Friday Feb 03, 2023

The Key is Understanding How Politicians Profit

politician podium

The chance of losing money is extremely small, but the potential reward is huge. It is understandable why there are so many people trying to enter this industry.

I remember the former MP for Rompin left over RM2 billion after his untimely death. Yesterday I read Tengku Adnan Tengku Mansor has almost one billion in his wealth. If we look closely around us, the number of politicians, past and present, is very evident. Just in case we lose count, a billion is a million people. However, I am not saying that all politicians are corrupt. What I am asking is that a world renowned business school is doing a study on Malaysian politicians.

From my point of view, the future is not only about technology and intelligence. Of course there is a lot of money to be made from the businesses that politicians are involved in. First, business schools should study the basic characteristics of politicians. What innate qualities made them so effective at accumulating wealth? Second, schools should study the business and investment of Malaysian politicians.

Why Do They Get So Much Money and Success?

You see, I am not accusing anyone of corruption or abuse of power. I am not accusing anyone of being involved in business related to the Malaysian government. I run only the world’s leading business schools to study Malaysian politicians and the businesses they are involved in.

I believe that if we really want to understand change, transparency and good governance, we need to understand how politicians make money in Malaysia.

How Rich Are Members of Congress?

Capitol Hill’s top net worth is nearly $360 million, and that’s before you factor in the Rockefeller heir. Congress is rich. How rich? On Monday, Roll Call released its annual survey of the financial model, identifying the 50 richest members of Congress, and it is not an easy club to join – it needs a minimum amount of $ 7.4 million to break the list this year . So who has the most Benjamin? Darrell, Nancy or Mitch? Here’s what the list tells us about our legislators. Members of Congress are wealthier than the average American.

For the second year in a row, Rep. Darrell Issa tops the list with a net worth of $357.25 million, thanks in large part to his incredible success in the creation of the Revival car. Issa’s net worth is three times that of second-place Michael McCaul ($117.54 million).

House Minority Leader Nancy Pelosi is third ($74.11 million), while Senate Minority Leader Mitch McConnell has a net worth of $11.97 million. , ranked 32nd. In 2012, the Center for Responsive Politics found that the average MP was worth more than $1 million. At a time when it costs more than $10 million to get a seat, it’s no wonder the wealthy and well-connected are representing it. The corporate economy is nothing new either.

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But the number of multimillionaires on Capitol Hill, as well as the well-documented rise in inequality over the past few decades, contributes to the perception that politicians are out of touch with the needs of the American people. The GOP candidate for senator in Georgia, former Dollar General CEO David Perdue, accused the head of the campaign of the opposition that he did not understand “this is an election, not an auction”. In Kentucky, Senate candidate Alison Lundergan Grimes criticized Mitch McConnell for piling his four-figure “cost on the backs of Kentuckians who can’t afford it.”

Presidential candidates face the same hurdle. Mitt Romney spent most of the 2012 campaign fending off attacks, fueled by statements such as “My wife drives some Cadillacs”, about his huge wealth, while Hillary Clinton said she and Bill ‘dead ‘ is leaving the White House. They get their money from everywhere.

Darrell Issa made his money in his business, but he transferred most of his wealth to the bond market. Others, such as Senator Jay Rockefeller and Representative Joseph Kennedy III, were heirs to large family fortunes. California Representative Gary Miller real estate represents 94% of his wealth. McCaul’s wealth is completely tied to his wife’s family wealth – not a single asset is listed in his name on his financial statements.

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Senator John McCain and Claire McCaskill also derive more than 94% of their wealth from joint assets. Congressional wealth comes from many different sources, but one thing unites them: These legislators, unlike most of their constituents, do not get much of their income from bills. This gap between the public and the legislators can complicate the debate in Congress on topics such as income tax and interest deductions, which affect members more than most of their constituents.

Marianne Kaiser

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