Tue June 15, 2004
Shelby Personal Wealth Remains Large
By Alabama Public Radio
Washington, D.C. – Richard Shelby has one of the U.S. Senate's largest campaign war chests. He also continues to rank high in personal wealth despite taking a hit in the stock market last year. Senate personal wealth records were released Monday. The records say the Alabama Republican lost thousands of dollars last year when he sold shares of two bankrupt telecommunications companies. Shelby sold his shares of Global Crossing and WorldCom in November. Previous financial disclosure reports show his shares of Global Crossing were worth between 50 and 100-thousand dollars in 1999, but he sold them for less than a thousand. Also in 1999, his Worldcom shares were valued between 15 and 50-thousand dollars. Those were worth less than one thousand last year. The records say most of Shelby's wealth comes from real estate and a title company.