Maine’s congressional delegation discloses assets


U.S. Sen. Olympia Snowe, R-Maine, continues to be the wealthiest member of Maine’s four-member congressional delegation, according to annual financial disclosure reports made available to the public Wednesday.

The reports, filed by members in May, detail their wealth in 2009. They list all assets, income and investments for members, excluding their $174,000 annual congressional salary and benefits, and their home residences.

Snowe and her husband, former Maine Gov. John McKernan, have assets worth between $12 million and $46 million, according to the filing. The reports require that disclosures be made in wide-ranging brackets, which accounts for the vast variability. For example, the couple’s largest asset is common stock in Education Management Corp. and falls in the category of being worth between $5 million and $25 million.

McKernan earned a salary at the Pittsburgh-based education company, where he has held a variety of positions in the past, including chief executive officer and chairman of the board. He also earned income from BorgWarner Inc. of Auburn Hills, Mich., which produces vehicle engine and powertrain technology and products; Goold Health Systems of Augusta, a health care management company that specializes in providing state Medicaid pharmacy benefit services; and Scholastic Inc. based in New York City, a children’s book publisher and distributor, according to the report.

None of the other members have spouses.

Snowe’s report details a wide array of annuities, equity funds and other investments. Her net worth is about the same as it was in last year’s report.

U.S. Sen. Susan Collins’ report lists only five assets, including an annuity, a pair of IRAs and two bank accounts. The Republican’s assets total between $110,000 and $300,000, about the same as the previous filing.

U.S. Rep. Mike Michaud, a Democrat representing the 2nd District, has assets between $222,000 and $690,000, according to the most recent annual report. He earns rental income on three properties – two on Main Street in East Millinocket and one on Greenwood Street in Augusta. The total rental income was listed at between $12,500 and $35,000. He also owns 6.5 acres in Medway, worth between $1,000 and $15,000.

U.S. Rep. Chellie Pingree, who represents the state’s 1st Congressional District, has assets of between $600,000 and $1.25 million, according to the report. The Democrat earns no income from the bed and breakfast she owns on North Haven, an island in Penobscot Bay, but she has eliminated the mortgage debt she listed in the previous year’s report.

Michaud was the only member of the delegation to report taking a trip on someone else’s dime, a two-day venture to Hilton Head in South Carolina, paid for by the Forest Resources Association.

None of the members or McKernan have debt totaling more than $10,000.

For more information on members’ financial disclosures, visit

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