Burris worth $1.8 mil.?
FINANCES | Disclosure report offers 1st look at embattled senator's income, assets
U.S. Sen. Roland Burris and his wife had a net worth in 2008 between $906,000 and $1.8 million, Burris reports in a new federal financial disclosure.
In it, Burris confirms having an ownership stake in a small piece of land near where an Indian casino was proposed in south suburban Lynwood.
(AP)
Burris has 19% approval rating, but 2010 bid a 'possibility' Burris worth $1.8 mil.?
When Burris and other investors bought the land, he was lobbying government officials to approve the casino plans on behalf of the Ho-Chunk Nation tribe.
Most of the assets Burris reported having involve investment holdings. But he said he and his wife also made more than $338,000 last year from his now-dissolved consulting firm, legal work, their pensions and his spot on a real estate development company's board.
Burris filed the report with the secretary of the U.S. Senate and provided a copy to the Sun-Times before its public release next month. It offers the first glimpse into the embattled senator's finances.
Apart from investment income, Burris reported his largest source of income was a $118,201 state pension -- a benefit paid as a result of his 16 years as Illinois' state comptroller and attorney general.
He also reported making $93,492 last year from the breakup of his lobbying firm, Burris & Lebed Consulting. Part of that came from 11 clients which each paid Burris at least $5,000 or more last year, spokesman Jim O'Connor said.
The clients included Comcast, the Illinois Funeral Directors Association, the Metropolitan Chicago Healthcare Council, ACS Healthcare Solutions, Advocate Healthcare Systems, the village of Wheeling, Victory Gardens, Cybersettle, the Guaranteed Rate Mortgage Association, ASK Public Relations and Micro-Sun Technologies.
Burris said he received $61,600 in attorney's fees from the law firm Gonzalez Saggio & Harlan, from which he resigned in December. He also disclosed $63,600 in director's fees from being on the board of Inland Real Estate Corp., a post he relinquished in January.
The only debt Burris cited was a mortgage with Chicago's Lakeside Bank. Burris said the five-year, 5.875 percent mortgage was for unspecified "undeveloped land."
Cook County property records show Burris and three partners bought property in 2004 for $223,000 and took out a $182,000 mortgage. Burris' lobbying partner, Fred Lebed, was among the investors, as was another of their firm's lobbyists, Richard B. Davis.
Their consortium bought a 51,836-square-foot parcel at the southeast corner of Glenwood Dyer Road and Stony Island Avenue in Lynwood, which appears to be between the site that was proposed for the casino and the Glenwood Dyer Road interchange at Interstate 394.
The Ho-Chunk Nation Indian tribe had sought federal approval to open a casino in Lynwood, but O'Connor said that effort is now dormant. Between 2003 and 2005, Burris and Lebed's lobbying firm represented Ho-Chunk Nation.
O'Connor said he was uncertain what plans Burris has for the land.
Burris is the subject of a U.S. Senate ethics probe and a perjury investigation by Sangamon County State's Attorney John Schmidt for vague and contradictory information he provided under oath to an Illinois House panel that put together the impeachment case that resulted in the ouster of Rod Blagojevich as Illinois' governor.
Burris has ignored calls to step down from Gov. Quinn, Sen. Dick Durbin and other Democratic Party leaders since being appointed Dec. 29 by Blagojevich, who has been indicted on federal charges that include an allegation he tried to trade the appointment to the Senate seat, which was left vacant by President Obama, in exchange for campaign contributions.
Burris has said he did nothing wrong but has acknowledged being asked by the ex-governor's now-indicted brother to raise money for Blagojevich last fall. Burris said he tried but was unable to get campaign contributions for Blagojevich.