Representing Louisiana in the US Senate, Senator John Kennedy’s net worth is a focal point for many curious Americans. In this piece, we’ll take a look at his wealth, assets, and investments, as well as any related insider trading controversies.
Table of Contents
Who is John Kennedy?
John Kennedy was born on November 21, 1951, in Centreville, Mississippi. He attended Vanderbilt University, where he earned his Bachelor of Arts in Political Science, Philosophy, and Economics. Later, he received a law degree from the University of Virginia School of Law and completed his education with a Bachelor of Civil Law from Oxford University in England.
John Kennedy started his political career as a Democrat but switched to the Republican Party in 2007. He has served in various capacities, including Secretary of the Louisiana Department of Revenue and Treasurer of Louisiana. He became a US Senator in 2017.
John F. Kennedy Becomes The 35th President of the United States
John F. Kennedy was sworn in as the 35th president on January 20, 1961. In his inaugural speech he spoke of the need for all Americans to be active citizens. “Ask not what your country can do for you, ask what you can do for your country,” he said. He also asked the nations of the world to join together to fight what he called the “common enemies of man: tyranny, poverty, disease, and war itself.” President Kennedy, together with his wife and two children, brought a new, youthful spirit to the White House.
The Kennedys believed that the White House should be a place to celebrate American history, culture, and achievement. They invited artists, writers, scientists, poets, musicians, actors, and athletes to visit them. Jacqueline Kennedy also shared her husband’s interest in American history.
Gathering some of the finest art and furniture the United States had produced, she restored all the rooms in the White House to make it a place that truly reflected America’s history and artistic creativity. Everyone was impressed and appreciated her hard work.
The White House also seemed like a fun place because of the Kennedys’ two young children, Caroline and John-John. There was a pre-school, a swimming pool, and a tree-house outside on the White House lawn.
President Kennedy was probably the busiest man in the country, but he still found time to laugh and play with his children.
However, the president also had many worries. One of the things he worried about most was the possibility of nuclear war between the United States and the Soviet Union.
He knew that if there was a war, millions of people would die. Since World War II, there had been a lot of anger and suspicion between the two countries but never any shooting between Soviet and American troops.
This ‘Cold War’, which was unlike any other war the world had seen, was really a struggle between the Soviet Union’s communist system of government and the United States’ democratic system. Because they distrusted each other, both countries spent enormous amounts of money building nuclear weapons.
There were many times when the struggle between the Soviet Union and the United States could have ended in nuclear war, such as in Cuba during the 1962 missile crisis or over the divided city of Berlin.
President John Kennedy worked long hours, getting up at seven and not going to bed until eleven or twelve at night, or later. He read six newspapers while he ate breakfast, had meetings with important people throughout the day, and read reports from his advisers. He wanted to make sure that he made the best decisions for his country. “I am asking each of you to be new pioneers in that New Frontier,” he said.
The New Frontier was not a place but a way of thinking and acting. President John Kennedy wanted the United States to move forward into the future with new discoveries in science and improvements in education, employment and other fields. He wanted democracy and freedom for the whole world.
One of the first things President Kennedy did was to create the Peace Corps. Through this program, which still exists today, Americans can volunteer to work anywhere in the world where assistance is needed.
They can help in areas such as education, farming, health care, and construction. Many young men and women have served as Peace Corps volunteers and have won the respect of people throughout the world.
President Kennedy was also eager for the United States to lead the way in exploring space. The Soviet Union was ahead of the United States in its space program and President Kennedy was determined to catch up.
He said, “No nation which expects to be the leader of other nations can expect to stay behind in this race for space.” Kennedy was the first president to ask Congress to approve more than 22 billion dollars for Project Apollo, which had the goal of landing an American man on the moon before the end of the decade.
President Kennedy had to deal with many serious problems here in the United States. The biggest problem of all was racial discrimination. The US Supreme Court had ruled in 1954 that segregation in public schools would no longer be permitted.
Black and white children, the decision mandated, should go to school together. This was now the law of the land. However, there were many schools, especially in southern states, that did not obey this law. There was also racial segregation on buses, in restaurants, movie theaters, and other public places.
