case, however.
November 13th, 2007 at 6:13 pm
11Bravo, truly I was not ragging on Jim McCono-whatever because he was reported to be rich and with deep pockets. I was ragging on the media for not saying what his background was that he was able to be rich and have deep pockets. Frankly, I don’t mind our reps being rich, so long as they represent us working stiffs reasonably well. When they’re rich on their own, they’re usually less likely to be bought by some other folks who ARE rich.
That being said, Jim still ain’t hurting. But, if his salary is approximately what the Journal Star reported today, then I know how he pretty much got that way. I also would bet he comes from a few bucks, as well.
November 13th, 2007 at 6:33 pm
Sad state of affairs all the way around. Any decent Democrat in the wings? Any viable third party candidate or write-in? Is none of the above an option?
November 13th, 2007 at 8:00 pm
Schock’s dad got him started in the real estate biz, from what I’ve heard.