Smith, G Sen

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<strong>10. Sen. Gordon Smith (R-Ore.)

$28.65 million</strong>

If you take financial disclosure forms seriously (never a good idea), you might be led to believe that Smith’s net worth tripled last year. His 2006 financial disclosure form disclosed net assets of about $8.5 million.

But Smith’s worth is largely derived from Smith Food Sales, a purveyor of frozen vegetables. In 2006 he listed that asset as being worth $5 million to $25 million. In 2007, the value has jumped to the next category, $25 million to $50 million, so even if the value of the asset rose from just under to just more than $25 million, the effect on the disclosure form is to add $20 million to Smith’s minimum net worth. Since Smith doesn’t have to report the assets of the corporation, his actual net worth may be far above what is reported on the Congressional form.</p>