Either of the two men likely to represent the 21st District come January is already well off and is probably fond of telling us they don't need the money and are in the race for other reasons.
Matt Doheny is the most wealthy and Rep. Bill Owens is about what you would expect in wealth from a law career at Plattsburgh's most prestigious law firm.
Will Voters Trust a Candidate Who Isn't Rich ?
Kellie Green hasn't made her disclosure public as her treasurer is on vacation.Representing the district properly is hard work, so I have no problem with a candidate who says he or she will work hard to earn the pay. Money is and should be a motivator.
Candidates who say they don't need the money or aren't in it for the money are forgetting why all of us get out of bed in the morning and go to work or run our business.
Congressional candidates disclose income : PostStar.com - Glens Falls, Saratoga, Lake George NY area news
18 comments:
I see some baffoon from the FreeStuff camp left a comment on that story telling us that Doheny is not earning enough with his money. The commenter doesn't seem to know the difference between direct and indirect income as well as simple appreciation in asset value which is not recognized as income until the asset is sold.
He could only wish to be as inept with money as Doheny is.
Sure is funny to see the net wealth of Owens is less than an average retired trooper. Ha! Even Hoffman was worth more that Owens. And Owens is supposed to have some sort of business expertise? Please...
I feel sorry for Green. We should send him a donation for his campaign.
She needs a treasurer to release her financial statement? Ha! What happens when you call her headquarters? They put you through to the Scottsdale office? Offer to put you through to the personal department or the public relations department? The diversity department? How big is this ladies organization and how much does she make that she cannot handle her own income statement?
8:15- I hate to be mean, but actually you are using the wrong terminology yourself (I wouldn't have chimed in if you hadn't been so rude yourself). What you are referring to is realized versus unrealized income, not direct and indirect income. Direct versus indirect income is the difference between what you earn on your W-2 (direct) versus investment income (indirect). I believe what you meant to define was the difference between realized versus unrealized income (unrealized being income earned "on paper" but not realized through the sale of the asset, as an example). Since you seemed to be on the attack I thought I would at least encourage you to use the proper finance terms when you try to make an argument.
Anon 8:15... you appear to want to stay tuned to this forum with your insults on top of insults, but calling Ms. Green a "he" or sending "him" money is way over the top. Kellie Green is a woman.
Mr. Doheny will be greeted with open arms in the current congress, since nearly 1/2 of them are millionaires already ... of course, they worry about mainstreet, right? Yep, but only the parts they own.
I'm sure he would vote for the Ryan plan... figure that one out.
Maybe Don could afford to trim his hair and beard with the funds he raises just like john edwards did.
824.. He know it all... Greene is a lady you know a female.. I know all of you Doheny supporters forgot what a female or woman was but at least get you cheap shots correct please..
824.. Your the same Doheny operative buyt I have know answer for you. If you are really interested any anything other than being an a--hole call and ask....
8:15, are you referring to the poststar.com article? You are clearly not a money manager because that poster us correct. An actively managed portfolio of that size should have more realized gains. Either he is super conservative and has a lot of money in low interest savings accounts, bonds, CDs or other low-yield investments, or he is an unsophisticated, passive investor who just buys and holds everything (which does not speak well of his supposed business/wall street prowess) or he has all his investments in illiquid holdings, like real estate (which he should reconsider if only to follow the golden rule of investing, which is to
diversify). Based on 8:15's poor use of grammar and his poor understanding of local politics (I think his gender confused insult to Greene was actually meant for Hassig from the Green Party), I am not all that surprised he has a poor understanding of finance too. It's always a little fun when the nasty posters reveal their ignorance and get knocked down a bit though.
Sorry Danny and others offended. I met to say I feel sorry for Hassig of the green party. He did not have enough income to report. so he could really use a campaign donation. Danny, you yourself have spelled Greene's name without the "e" here before.
12:37 you need to read the first comment attached to the story Graham linked to, to understand what I was saying and why I was aggressive with my critique. Direct and indirect income is talked about in that article and the commenter criticized Dohney's ability to manage his own money. I introduced the concept of asset appreciation as a third category of income that is not realized, as a rebuttal to criticism of Dohney's supposedly small ROI . There certainly are other types of unrealized income but probably not that apply to Dohney's 20MM+- in assets.
