By APRIL CASTRO
Associated Press
AUSTIN, Texas (AP) - Lt.
Gov. David Dewhurst has a net worth of at least $200 million, according
to federal disclosure reports obtained by The Associated Press.
Dewhurst, seeking the
Republican nomination to replace retiring U.S. Sen. Kay Bailey
Hutchison, filed the extensive report in Washington last month,
revealing for the first time the contents of a massive blind trust.
An analysis of the assets
showed his net worth at a minimum of $198.6 million, accounting for more
than $12 million in outstanding liabilities. Because the values were
reported in ranges rather than exact figures, his actual worth is
probably much more.
"This is a very wealthy
man," said Andrew Wheat, a research director for the watchdog group
Texans for Public Justice. "I don't know how to rate him compared to
other state or federal officials ... but he's got to be toward the top
of the tier in terms of assets."
The report reveals the
contents of a blind trust, as required by federal campaign law. It
includes investments in Boeing, Carmax and Carnival. The fund, worth at
least $50 million, also includes investments in Wells Fargo, Starwood
Hotels and Tiffany & Co.
A handful of the
investments were in companies that have been recipients of money from
the Texas Enterprise Fund, an economic development tool that requires
Dewhurst's approval before Gov. Rick Perry can dole out cash.
Wheat said revealing the contents of the blind trust is better for both Dewhurst and the public.
"When it's in a blind
trust, there's no transparency there at all and it's kind of a trust-me
deal," Wheat said. Disclosing the contents "also gives him the option of
recusing himself or steering clear if there's a huge conflict."
Dewhurst also reported debt
of more than $100,000 on an American Express Black card and at least
$30,000 in debt at Saks Fifth Avenue.
He listed a salary of more than $61,000 for being lieutenant governor.
If Dewhurst were in the
Senate this year, he'd rank third on the list of the richest members of
Congress. He's not quite as rich as Texas Rep. Michael McCaul, but
richer than Massachusetts Sen. John Kerry, according to information
compiled by the Center for Responsive Politics using data from the
Federal Election Commission.
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