"On the opposite side of the spectrum is Rep. David Valadao, R-Calif., the least wealthy member of Congress. He had an average net worth of negative $12.1 million in 2012, due to loans for his family's dairy farm."He's in partnership with his brothers. I'm not sure how the net worth works, though. Surely any commercial lender would ensure the partnership had assets to balance the loans--like $13 million worth of cows and barns and milking equipment and land? So he might have a zero net worth, but not negative? Something's going on here that's not explained.
Friday, January 10, 2014
Those Rich Farmers--Some Aren't
The least wealthy member of Congress:
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