Financial disclosures filed Friday afternoon show that Democrat Phil Bredesen – were he to be elected to the U.S. Senate over Republican front-runner Marsha Blackburn – would likely oust fellow Democrat Mark Warner (D-VA) to become the nation’s wealthiest sitting Senator.
Bredesen, who is running unopposed in the Democratic primary and is wooing Independents and moderate Republicans with rhetoric of ‘being the adult in the room,’ reports his total worth – including investments, assets, and income – at somewhere between $92 and $378 million.
The large 300% swing in the total value of his net worth goes to the nature of the reporting being largely expressed in ranges.
For example, the thirty-page report lists six bank accounts with cash values of as small as “$50,000 – $100,000” and as large as “$5,000,000 t0 $25,000,000.”
In all, the former Nashville Mayor and ex-governor disclosed investments totalling between $88.9 and $358 million. In addition to those holdings, Bredesen says is income for this reporting period (January 2017 to February 2018) from $3.3 million to $20.1 million, which includes $8,517 from his City of Nashville pension and $110,900 from his State of Tennessee pension.
The Associated Press reported that if he’s elected, he’ll resign as chairman of his solar energy company, Silicon Ranch Corporation, in which he reports he owns $25 million to $50 million worth of company stock.
Other notable investments include $500,000 to $1 million in Johnson & Johnson stock; $1 million to $5 million in stock with ONEOK Inc., a natural gas company; $1 million to $5 million in Proctor & Gamble stock; and $500,000 to $1 million in stock with Schlumberger Ltd., an oilfield services company.
A large chunk of Bredesen’s investments — $26 million to $130 million — is in 8 separate mutual funds, according to the report.
But while the reporting is extensive, it is by no means complete, as the federal disclosures do not require candidates to list personal wealth unrelated to business interests, like real estate (homes) and vehicles.
The AP notes that Bredesen earned much of his wealth in the health care field before his political career, and when was elected governor, much of his investments were transferred into a blind trust.
Perhaps taking a que from President Trump, the Bredesen told reporters would not release income tax return information, saying the Senate candidate disclosure is much more complete:
“I think it actually does a pretty good job,” Bredesen said of the federal disclosure. “You can look at that and it is a comprehensive list of anything that could be a conflict and you can make your own judgment when the time comes.”