Ruled by the 1%

Literally (h/t/ Truth-out)-

OpenSecretsBlog:

"Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 -- an increase from the previous year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark (D-Mass.), is a millionaire, according to forms she filed as a candidate."

And how one might ask - do they stay wealthy? Why, sound investments of course!

"General Electric continued to be the most popular investment for current members of Congress. In 2011, there were 71 lawmakers who reported owning shares in the company; in 2012, there were 74. The second most popular holding was the bank Wells Fargo, in which 58 members owned shares (up from 40 in 2011). Financial firms were well-represented in the 10 most popular investments: Bank of America came in sixth (51 members) and JPMorgan Chase was seventh (49 members). Both companies had more congressional investors than in 2011 (11 more for Bank of America and 10 more for JPMorgan Chase.)

Investing in instruments like mutual funds, managed portfolios and even hedge funds continues to be a popular strategy. Besides providing good returns, they also cushion lawmakers from accusations of having a conflict of interest when they take actions on the job that might impact specific stocks."