Politico reports that Texas Republican Congressman Mike McCaul (more or less of Austin – although with his heavily gerrymandered district it’s hard to pinpoint an epicenter) has reported approximately 7,300 stock transactions in an array of industries over a two-year period. McCaul is reportedly the first or second wealthiest member of Congress with an estimated net worth of almost $300,000,000. Yet, that aint enough apparently. McCaul and his family are voracious stock traders bent on acquiring even more money and creating a potential ethical quagmire as McCaul surely must be voting on matters that affect his personal wealth. Red foolishly thinks that a Congressman should actually pay attention to the business of the nation more than his own pocketbook.
Now don’t get Red wrong here. Red admires McCaul as someone who got rich the old-fashioned way. He married well. Most of McCaul’s wealth is held by his wife, Linda McCaul, the daughter of Clear Channel Communications CEO and founder Lowry Mays. His skyrocketing overall net worth appears to be the product of generational wealth transfer. If only Red had been so smart he too could have been busy carrying water for his corporate masters in D.C. in his spare time after he finished his day-trading.