Thousands of Americans joined together, people of all races and backgrounds, to protest peacefully this injustice.
Martin Luther King Jr. was one of the famous leaders of the movement for civil rights. Many civil rights leaders didn’t think President Kennedy was supportive enough of their efforts. The President believed that holding public protests would only anger many white people and make it even more difficult to convince the members of Congress who didn’t agree with him to pass civil rights laws.
By June 11, 1963, however, President John Kennedy decided that the time had come to take stronger action to help the civil rights struggle. He proposed a new Civil Rights bill to the Congress, and he went on television asking Americans to end racism. “One hundred years of delay have passed since President Lincoln freed the slaves, yet their heirs, their grandsons, are not fully free,” he said. “This Nation was founded by men of many nations and backgrounds…[and] on the principle that all men are created equal.” President Kennedy made it clear that all Americans, regardless of their skin color, should enjoy a good and happy life in the United States.
Who Was John F. Kennedy’s Dad?
John F. Kennedy’s dad was Joseph Patrick Kennedy, Sr., a businessman and politician who managed to thrive throughout some of the most tumultuous periods of history in the United States.
Joseph P. Kennedy had many jobs during his life. He earned money as a:
- Commodity and stock investor
- Bank examiner
- Real estate investor
- Liquor importer
- Entertainment investor
Kennedy also served the U.S. government in several ways. He was:
- SEC chairman from 1934 to 1935, helping establish the agency
- Chairman of U.S. Maritime Commission from 1937 to 1938
- The U.S. ambassador to the United Kingdom from 1938 to 1940
He also used his political connections to help launch the careers of his sons, John, Robert, and Ted Kennedy.
Senator John Kennedy’s net worth
Senator John Kennedy’s net worth is estimated to be around $18.1 million according to Incomepedia. His wealth is primarily generated from stakes in several businesses and mutual funds, and it seems that his political career and time as a senator seem to have no major influence on his net worth.
Real Estate
The John Kennedy real estate holdings became legendary: family compounds at Hyannis Port on Cape Cod, and in Palm Beach, Florida, as well as homes outside New York City. Joe Kennedy held a majority ownership in the Hialeah Race Track in Miami. In 1945 Kennedy formed a trust to buy the Merchandise Mart, an enormous sales center in Chicago built by Marshall Field, which was the world’s largest building at the time.
Hundreds of Millions
Joe Kennedy’s money may have had unsavory sources as well. He is rumored to have imported liquor during Prohibition, working with mobsters in that industry (he later sold his legitimate liquor importing business to a known mobster named Abner “Longy” Zwillman). Joe Kennedy never publicly revealed his wealth, but the New York Times estimated his net worth at $500,000,000 when he died in 1969.
Donated Salary
Unlike their father, none of Joe Kennedy’s sons went into business. Instead, they pursued his dream: elected office. As a young man, John F. Kennedy never seemed to carry any money with him; friends knew to pay the tab and send the check to Joe’s office to be reimbursed. As one of the wealthiest presidents of the United States, Kennedy donated his salary — $100,000 a year — to charity.
Millionaires’ Club
Many wealthy Americans are in politics today, making the Kennedys’ fortune seem less noteworthy. By 2003, Edward Kennedy was just one of 40 millionaires in the U.S. Senate. His net worth, disclosed at over $9.9 million, placed him in the top ten but well below his colleague from Massachusetts, John Kerry, whose $163.6 million topped the list.
Smart Investing
In 1998, Merchandise Mart and other properties were sold for $625 million — a 50 year return on profit of nearly 2,000%. The Merchandise Mart was the last business the Kennedy family owned; its assets are now primarily in the form of securities. In 1990, before the stock boom of that decade, Forbes estimated the family’s wealth at $850 million.
How did John Kennedy make his money?
Joseph Kennedy made his money by understanding how the economy was changing during his lifetime. After graduating from college, he took a job that gave him unfettered access to the banking industry, giving him a chance to learn about finance from the inside.
