Cantwell hold onto some wealth despite campaign

Other Washington senators have more modest holdings, disclosure forms say

MIKE MADDEN, GANNETT NEWS SERVICE

WASHINGTON -- The dot-com stock implosion and an expensive campaign against a powerful incumbent hit Sen. Maria Cantwell hard last year, but the first-term Washington state Democrat is still worth between $5 million and $26.5 million, according to financial disclosure forms made public Thursday.

Since taking office in January, Cantwell, 42, has become a Capitol Hill symbol of how costly a wealthy candidate's self-financed campaign really can be. Last year, Cantwell reported a net worth of between $27 million and $57 million -- meaning she has lost at least half of her fortune, and perhaps much more. Senate rules require lawmakers to disclose their holdings only in broad ranges, making exact estimates impossible. Members can exclude personal residences and cars from their reports.

Nearly all of Cantwell's wealth is in stock options with RealNetworks Inc., her former employer. She spent $6.5 million of her own money on her race against former Republican Sen. Slade Gorton and lent her campaign fund $3.7 million more, personally guaranteeing bank loans she took out to finance the maneuver. At the same time, RealNetworks stock plunged from a high near $60 a share to as low as $5. It closed Thursday at $10.70.

The company paid Cantwell a total of $10.8 million last year, including salary and stock options she exercised to pay for the campaign. As a senator, she will make $145,100 this year. Besides RealNetworks stock, Cantwell owns between $1 million and $2 million in bonds.

Her campaign still owes her between $1 million and $5 million, and Cantwell has co-signed for a loan to former campaign manager Ron Dotzauer of between $15,000 and $50,000. Cantwell listed outstanding loans from US Bank between $1 million and $6 million as liabilities.

"It certainly has been a steep drop over the past year due to the market volatility," spokesman Larry West said. "She's still doing OK ... We're making good progress on paying down the campaign debts."

Washington state's senior senator, Democrat Patty Murray, saw little change in her finances from 1999 to 2000, her filing shows.

Murray reported a net worth of between $300,000 and $800,000, mostly in her husband Robert's retirement account through his job with a shipping company in Seattle. They owned a handful of mutual funds, as well.

The South Sound's House members, Democrats Adam Smith and Brian Baird, both listed holdings that were comfortable but modest by the relatively rich standards of Congress.

Baird reported a total net worth of between $400,000 and $1 million, most of which is owned by his wife, Mary, who works for the United Nations. The couple held several retirement accounts and mutual funds as well as between $250,000 and $500,000 of Microsoft stock and a Tacoma home worth between $100,000 and $250,000.

Smith reported mutual funds and retirement accounts worth between $19,000 and $111,000, some belonging to him, some to his wife, Sara, and some held jointly.

Mike Madden covers Washington state and the Pacific Northwest for Gannett News Service.

On the web:

Sen. Maria Cantwell.

Sen. Patty Murray.

Rep. Brian Baird.

Rep. Adam Smith

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