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May 17, 1980 - Image 10

Resource type:
Michigan Daily, 1980-05-17

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Page 10-Saturday, May 17, 1980-The Michigan Daily
Represenatives list their assets
with as little detail as possible


From AP and UPI
WASHINGTON-Being a millionaire
in the House means never having to say
what you're really worth.
At least so it seems from this year's
financial disclosure forms, which show
assets of less-wealthy congressmen in
far more detail than their more finan-
cially fortunate brethren.
The House released the financial
statements of its members yesterday.
The Senate statements are due Mon-
THE HOUSE forms require each
member to list his or her outside
holdings and income, but the members
-only have to say into what broad range
their holdings fall. And the bigger the
holdings, the broader the range.
The smallest range, for example, is
$1 to $5,000; the largest is $250,000 and
up-to who knows where.
The result is a hodgepodge of finan-
cial information which shows where
each member has invested his or her
funds but tells little about his or her
overall financial worth.
Congressional salaries were $57,500,
until last October when a cost-of-living
raise boosted them to $60,662.
A L L SA TS $1.S0 U N TIL 530 M

THE FORMS ARE further com-
plicated because some members list
their wives' assets while others do not.
There also appeared to be quite a bit of
confusion on where to list partnership
profits and profits from sales of real
The result is that some known
millionaires are shown with fewer
assets than expected.
For example, Rep. Frederick Rich-
mond (D-N.Y.), whose vast stock
holdings in Walco National Corp. and
Walco Linck Corp., previously have put
him in the millionaire category, shows
assets of $550,000 and up.
HOWEVER, HE received a nice rate
of return on those holdings-whatever
their total value. Richmond reported
receiving $100,000 from a pension plan,
more than $100,000 in dividends, and at
lest another $100,000 in capital gains
from the sale of some stock.
Despite the lack of information, at
least 21 members of the House appear
to be millionaires and another 28 could
be, according to the disclosure forms.
POSSIBLY THE richest member is
Rep. James Collins (D-Texas), who

reported holdings between $5.4 million million; and Fortney Stark (D-Calif.),
and $11.2 million. between $1.9 million and $5.4 million.
Also in the upper bracket are Reps. Rep. Kenneth Holland (D-S.C.), who
Sedgwick Green (R-N.Y.), who repor- made headlines earlier this year by
ted assets between $3.5 million and $4.7 acknowledging he slept in his office to
million; Stewart McKinney (R-Conn.), save on expen es, made a bit more
with holdings between $2.6 million and news by disclosing an unusual
$5.8 million; Harold Sawyer (R-Mich.), gift-"one bulldog named Roscoe,"
$1.8 million; Jonathan Bingham, (D- with an unknown value, from five con-
N.Y.), between $1.5 million and $4.3 stituents.
Kalamazoo declared
federal disaster area
KALAMAZOO (UPI)-President owners to obtain massive federal
Carter declared Kalamazoo and Van assistance in their rebuilding efforts.
Buren counties federal disaster areas
yesterday because of a savage tornado RIEGLE AND OTHER officials an-
that ripped through the region Tuesday, nounced the declaration while National
killing five and causing more than $63 Guardsmen called into Kalamazoo to
million in damages. aid in massive cleanup'operations piled
Sen. Donald Riegle (D-Mich.), who twisted metal, tree branches, and
toured the devastated area yesterday, pieces of shattered glass into eight 20-
said the declaration will enable ton trucks.
homeowners, farmers, and business-
Red Cross official figures said
damage to the city's downtown and
50 Kalamazoo Township, where the
-Ddeadly twister touched down during
rush hour Tuesday, was estimated at
tAL 3-13$49.5 million.
The remainder of the losses took
place in rural Van Buren County.
b=""ke"tstma-AN AIDE IN the office of U.S. Rep.
Howard Wolpe (D-Mich.) said the
White House called Wolpe's office about
3 p.m. to confirm announcement of the
disaster declaration.
Riegle said a disaster aid office will
be set up in Kalamazoo within 24 hours
so residents can begin making
arrangements for federal assistance.
A 24 hour
nightmare of terror., Among the special. assistance
available will be low interest federal
loans and loan guarantees to farmers,
business owners, and homeowners, and
grants to state and local governments
R to repairepublic facilities.
L O4I- OTHER DISASTER aid, ranging
DOiNTNiATH ai...TmE'S from temporary shelter to income tax
NOWHERE TO RUN assistance, also will be available,
N SHE WILL Riegle said.
Acting on behalf of Gov. William
Milliken, Lt. Gov. James Brickley late
IJI13Thursday dispatched the official
The monster movie request for a "major disaster
declaration" for the area.
An estimated 490 families suffered
SONY No sAUGHTsome property damage in the sorm,
said Sharon Byrd, disaster public in-
formation specialist with the Red
Cross. Byrd said of those, 27 homes
were destroyed and 85 suffered major
H ENDR IX 1 damage. Nearly 300 others suffered
minor damage.
ALSO-____The Red Cross said 18 apartment
THEHENDRIXEXPERIENCE buildings were destroyed, 60 suffered
IS HERE major damage and a dozen reported
minor damage. Some 114 businesses
were either destroyed or seriously





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