Mitch McConnell: Debt Ceiling Deal May Be Short-Term Without Entitlement Cuts

How did Mitch McConnell become the 12th richest senator in the US Senate?:

Mitch McConnell'­s top asset is his holdings in the VanguardTa­xExemptMon­eyMarket, 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 IndexFund, 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 VanguardTa­xExemptMon­eyMarket.

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.

ElaineChao married McConnell in 1993, and was GeorgeWBus­h's anti- Labor Secretary for the full eight years.

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