Wednesday, May 16, 2007

Cheney's Wealth Eclipses Bushs'.


President George W. Bush held assets worth $7.5 million to $20 million last year, but was eclipsed by his vice president's wealth, financial records released on Tuesday showed.

Bush's assets included his 1,600-acre ranch in Texas, valued at $1 million to $5 million, where he usually spends his vacations.

He also reported assets of $775,689 from a limited liability company organized in 2003 to produce trees for commercial sales, which were expected in 2007.

Among his holdings were certificates of deposit, Treasury notes, a qualified diversified trust, and $116,000 assets of the GWB Rangers Corp., which is wholly owned by Bush from when he was co-owner of the Texas Rangers baseball team.

Cheney reported assets valued at $21 million to around $100 million. Cheney gained much of his wealth from his former role heading oil service firm Halliburton Co..

Cheney's largest holdings included investments in an American Century Investments International Bond Fund and a Vanguard short-term tax-exempt fund. He has 100,000 Halliburton stock options that are unexercised and designated for charity.

The financial disclosure statements only give the value of assets in ranges.

Bush reported gifts totaling $12,364 last year, including three separate sets of fishing equipment.

White House staff gave Bush two benches made of wood taken from the president's ranch, valued at $1,600, and a pair of $185 cuff links.

Cheney gave Bush an exercise trainer and cycle computer valued at $400 for his birthday and a $658 wireless weather station for Christmas.

Bush gave Cheney a $667 instrument to measure temperature, barometric pressure and tides for Christmas.

Bush received an assortment of clothing including shirts, ties, socks, cap and jacket. He received toy figures of explorers and accessories valued at $308, golf clubs and covers valued at $915, and three hand-carved wooden puzzles valued at

$2,378.

The vice president reported receiving $21,674 in gifts, including three fishing rods, a pair of $615 leather hunting boots and a $399 cowboy hat. The gifts were from individuals as well as groups such as the Fraser Institute in Canada and a company, Hatco Inc., of Texas which gave him the cowboy hat.

From senior members of the White House staff, Cheney received a $778 gift of an iPod and a collection of compact discs.

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