6:18 it is always funny to listen to people who are not millionaires critique the fiance decisions of those who are. I am sure you can point us to studies that back your theory for actively managed portfolios.
I never heard anyone claim Doheny was a stock market gambler trying to beat the market. Where did you get that idea from? His expertise was in stepping in to save companies from people like you...companies there were poorly run.
6:44 - ding wrong> I posted what the other anon posted: "I feel sorry for Green. We should send him a donation for his campaign."
The absent "e" was his mistake, not mine... okay?
6:44- I agree with the other posters. A portfolio of that size should absolutely be diversified enough to have some active dollars at work that would result in more realized gains. A properly balanced portfolio has some income and some growth objective. It is just smart money management for a man his age. And he clearly has a multitude of financial accounts (in other words, not all his money is tied up in his own, presumably illiquid, fund). I don't want to make a federal case out of it, but I would be curious to learn his risk profile and investment strategy considering the meager realized gains.
6:44-actually that poster mentioned that Doheny likely had decent unrealized gains (and he used the term properly) but the fact that he reported such small realized gains was unusual given his investable assets. Direct income has nothing to do with it. So yes, Doheny may be a very passive investor who sits on real estate, stocks, bonds, PE investments, etc. and never liquidates his positions but it does beg the question, especially for an ex-wall street guy, is that wise investing? I think you will have a hard tine finding anyone in the industry who will say yes. It is "grandma style", that's all. Again, I think it was your attack dog approach of a weak argument and bad information that made your post so ineffective.
6:44- again, I don't want to be mean, but that poster on the other site actually mentioned your "third category of income". He said: " I am sure he has a lot of unrealized gains, but any financial advisor charged with managing a portfolio of that size would undoubtedly have it yielding a higher realized return than that." that is what "a lot of unrealized gains" means - what you describe as "asset appreciation". I don't want to beat a dead horse here, and you seem to have toned down the rudeness, but I wanted to be sure that the information was being interpreted and stated properly.
There is no doubt Doheny has a lot of unrealized gains, but his REALIZED gains are in fact a bit low. There could be an adequate explanation but it is interesting.
Ok, I think we get it. Greene is a woman, Hassig doesn't have a lot of money, Doheny's realized gains are low (for whatever reason) and the first guy who posted is clueless. Let's move on now.
Not to pile it on 815, but I hope he also realizes that not all Doheny detractors are part of the "FreeStuff Camp". Doheny has a lot of flaws and you don't need to be a democrat or a "free stuff" supporter to recognize that. Many republicans and libertarians find his poor character and condescending manner among other things unpalatable. It doesn't mean they want free stuff.
Each candidate needs to be asked point blank:
1. Do you support the "GOP/Ryan Budget Plan" now pending in the House?
2. Do you support the proposals put forth by Mitt Romney concerning the budget?
3. Do you support war with Iran?
4. Do you support vouchers for Medicare?
5. Do you support privatization of public education in favor of vouchers and a lotto system for parents to choose schools for their kids in competing schools?
6. Do you support the repeal of the Affordable Health Care act (so-called Obamacare)?
A simple yes or no to each of these questions is required. Fill-in the blanks later as needed for your PR effect and talking points.
Thanks. /s/ a concerned voter
9:37 - a 0.25% to 1% realized return doesn't even come close to keeping up with the market, never mind beating it. Especially since after reading the full disclosure report, it appears that between $3 million and $15 million are in bank or trading accounts, not his own company. And not a cent of the income earned off of those were in capital gains or dividends. All interest. I am betting he has at least half his money in checking accounts with that kind of yield. I guess you can give the man kudos for being conservative, which is the platform he is running on, but even my parents are making more money off their investments than he is, and he has millions to work with.
Dannie, STFU. Your party won't even "answer" a question as simple as a budget. How long is it now your party won't even take a stand on that simple issue? Yet you in your partisan pig ways think candidates should answer specific questions on issues you think are important. To me, there is no more important question than WHAT BUDGET do you propose. Then again people like you, on the take for most everything imaginable from free health care to tax breaks on your golf course home, probably think a budget is a minor issue. Why take a stand? Life is good, eh Dannie?
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