Open Secrets
For the first time in history, most members of Congress are millionaires, according to a new analysis of personal financial disclosure data by the Center for Responsive Politics.
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. (There is currently one vacancy in Congress.)
Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million.
Comment: Another sociopath rewarded for his behaviour. Which shouldn't be surprising since the law enforcement and the judiciary are equally pathological. A rich teenager who killed four people and injured
nine others drunk driving got off with probation because he suffers from
"affluenza."
Ethan Couch enters court to be sentenced for the horror smash which killed four people [WFAA]
Ethan Couch, 16, was three times
over the limit when he ploughed his parents' pick-up truck into two
parked cars at 70 mph, causing a chain-reaction crash and killing four
pedestrians.
Two of the eight teenagers in the back of the truck
were thrown out, one of them suffering severe brain injuries and the
other broken bones and internal injuries.
The youths had spent a night partying, including stealing booze from a Walmart store, when they went on their wild joyride.
Couch
pleaded guilty to four counts of intoxication manslaughter and two of
intoxication assault in relation to the crash on June 15th.
Youth
pastor Brian Jennings; mother and daughter Hollie and Shelby Boyles; and
24-year-old Breanna Mitchell all died in the accident.
Couch was three times the drink drive limit when he caused the fatal crash [Youtube]The
prosecution asked for a 20 year prison sentence but Couch was put on
probation for 10 years after the court in Burleson, a suburb of Fort
Worth, Texas, heard evidence from defence psychologist Dr G Dick Miller.
Miller
said Couch was a product of "affluenza" and had been brought up with a
huge sense of entitlement because of his famliy's wealth.
Saying
the boy had "freedoms no young person should have," he told the court
that: "His family felt that wealth brought privilege and there was no
rational link between behaviour and consequences."
He said his
parents let him drive at 13, drink, and did not punish him when police
found him in a pick-up with a naked, passed-out 14-year-old girl when he
was 15.
Although Texas law calls for two to 20 years behind bars
for intoxication manslaughter and up to 10 years for intoxication
assault, State District Judge Jean Boyd opted for probation.
He
will also not be allowed contact with his parents and will be placed in
an "intensive, long-term treatment facility" in California.
The
parents will foot the £275,000 bill for his treatment, and they and the
boy are facing five lawsuits, one asking for £12.25 million.
Couch escaped a jail term after his lawyer successfully argued he suffered from 'affluenza' [WFAA] The decision has been heavily criticised as too lenient and not commensurate with sentences handed down to poorer defendants. [Ya don't say???]
'Money
always seems to keep (Couch) out of trouble,' said Eric Boyles, who
lost his wife and daughter in the smash. I felt that money did prevail.
If (he) had been any other youth, I feel like the circumstances would
have been different.'
Florida psychologist Dr Gary Buffone called the sentence a slap on the wrist for "a very serious offense.
"The defence is laughable. Not only haven't the parents set any consequences, but it's being reinforced by the judge's actions."
What do you do if you have more money than you can ever spend,
and own residences in most major metropolises around the world. You
invest in the most exclusive "third" (or fourth, or fifth) vacation
"house" that can be purchased by people for whom money is no object,
such as the $1 billion Faena Miami Beach, which has lined up as buyers
none other than the creme of the (bailed out courtesy of a
multi-trillion ongoing taxpayer bailout) Wall Street crop including
Apollo's Leon Black, and of course Goldman's very own resident of a duplex in 15 CPW,
Lloyd Blankfein. The Faena oceanfront development for the megarich is
financed by another billionaire, chairman of Access Industries, Len
Blavatnik, whose $16.1 billion net worth puts him 49th in the Bloomberg
Billionaires index.
What is it? Bloomberg covers the bases:
The project will feature an 18-story tower with 47 residences priced
at $3 million to $50 million, two luxury hotels and an arts center
designed by Pritzker Architecture Prize winner Rem Koolhaas.
