Behind Boxer in fund-raising, Jones is ahead in personal wealth
AP Wire | 06/14/2004 |
Behind Boxer in fund-raising, Jones is ahead in personal wealth
ERICA WERNER
Associated Press
WASHINGTON - Republican Senate hopeful Bill Jones may lag Democratic incumbent Barbara Boxer in campaign fund-raising, but he appears to outdo her in personal wealth, new reports show.
Jones has assets totaling $6 million to $27.3 million, while Boxer's assets total $1.1 million to $5.3 million, according to annual financial disclosure forms for senators and Senate candidates made public Monday.
The reports, which all 535 members of Congress must file each year, use wide dollar-figure ranges to describe assets and income sources, so it is not possible to say precisely how much a candidate or lawmaker is worth. The reports released Monday cover 2003.
Jones, a Fresno rancher and former California secretary of state, has struggled with fund-raising in his campaign to deny Boxer a third term. As of the most recent reporting period he had just over $200,000, while Boxer had $5.9 million.
Jones lent himself $350,000 for the Republican primary in March, and the reports released Monday suggest he could dip into his personal finances again for the general election.
"We will have the resources necessary to compete in November," said spokeswoman Valerie Walston, while declining to say whether Jones would use his own money.
Jones' largest single asset was 4.8 million shares in Pacific Ethanol Inc. of Fresno, worth between $5 million and $25 million.
The candidate recently drew criticism for that investment because it would allow him to benefit personally from some of the policies he advocates, including support for the President Bush-backed energy bill that would increase ethanol use.
In response Jones pledged to put the holdings into a blind trust if he's elected and to disclose in speeches his interest in the company.
The value of the stock has risen since the report was filed, and Jones' shares in Pacific Ethanol are now worth between $25 million and $50 million, Walston said.
Jones also reported pension income of $112,127 from his years as secretary of state and a state legislator. His other holdings include a Washington Mutual bank account containing $250,001 to $500,000, and various farm and cattle holdings.
He had significant debt, owing between $1.1 million and $2.4 million to banks, lending groups and other entities.
Some of Jones' money is newfound wealth - his share of a $140 million settlement approved last year for landowners in the Westlands Water District who claimed poor drainage damaged their land.
Boxer's largest asset was a blind trust valued between $1 million and $5 million, which she created in 2001 after controversy over disclosures that she and her husband, Stewart Boxer, held stocks in energy companies involved in California's energy crisis.
Boxer also reported investing $1,001 to $15,000 with her husband in a San Mateo venture capital partnership, Technology Funding Partners. Boxer has been a strong ally of the venture capital industry's fight against requiring companies to count employee stock options as an expense.
Salaries for Boxer and other senators in 2003 were $154,700; they rose to $158,100 this year. Boxer also got a pension of $3,665 from her years as a Marin County supervisor.
California's senior senator, Democrat Dianne Feinstein, once again reported extraordinary assets for herself and her husband, Richard Blum, the chairman of a merchant banking firm.
She and her husband jointly own the partnership that owns the Carlton Hotel in San Francisco, as well as a condo in Kauai worth $250,001 to $500,000, and a condo in Tahoe City worth $500,001 to $1 million. She also is the beneficiary of several trusts, including a blind trust valued between $1,000,001 to $5 million.
Blum's holdings are extensive and complex, and in 2003 they included ownership through his firm of $1.1 million to $5.2 million of stock in Perini Corp., a Massachusetts construction company with contracts for Iraq rebuilding work.
Owen Blicksilver, a spokesman for Blum Capital Partners, said that in 2003 the firm owed about 24 percent of Perini's shares, but has since reduced its investment to about 13 percent.
Perini also was awarded a contract by the San Manuel Band of Mission Indians last month to build a new casino for the San Bernardino County tribe.
Behind Boxer in fund-raising, Jones is ahead in personal wealth
ERICA WERNER
Associated Press
WASHINGTON - Republican Senate hopeful Bill Jones may lag Democratic incumbent Barbara Boxer in campaign fund-raising, but he appears to outdo her in personal wealth, new reports show.
Jones has assets totaling $6 million to $27.3 million, while Boxer's assets total $1.1 million to $5.3 million, according to annual financial disclosure forms for senators and Senate candidates made public Monday.
The reports, which all 535 members of Congress must file each year, use wide dollar-figure ranges to describe assets and income sources, so it is not possible to say precisely how much a candidate or lawmaker is worth. The reports released Monday cover 2003.
Jones, a Fresno rancher and former California secretary of state, has struggled with fund-raising in his campaign to deny Boxer a third term. As of the most recent reporting period he had just over $200,000, while Boxer had $5.9 million.
Jones lent himself $350,000 for the Republican primary in March, and the reports released Monday suggest he could dip into his personal finances again for the general election.
"We will have the resources necessary to compete in November," said spokeswoman Valerie Walston, while declining to say whether Jones would use his own money.
Jones' largest single asset was 4.8 million shares in Pacific Ethanol Inc. of Fresno, worth between $5 million and $25 million.
The candidate recently drew criticism for that investment because it would allow him to benefit personally from some of the policies he advocates, including support for the President Bush-backed energy bill that would increase ethanol use.
In response Jones pledged to put the holdings into a blind trust if he's elected and to disclose in speeches his interest in the company.
The value of the stock has risen since the report was filed, and Jones' shares in Pacific Ethanol are now worth between $25 million and $50 million, Walston said.
Jones also reported pension income of $112,127 from his years as secretary of state and a state legislator. His other holdings include a Washington Mutual bank account containing $250,001 to $500,000, and various farm and cattle holdings.
He had significant debt, owing between $1.1 million and $2.4 million to banks, lending groups and other entities.
Some of Jones' money is newfound wealth - his share of a $140 million settlement approved last year for landowners in the Westlands Water District who claimed poor drainage damaged their land.
Boxer's largest asset was a blind trust valued between $1 million and $5 million, which she created in 2001 after controversy over disclosures that she and her husband, Stewart Boxer, held stocks in energy companies involved in California's energy crisis.
Boxer also reported investing $1,001 to $15,000 with her husband in a San Mateo venture capital partnership, Technology Funding Partners. Boxer has been a strong ally of the venture capital industry's fight against requiring companies to count employee stock options as an expense.
Salaries for Boxer and other senators in 2003 were $154,700; they rose to $158,100 this year. Boxer also got a pension of $3,665 from her years as a Marin County supervisor.
California's senior senator, Democrat Dianne Feinstein, once again reported extraordinary assets for herself and her husband, Richard Blum, the chairman of a merchant banking firm.
She and her husband jointly own the partnership that owns the Carlton Hotel in San Francisco, as well as a condo in Kauai worth $250,001 to $500,000, and a condo in Tahoe City worth $500,001 to $1 million. She also is the beneficiary of several trusts, including a blind trust valued between $1,000,001 to $5 million.
Blum's holdings are extensive and complex, and in 2003 they included ownership through his firm of $1.1 million to $5.2 million of stock in Perini Corp., a Massachusetts construction company with contracts for Iraq rebuilding work.
Owen Blicksilver, a spokesman for Blum Capital Partners, said that in 2003 the firm owed about 24 percent of Perini's shares, but has since reduced its investment to about 13 percent.
Perini also was awarded a contract by the San Manuel Band of Mission Indians last month to build a new casino for the San Bernardino County tribe.
posted by DP at 10:32 PM
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