The Campaign Spot

The Lost Fortunes of the Underpaid Representative Jim Moran

Representative Jim Moran, retiring at the end of the year, declared recently: “I think the American people should know that the members of Congress are underpaid.”

Some unmentioned context:

Moran has also had personal financial troubles. A former stockbroker, Moran lost roughly $120,000 from trades and bad investments in the mid-1990s and went into significant debt. During their divorce, his second wife accused him in court papers of “wasting the family assets on his stock market gambling.”

Moran was an active trader again in the mid-2000s, with assets owned by his wealthy third wife. After their 2010 separation and eventual divorce, his financial situation changed significantly. His most recent financial disclosure report, covering 2012, shows him to be one of the least wealthy members of Congress, with no assets other than a money-market account worth $15,000 or less.

As recently as 2007, Moran’s wealth was estimated at $12.7 million.

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