Shumlin: The $10 Million Man

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Late today, Democratic gubernatorial candidate Peter Shumlin finally bared his assets. So, how much is he worth? More than $10 million.

Nearly half of that value — $4.55 million — is derived from his real estate holdings. He owns, or has a stake in, 17 separate properties Windham County, including his own Putney home.

He also owns a cabin on Cape Breton Island in Canada valued at $230,000.

Another sizable chunk of Shumlin's net worth — almost $4.2 million — is held in various stocks, cash and investments. He has another $1 million in stock in Putney Student Travel, his family's business, and seven vehicles worth a total value of $126,000. One of those vehicles is a 1964 Porsche and the other is a 1952 Dodge truck — the latter is the first vehicle he ever owned (see below to download the complete list).

Shumlin's net worth is not a complete surprise. Last year, according to his tax returns he reluctantly released earlier this year, he earned nearly $1 million. Of that, more than $600,000 was earned from his various real estate and stock investments.

"Peter grew up in a middle class family in Putney and with his brother turned their small, family business into a successful enterprise," said Alex MacLean, Campaign Manager.  "A successful, small business owner, Peter knows what it will take to create and sustain good jobs for Vermonters. Peter is running for governor so all Vermonters can have the same opportunity he has had to grow a successful, small business and raise a family in Vermont."

Dubie's campaign was quick to critique the multi-millionaire's assets.

"Peter Shumlin says he would like all Vermonters to have the opportunities he did, yet the anti-business tax policies he supports in the Legislature make that impossible. It is obvious why he does not object to paying more in taxes, as he can clearly afford it," said campaign manager Corry Bliss. For the rest of us who do not have millions in assets, higher taxes are an unaffordable luxury.”

Despite Shumlin's renewable energy mantel, he owns hundreds of thousands of dollars holdings in the oil and gas exploration companies including Pioneer National Resources ($161,000). The firm was recently fined $10,000 for injecting an unapproved chemical into its Alaska Slope pipeline. He also owns $45,000 in stock in Cabot Oil and Gas and Conoco, among other energy companies.

Cabot Oil and Gas was fined $240,000 earlier this year and had to close down three natural gas wells in Pennsylvania's Marcellus Shale because it had contaminated drinking water. The year before, Cabot was fined for contaminating surface water.

Shumlin's other major investments are spread largely among computer and tech giants 3M, Oracle, Microsoft and IBM, among others. He also owns about $77,000 in Unilever stock, the British food giant that owns Ben & Jerry's. His largest single investment holding is in Oracle at nearly $400,000. (see below to download the complete list)

Republican Brian Dubie listed his total assets earlier this year, and he barely squeaked by into the millionaire category at $1.18 million. His largest holding is a $947,000 farmhouse and sugaring operation up in Fairfield. He also has a State of Vermont 401(k) pension valued at $28,936 and an American Airlines 401(k) valued at $250,000. He did not list any individual stock holdings in his report (see below to download the complete list).

And here I always thought the Republican was supposed to be the richest guy in the race.

Peter Shumlin

Here is the complete list of his assets: Download Peter Shumlin Assets 2010

Here is the complete list of his investments:  Download Peter Shumlin Detailed Investments

Here is his tax return: Download Shumlin Taxes

Brian Dubie

Here is page one of Dubie's tax return: Dubie Tax Return (1)

Here is page two of Dubie's tax return: Dubie Tax Return (2)

Here is Dubie's listed assets: Dubie Assets

Photo Credit: Andy Bromage

Comments

[Todd for Vermont House]

It is obvious why he does not object to paying more in taxes, as he can clearly afford it

Thanks for making the argument that the rich can kick in a bit extra! Shall we follow the Snelling model?

[Jimmy]

I assume 7D will now make disparaging references to Shumlin's wealth multiple times per week, as Freyne did with Tarrant.

