How Mitch McConnell became very rich (w/o a job)
Daily Kos
How Mitch McConnell became very rich
by debtov
It seems, from opensecrets.org's review of his financial disclosure forms, that McConnell's wealth has jumped substantially in the last few years.
Back in 2005, McConnell's net worth was somewhere between $1,645,032 and $4,278,999, ranking him the 38th richest Senator.
After four years when the stock market has flatlined, McConnell now has a net worth between $7,102,036 and $32,756,000, and he's now the 12th wealthiest Senator.
Pretty good, for a guy who has evidently NEVER had a private sector job.
Obviously, the wide range of McConnell's estimated wealth is due to the way the disclosure forms allow a pretty wide range on reports of assets.
His top asset is his holdings in the Vanguard Tax Exempt Money Market, estimated at between $5,001,002 and $25,015,000. His next most valuable asset is his D.C. home (and carriage house rental) which is reported as worth between $1M and $5M.
The rest are investments in a wide variety of stock and bond mutual funds.
Let's look at his Vanguard investments.
Back in 2006, his major Vanguard investment was in its 500 Index Fund, estimated at between $650,003 and $1,350,000.
The next year, McConnell's wealth in that fund jumped to an estimated $1,100,002 to $5,250,000. Then in 2008 (not a good year in the market), McConnell's wealth in that fund dropped a bit (estimated from $500K to $1M), but all of a sudden he had $5,001,002 to $25,015,000 in the Vanguard Tax Exempt Money Market.
The year before, he had a pittance ($1K to $15K) in that fund.
Somehow, some way, McConnell got much richer in 2008, getting at least $5M from somebody.
That somebody was his second wife's father, who made his fortune in shipping Chinese-made goods to the USA.
Elaine Chao married McConnell in 1993, and was George W. Bush's anti- Labor Secretary for the full eight years.
According to Laura Flanders, her father, James Chao:
had the luck not only to attend one of his country's finest universities with Jiang Zemin, the future leader of the People's Republic, but also to fall in with the immensely powerful Shanghai-born family the Tungs, who shifted their operations to Taiwan for a time.
The Tung dynasty is powerful in Chinese politics and business to this day. Hong Kong's first chief executive after reunification with mainland China was Tung Chee Hwa, the first child of the magnate Tung Chao Yung, in whose Maritime Trust company James Chao got his start. James Chao married into another powerful family: the Hsus. His wife's family would later operate a shipping empire in Hong Kong.
So Mitch McConnell has moved from the upper-middle class of a lifelong government employee into the real upper class ($20M or so net worth) of someone who married a woman with a rich father.
Who just happened to become rich from his connections with the rulers of communist China.
Villagers would say that this is old news, "free" trade is great for everybody, we like Mitch and Elaine, and want him to return our calls, etc.
So they have not reported on the source of McConnell's mega-wealth (relative to the rest of us), and how that source has presumably, for 20 years or so, affected McConnell's positions on "free" trade and its devastating impact on millions of Americans who used to have decent manufacturing jobs.
McConnell and his wife are cheap-labor Republicans who hate the idea of American factory workers making more than $15 an hour.
Because that's what their benefactors want them to do.
http://www.dailykos.com/story/2010/12/05/925858/-How-Mitch-McConnell-became-very-rich
ORIGINALLY POSTED TO DEVTOB ON SUN DEC 05, 2010 AT 08:10 PM EST.
ALSO REPUBLISHED BY DAILY KOS CLASSICS.
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Banana Republic.
Kleptocracy, alternatively cleptocracy or kleptarchy, (from Greek: ??έ???? - kleptēs, "thief"[1] and ??ά??? - kratos, "power, rule",[2] hence "rule by thieves"
is a form of political and government corruption where the government exists to increase the personal wealth and political power of its officials and the ruling class at the expense of the wider population, often with pretense of honest service.
This type of government is generally considered corrupt, and the mechanism of action is often embezzlement of state funds.
While the term can be used in its literal sense to mean a society based on theft, it is more commonly used derogatorily to point out a corrupt government or ruling class.
Lets put, ask or force him (turtle lips McConnell) to put on a JACKET to show who is BRIBING him just like when you see old Mickelson with his Barclay hat and golf shirt of all the corporations and the oligarpghy that pay his fees to golf, then the people will see how the corruption of political gain is making the few rich off the many and they (political, and corporations, oligarpghy ect...) rig the system just like pigs at a trough of greed.
Passing or attempting to pass laws for largeness for the few instead of for everyone.
FDR & Vice -President Wallace had it right and the Reagan trickle down economics for the last thirty-five years are showing how greed has corrupted the (small d) democracy and we need to say more about this and attempt to re-invigorate the FDR model and take back this country and the U.S. Supreme court who is backing this trickle down spiral of greed in everything, from the dismantling of voting, union representation, and whatever is in store for the health care, trdae deals, you name it 
One of the family ships was caught smuggling illegal drugs!!! Lots of them.