Faena’s residential tower, designed by Norman Foster’s Foster +
Partners, also has attracted New York dealer Larry Gagosian among the
buyers, according to the people.
Some residences will have 20-foot ceilings to accommodate large
artworks, and many buyers requested to install special film in the
windows to protect the art from direct sunlight, he said.
Anchored by the historic Surf Club, where Winston Churchill came to
paint and Frank Sinatra and Elizabeth Taylor came to play, it will
include a five-star hotel and two 12-story residential buildings
designed by another Pritzker winner, Richard Meier. The Surf Club Hotel
& Residences will be Meier’s first project in Miami, he said at a
Dec. 5 poolside brunch celebrating the development.
The 8-acre (3.2 hectare) project includes more than 800 feet (244
meters) of beach, according to developer Nadim Achi. The 150 units will
include nine penthouses, each with a private garden and a swimming pool.
Three of the penthouses have sold for prices from $20 million to $25
million, he said.
“The mega-wealthy are looking for exclusivity, service and design,” Achi
said, drinking bottled water at a cabana overlooking the ocean and a
giant construction pit. “A lot of buyers who are deciding to make Miami
their second or third residence came through Art Basel.”
“Miami real estate is on steroids,” said Mera Rubell, a local art
collector who attended the Faena dinner. “The fantasy is about the
community. But what are the chances all these billionaires will show up
at the same time?”
From the building's website:
- Architecture and interiors designed by Foster+Partners
- Porte-cochère entrance with travertine paved drive
- Dramatic 27’ triple height lobby defined by polished black concrete fin walls
- Floor-to-ceiling window wall systems with wide, custom designed and engineered sliding panels
- Lobby walls in polished architectural concrete with blackened steel finish on all lobby doors
- Tranquil pools through the lobby area into the surrounding landscape
- Lobby and elevator flooring in polished stone
- Three passenger elevators with interiors in Bendheim glass and Japanese silk paper running at 500 feet per minute
- Dedicated service elevator running at 350 feet per minute
Interior Features
- Atlantic Ocean, bay and city panoramas through floor-to-ceiling glass
- Private or semi-private elevator vestibules
- Service entrances in 2 to 5 bedroom homes
- 10?-6? Ceiling Heights, 11? or 13? in Penthouses
- Entry foyers with stone flooring and teak entry doors
- Master bathrooms with double sink vanities, separate bathtubs and glass showers
- Morning Kitchens in master bedrooms of all penthouses
- Laundry Rooms with full sized side-by-side washer and dryers in most residences
- Choice of flooring: White Venetian Terrazzo or 8? Light White Oak
- Fan coil system with multiple zones to maintain better temperature and humidity control
- Integrated motorized blinds in dual tone fabric throughout residences
- Trapex door handles designed by Foster+Partners
- Trufig flush-mounted electric fixtures
- Optional Staff Quarters
Grand Scale
- Interiors range from 1,307 to 4,730 sq ft (121.4 to 439.4 sq m)
- Aleros range from 420 to 1,516 sq ft (39.0 to 140.8 sq m)
- Half floor Penthouses range from 4,243 to 6,399 sq ft (394.2 to 594.5 sq m)
- Half floor Aleros range from 2,727 to 3,887 sq ft (253 to 361 sq m)
Penthouse Features
- Total Living 18,253 sq ft (1695.8 sq m)
- Indoor 8,273 sq ft (768.6 sq m)
- Alero 7,299 sq ft (678.1 sq m)
- Private Rooftop with pool 2,681 sq ft (249.1 sq m)
And the punchline from none other than Blavatnik, wearing his best salesman outfit:
“I remind you, there are very few apartments left,” he told the crowd from a stage. “Hurry.”
Hurry indeed, before the music stops, the Fed's liquidity tide recedes, and people start asking questions.
In the meantime, this is what Lloyd and company will buy with the Fed's "wealth effect."