[murphy]

"Despite Shumlin's renewable energy mantel, he owns hundreds of thousands of dollars holdings in the oil and gas exploration companies including Pioneer National Resources ($161,000). The firm was recently fined $10,000 for injecting an unapproved chemical into its Alaska Slope pipeline. He also owns $45,000 in stock in Cabot Oil and Gas and Conoco, among other energy companies. Cabot Oil and Gas was fined $240,000 earlier this year and had to close down three natural gas wells in Pennsylvania's Marcellus Shale because it had contaminated drinking water. The year before, Cabot was fined for contaminating surface water."

How much more information do we need, to understand that this guy is a complete and total fraud when he purports to be for the little guy?

[Candy]

This election is going down as one of the stupidest in VT history. Plus 7days; are you kidding with this reporting? It's boring. No one cares. Shay, go find a real story.

[murphy]

Shumlin's uber-wealth IS a real story. He can't possibly identify with people who are barely ekeing out a living because of the anti-business, anti-working class policies of the state of Vermont.

[art]

You can't read anything into ownership of stocks that are in managed accounts. It's not like he personally called up a broker and put in an order for Unilever stock.

[Jimmy]

If he owns $161K of a stock, then he made a decision to buy that stock.

[ObamaSupporterForDubie]

Here's the real issue with Vermont: Peter Shumlin should be looked up positively for the contribution he's made to the Vermont economy in his private sector work. The fact that he has wealth and pays taxes in Vermont is a good thing.

We need more rich people like Peter paying taxes in Vermont, not taxing the rich more. I hope that Bernie still supports Peter now that his total assets are public.

[murphy]

"Here's the real issue with Vermont: Peter Shumlin should be looked up positively for the contribution he's made to the Vermont economy in his private sector work. The fact that he has wealth and pays taxes in Vermont is a good thing."

Hypocrisy Alert:

If the $10 Million Dollar Man were a Republican running for Governor, he'd be absolutely assailed as a greedy, rich, corrupt, and immoral by virtue of his excessive wealth, and as a speculator and developer, for owning rental properties.

He'd also be attacked for attempting to use his personal wealth to buy office.

Sound at all familiar?

But since he's running as a Democrat, the shoe is on the other foot, and we should admire him for being "successful."

[one_vermonter]

Hypocrisy Alert:

The Republicans play the same game.

If Dubie had $10 million, the GOP would hail him as a job creating, payroll meeting, hard working, bootstrap pulling, superman with a golden touch.

Since the Shumlin is a Democrat, Dubie and his followers attack him for being "greedy, rich, corrupt, and immoral."

It's desperate. It's transparent. It won't work.

Dubie's impotent attacks say way more about Dubie than they do about anyone else.

[Jimmy]

"The Republicans play the same game."

At least you admit the Dems are playing a game. And they essentially took away their defense of Shumlin by pointlessly attacking Rich Tarrant, who was probably going to lose anyway, just for having a lot of money. At least Tarrant didn't have significant questionable investments.

[one_vermonter]

Yep, and now the GOP looks foolish for going after Shumlin's wealth after defending Tarrant's.

Dubie supported Tarrant and never said a word about his wealth ... but now Dubie attacks Shumlin for his wealth.

Dubie's attacks are just hypocritical games.

[Jimmy]

"...after defending Tarrant's."

What were Tarrant's questionable investments, exactly?

"but now Dubie attacks Shumlin for his wealth."

Really? Citation?

[one_vermonter]

Read a paper, Jimbo.

[Jimmy]

In other words, you just made that up. (Kind of a) nice try, though.

[murphy]

"but now Dubie attacks Shumlin for his wealth."

Haven't see that so far.

But if and when he does do that, the lesson of attacking a political candidate for his wealth is a lesson taught by the Dems (McMullen, Vallee, Tarrant). Congratulations.

[murphy]

Shay,

It's time for you to report on the story that two members of the state police -- at least one of which was at the supervisory level -- attempted to fix the Ten Million Dollar Man's speeding ticket this summer, and Shumlin knew about it but didn't say anything. You know, the ticket incident in which Shumlin gave the officer his Senate ID card instead of his driver's license and remarked, "hope you'll be working for me someday."

[murphy]

Wait! Pete "global warming" Shumlin has SEVEN cars??? WTF?

[Phyllis]

So Peter made his money over-charging students to go abroad. Nice gig if you can get it, or your parents hand it to you.