Billionaires’ and multi-millionaires’ increasing presence in the Senate and in the Trump Administration? Yes, it’s true.
First up is Sen. Rick Scott of Florida. Scott’s net worth is near $350 million, making him the richest U. S. senator. He made his money in for-profit healthcare when he was CEO of Columbia/HCA hospitals. Part of his legacy at HCA is having to pay the largest Medicare/Medicaid fraud fine in history – $1.7 billion and his forced resignation as CEO.
In Ohio we have Republican Bernie Moreno, who defeated incumbent Sherrod Brown. He’s a car dealer who sold enough cars to have a net worth of over $115 million. Born in Columbia, Moreno is from a wealthy family that migrated to the U. S. He will be among the top ten wealthiest senators.
David McCormick, who is likely to eke out a win over Sen. Bob Casey in Pennsylvania (at this writing the race has not been called and is headed to a recount) has a net worth estimated at $165 million. McCormick was CEO of Bridgewater and Associates, a China investing hedge fund. Bridgewater was also where Nella Domenici, New Mexico candidate for Senate, achieved some of her wealth.
Republican Senator-elect Tim Sheehy of Montana lists his net worth between $74 million and $200 million and has a portfolio with heavy investments in China. Sheehy made his money in Bridger Aerospace, a company he founded in 2014 to fight wildfires. The company enjoyed $134 million in government bonds but is now facing potential bankruptcy.
The transition has also announced billionaire and millionaire cabinet appointments, all of whom contributed generously to the Trump campaign. Billionaire Doug Burgum ($1.1 billion) will head Department of Interior, and Chris Wright, of Liberty Energy, (net worth $165 million) will head the Department of Energy.
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The most notable is the world’s richest man, Elon Musk, born in South Africa to the owner of an emerald mine. Musk contributed $200 million to Trump’s various campaign accounts. Musk has been named the head of the nonexistent Department of Government Efficiency.
The bombastic Vivek Ramaswamy will join Musk as co-chair of the nonexistent department. His estimated net worth of $1.1 billion accumulated because of his hedge fund days and his creation of Roivant Sciences, a medical technology company.
They are recruiting applicants to help: 80 hours a week, no pay.
Trump also has a billionaire in-law to reward. His daughter Tiffany is married to the son of Lebanese billionaire Massoul Boulos. Not surprisingly Boulos is now frontrunner to be ambassador to Lebanon.
The president-elect claims billionaire status through inherited wealth. Using government funded programs and tax schemes and cutting corners on projects to skim profits, Fred Trump created the family fortune. Because of Trump’s fraudulent financial disclosures, it’s hard to determine his net worth, but it is somewhere between $1 billion and $4 billion.
Democrats have our share of wealthy folks too but no billionaires. U.S. Rep. Nancy Pelosi, Sen. Mark Warner, and Rep. Dan Goldman are all worth about $250 million or more. None of the five members of the New Mexico delegation has net worth over $500,000.
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Musk warned voters during the campaign to “brace for hardship.” Hardship includes cutting access to healthcare, reduction in education funding and firing government workers. We must wonder if that “hardship” includes a reduction in or termination of the $15 billion worth of federal contracts Musk’s companies have with multiple federal agencies.
We should also wonder how people from privileged lives with enormous wealth, whose idea of hardship is having “only one home” can formulate policy for the working class – the 55% of Americans who make $50,000 or less – many of whom can’t afford even one home.
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Super rich appointees, politicos will set policy for ordinary Americans
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Billionaires’ and multi-millionaires’ increasing presence in the Senate and in the Trump Administration? Yes, it’s true.
First up is Sen. Rick Scott of Florida. Scott’s net worth is near $350 million, making him the richest U. S. senator. He made his money in for-profit healthcare when he was CEO of Columbia/HCA hospitals. Part of his legacy at HCA is having to pay the largest Medicare/Medicaid fraud fine in history – $1.7 billion and his forced resignation as CEO.
In Ohio we have Republican Bernie Moreno, who defeated incumbent Sherrod Brown. He’s a car dealer who sold enough cars to have a net worth of over $115 million. Born in Columbia, Moreno is from a wealthy family that migrated to the U. S. He will be among the top ten wealthiest senators.
David McCormick, who is likely to eke out a win over Sen. Bob Casey in Pennsylvania (at this writing the race has not been called and is headed to a recount) has a net worth estimated at $165 million. McCormick was CEO of Bridgewater and Associates, a China investing hedge fund. Bridgewater was also where Nella Domenici, New Mexico candidate for Senate, achieved some of her wealth.
Republican Senator-elect Tim Sheehy of Montana lists his net worth between $74 million and $200 million and has a portfolio with heavy investments in China. Sheehy made his money in Bridger Aerospace, a company he founded in 2014 to fight wildfires. The company enjoyed $134 million in government bonds but is now facing potential bankruptcy.
The transition has also announced billionaire and millionaire cabinet appointments, all of whom contributed generously to the Trump campaign. Billionaire Doug Burgum ($1.1 billion) will head Department of Interior, and Chris Wright, of Liberty Energy, (net worth $165 million) will head the Department of Energy.
The most notable is the world’s richest man, Elon Musk, born in South Africa to the owner of an emerald mine. Musk contributed $200 million to Trump’s various campaign accounts. Musk has been named the head of the nonexistent Department of Government Efficiency.
The bombastic Vivek Ramaswamy will join Musk as co-chair of the nonexistent department. His estimated net worth of $1.1 billion accumulated because of his hedge fund days and his creation of Roivant Sciences, a medical technology company.
They are recruiting applicants to help: 80 hours a week, no pay.
Trump also has a billionaire in-law to reward. His daughter Tiffany is married to the son of Lebanese billionaire Massoul Boulos. Not surprisingly Boulos is now frontrunner to be ambassador to Lebanon.
The president-elect claims billionaire status through inherited wealth. Using government funded programs and tax schemes and cutting corners on projects to skim profits, Fred Trump created the family fortune. Because of Trump’s fraudulent financial disclosures, it’s hard to determine his net worth, but it is somewhere between $1 billion and $4 billion.
Democrats have our share of wealthy folks too but no billionaires. U.S. Rep. Nancy Pelosi, Sen. Mark Warner, and Rep. Dan Goldman are all worth about $250 million or more. None of the five members of the New Mexico delegation has net worth over $500,000.
Musk warned voters during the campaign to “brace for hardship.” Hardship includes cutting access to healthcare, reduction in education funding and firing government workers. We must wonder if that “hardship” includes a reduction in or termination of the $15 billion worth of federal contracts Musk’s companies have with multiple federal agencies.
We should also wonder how people from privileged lives with enormous wealth, whose idea of hardship is having “only one home” can formulate policy for the working class – the 55% of Americans who make $50,000 or less – many of whom can’t afford even one home.
Related
Help us grow The Signpost.
Share with your neighbors and start a conversation in your social network.
Diane Denish
Diane Denish served as New Mexico's lieutenant governor from 2003 to 2011, the first woman to hold that position in New Mexico. She is a lifelong advocate for children and well-respected voice for public policy.
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