He is one of the poorest men in the House of Representatives, but Rep. Dennis Kucinich from Ohio’s 10th district has taken a hit to his assets in the past year.
According to Kucinich’s financial disclosure from the year of 2008, he had member asset in a company called Digital News Reel which is owned by Hana Holding LLC., which Kucinich is a partner of.
The range of this asset had no value. But according to the 2007 financial disclosure, the asset had the value in the range of $100,001—$250,000.
In 2008 while his assets for the American Croatian Lodge, a social club for the Croatian community of Cleveland, and Congressional Federal Credit had the same value from 2007 at $1—$1,000, his Third Federal Savings Accounts assets had risen to a value of $50,001—$100,000.
So with the loss of the Digital News Reel stock, his total assets from 2008 are in the range $50,003—$102,000.
His other assets in 2007, one from the American Croatian Lodge and the Congressional Federal Credit were the same as 2008, assets in Third Federal Savings and Loan ranging from $1.001—$15,000, Kucinich’s total assets in 2007 were in the range of $101,003—$267,000.
According to the financial disclosure Kucinich may have lost over $100,000 in the past year. The maximum amount he had in his assets from the two years has dropped 62 percent.
When going into detail about Digital News Reel, when trying to get in contact with the corporation, its phone number listed on the Web site leads to a message that said the number was disconnected.
Information about whether Kucinich sold his stock or the company went out of business could not be found, but the loss of the Digital News Reel asset affected his net worth.
While his assets have changed, the amount of income has not been affected. In both 2007 and 2008 the American Croatian Lodge gave him an amount in the range of $1—$200, Third Federal Savings Accounts gave him an amount in the range of $201-$1,000 and Congressional Federal Credit gave him an amount of $1—$200.
Along with these sources of income, Kucinich had his salary for working in The House, which has increased from 2007 to 2008. According to a report from the Senate Web site, in 2007 representatives made a salary of $165,200. In 2008 the salary was raised to $169,300 a 2.5 percent increase.
Along with income staying the same, his liabilities stayed the same in the two years. In both 2007 and 2008 he had three different liabilities in the range of $15,000—$50,000. He had credit card payments due to American Express and loans from both the Congressional Credit Union and Thrift Savings Program.
Kucinich has campaigned for the Democratic Presidential Nomination in 2004 and in 2008.
You're the only person I've seen report on this. I have an interesting connection. I found out about Digital News Reel by searching for Chad Ely, Rep. Kucinich's media director. The first hit on Google is Mr. Ely's webpage, which is in and of itself an entertaining read. It appears, though, that Digital News Reel was a joint venture between the two men, while the company's technology is apparently an invention of Mr. Ely's own.
ReplyDeleteNow you've been to the Digital News Reel website. I agree, it's fishy that it's impossible to contact them. But read the descriptions of the technology. The product they describe doesn't sound revolutionary in the least. And the website itself doesn't give me a good impression of the people who created it. Is it really any surprise that this company (presumably) failed?
The big story here is that Dennis got hosed by the laughable business idea of his media director, the same guy who still produces the Representative's Youtube videos. It's not the bad economy; it was a bad economic decision.