Financial disclosures: Manchin, Capito both grew wealthier in 2020
Aug. 15—MORGANTOWN — Sens. Joe Manchin and Shelley Moore Capito were both wealthier in 2020 than they were in 2018, according to their annual financial disclosures filed earlier this year Manchin's estimated net worth for 2020 was $8.6 million, compared to $7.6 million for 2018. Capito was worth $2.53 million, compared to $2.15 million in 2018.
The Dominion Post periodically reviews the net worth of the state's congressional delegation, employing a method used by the watchdog group Open Secrets for all members of Congress.
We total each person's reported assets and liabilities and subtract the liabilities from the assets.
Members report their holdings in broad ranges: $0-$1, 000 ; $1, 001-$15, 000 ; $15, 001-$50, 000 ; $50, 001-$100, 000 and so on.
We total the minimum and maximum values for assets and liabilities. To get the most probably range, we subtract the maximum liability total from the minimum asset total and the minimum liability from maximum assets.
This represents the extremes of what each person could be worth. From those extremes, we take the average as the estimated net worth.
For 2020, Manchin's asset values ranged from $4, 376, 067 to $12, 844, 100. He reported no liabilities. The midpoint was $8, 610, 083.50.
Capito's assets ranged from $1, 596, 629 to $4, 996, 000. She reported liabilities ranging from $475, 005 to $1, 065, 000. Using the formula put her range of worth from $531, 629 to $4, 520, 995, with the midpoint at $2, 526, 995.
Here's a look at some selected details from their reports.
Manchin OpenSecrets ranked Manchin 19th wealthiest in the Senate in 2018 and 67th overall in Congress. OpenSecrets hasn't yet published its compilation of 2020 filings.
For comparison, the richest senator in 2018 was Mark Warner, D-Va., worth $214 million. Current Majority Leader Chuck Schumer was worth $1.12 million and current Minority Leader Mitch McConnell was worth $34.14 million.
Manchin reported collecting $48, 282.24 from the state Public Employees Retirement System in 2020.
Members are required to report both their own and their spouse's assets and liabilities. His wife, Gayle Manchin, currently co-chair of the Appalachian Regional Commission, holds a savings account worth $500, 001-$1 million, which paid interest ranging from $2, 501-$5, 000.
Manchin reported two savings accounts, ranging respectively from $100, 001-$250, 000 and $50, 001-$100, 000. They produced interest ranging from $201-$1, 000 for the first and less than $201 for the second.
The Joe Manchin III Qualified Blind Trust is worth $500, 001-$1 million and generated revenue of $5, 001-$15, 000.
He owns a storage building in Fairmont worth $50, 001-$100, 000 that collected $2, 501-$5, 000 in rent. A commercial rental property in Fairmont is worth $250, 001-$500, 000 and collected $5, 001-$15, 000 in rent and $2, 382 in "ordinary business income."
He owns stock in Fairmont-based Enersystems, which he founded and is described as providing services and materials for utility plants (according to news reports, it supplies coal to Mon Power's Grant Town plant). The stock is worth $1, 000, 001-$5 million and produces $100, 001-$1 million in dividends plus $491, 949 in business income.
Manchin holds stock in two Morgantown-based companies. Figure 8 Surgical makes a sternal closure tool. CereDX (now Valtari Bio) is developing a blood test to aid rapid triage in stroke patients. The stock holdings for each is worth $1, 001 to $15, 001 and both generate dividends labeled "none, " meaning less than $201.
The final asset on Manchin's list is the house boat that recently made headlines as the site of a gathering of senators from both parties where Sen. Lindsey Graham, R-SC, subsequently reported testing positive for COVID despite being vaccinated.
Manchin reports the house boat being worth $100, 001-$250, 000.
Capito Open Secrets ranked Capito 46th wealthiest in the Senate in 2018 and 169th overall in Congress.
Capito has a stake in Disney magic. She owns Walt Disney Co. stock worth $15, 001-$50, 000.
She and her husband have stock in a number of energy companies: Duke Energy ($1, 001-$15, 000), NextEra Energy ($1, 001-$15, 000), ExxonMobil ($1, 001-$15, 000), Royal Dutch Shell ($1, 001-$15, 000), Chevron ($1, 001-$15, 000), Phillips 66 ($1, 001-$15, 000), Wisconsin Energy ($1, 001-$15, 000) and BlackRock ($1, 001-$15, 000).
They each have a Wells Fargo bank account, each worth $50, 001-$100, 000, and they report four separate stock holdings in Wells Fargo. They also have several Citigroup holdings.
Their high-tech stock includes Microsoft, Apple, AT &T, Cisco, Verizon and IBM.
Her husband owns stock in Viatris (which closed its Morgantown plant last month) worth $1, 001-$15, 000. Their other pharmaceutical holdings include Johnson & Johnson, Merck, Novartis, Pfizer, Roche, Abbott and Bristol-Myers Squibb.
They have a wide variety of holdings in the food industry: General Mills, Kellogg, McDonald's, J.M. Smucker, Coca-Cola, Mondelez and PepsiCo.
They have three box stores covered, with holdings in WalMart, Target and Lowe's.
Other holdings include Nordstrom, UPS, Ford, Colgate-Palmolive, Proctor & Gamble, #M and Nike.
Reps. David McKinley, Carol Miller and Alex Mooney all had reports due in May and all three filed for extensions. Their new deadline was Friday and a story on their filings will follow after their reports are published.
TWEET David Beard @dbeardtdp EMAIL dbeard @dominionpost.com