Tags: Bernanke | Portfolio | fed

Bernanke's Personal Financial Portfolio Booms

Thursday, 05 Aug 2010 08:41 AM

Federal Reserve Chairman Ben Bernanke's wealth rose last year, according to recently released financial-disclosure forms.

As of the end of 2009, Bernanke's assets were valued between $1.2 million and $2.5 million, the same as in 2007. When the bottom fell out of the market in 2008, the holdings were valued between $850,000 and $1.9 million, The Wall Street Journal reports.

Much of the increase in the value of Bernanke's investments came from a large-cap stock variable annuity in his portfolio, which increased from between $250,000 and $500,000 in 2008 to between $500,000 and $1 million at the end of 2009.

The Fed head also supplemented his $196,7000 salary with between $200,000 and $2 million in textbook royalties.

The net worth of Fed governors also increased. Kevin Warsh listed assets of between $802,000 and $1.8 million at the end of last year, up from $670,000 to $1.4 million in 2008. Warsh also reported assets in the tens of millions of dollars held by his wife, Jane Lauder.

Fed Governor Daniel Tarullo listed assets between $1.4 million and $3.5 million. Governor Elizabeth Duke showed assets of between $3.5 million and $8.2 million.

Fed Vice Chairman Donald Kohn, who is scheduled to soon step down, will release his disclosure later.

Figures from The Heritage Foundation show that the federal government pays its employees substantially more than they would earn in the private sector.

The current federal pay system not only pays hourly wages 22 percent above that of comparable private-sector workers, but provides more generous healthcare and pension plans.

Overall, federal workers receive total compensation between 30 percent and 40 percent more than similarly skilled private-sector workers and enjoy almost total job security.

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Federal Reserve Chairman Ben Bernanke's wealth rose last year, according to recently released financial-disclosure forms. As of the end of 2009, Bernanke's assets were valued between $1.2 million and $2.5 million, the same as in 2007. When the bottom fell out of the market...
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2010-41-05
 

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