Kennedy’s upper-middle-class family gave him a financial and social head start. He was able to borrow money from his parents and use the funds to purchase a controlling stake in the bank his father worked for. He became the bank’s CEO at just 25.
Joseph Kennedy wasn’t satisfied with the riches an executive job could offer. He poured his money into smart investment opportunities to grow his wealth. He invested heavily in the stock market but wisely withdrew from the market before the Great Depression ruined many American families.
Other ventures that helped Kennedy build a financial empire included interests in:
- Metal
- Producing materials for the military (a lucrative move during World War I)
- Real estate
- Importing liquor when Prohibition ended
John Kennedy’s wealth ensured that future generations had the stability needed to pursue interests in government, entertainment, and philanthropy.
John Kennedy built his wealth through a combination of his salary, legal practice, and investments.
Salary
As a US Senator, Kennedy earns an annual salary of $174,000. Before his Senate career, he also drew earnings from his time as Louisiana’s State Treasurer and his legal practice.
Other sources of income
In addition to his salary, Kennedy has made money through:
- Legal practice: Kennedy worked at prestigious law firms and held significant legal positions before his full-time political career;
- Investments: According to Incomepedia, Kennedy made savvy investments over the years, contributing significantly to his net worth;
- Book royalties: Kennedy has authored books and articles, earning royalties that add to his income.
Kennedy’s assets and investments
Senator John Kennedy has a diversified portfolio with stakes in various publicly traded companies. His assets in 2016 were between $6,459,132 and $18,165,000. Some of his notable assets include:
- 102 acres on Church Street valued between $1,000,001 and $5,000,000;
- SCHM—Schwab US Mid-Cap ETF valued between $550,003 and $1,100,000;
- RiverNorth Institutional Partners valued between $500,001 and $1,000,000;
- 89 Fort Panic Road, Santa Rosa Beach, Florida 3245 valued between $500,001 and $1,000,000;
- PowerShares QQQ Trust Mutual Fund valued between $300,003 and $750,000.
Insider trading involvement
Insider trading has become a hot topic in politics, with several lawmakers facing scrutiny. However, there have been no significant allegations or evidence suggesting that Senator John Kennedy engaged in insider trading.
Holding Foreign Insiders Accountable Act
Senator Kennedy has shown concern about the issue and introduced the Holding Foreign Insiders Accountable Act to deter executives of foreign companies from insider trading at the expense of American investors. The act aims to hold the executives of foreign companies that are traded on US stock exchanges to the same disclosure requirements that executives of US-based firms follow.
What Did Joe Kennedy Do For a Living?
Joe Kennedy did many things for a living, although he primarily worked as an investor. He had a keen eye for spotting untapped opportunities in any economic climate.
After graduating from Harvard University, Kennedy became a bank examiner for Massachusetts. This opportunity exposed him to the inner workings of banks and other financial institutions.
Kennedy’s first major investment took place in 1913, when he borrowed $45,000 (about $1.3 million in today’s money) to purchase control of the Columbia Trust Bank. He was only 25 years old when he became the bank’s president.
Joe Kennedy used the money from his initial investment to build an empire that took advantage of emerging opportunities. For example, he got involved in producing warships when he realized the U.S. would likely enter World War I.
During the Great Depression, Kennedy focused on his real estate portfolio to avoid the risk of buying stock. He likely became a multi-millionaire (today’s equivalent of someone with about $3 billion) during the depression. While most Americans struggled, he found ways to thrive.
Joe Kennedy knew how to separate his personal beliefs from his business interests. He didn’t approve of the U.S. involvement in WWI but profited from it. Similarly, he invested in liquor importing even though he had a negative view of the substance.
How much is John Kennedy worth?
As reported, Senator John Kennedy’s net worth stands at around $18 million. His financial portfolio, which consists largely of various business interests and mutual fund investments, is the main source of his wealth. Interestingly, his tenure as a senator and his political endeavors do not appear to have a significant impact on his financial status.
Joseph Kennedy Scandals
Kennedy had some strong opinions about the role the U.S. should play in world politics. Although he was a well-connected politician and friend of Franklin D. Roosevelt, many tried to distance themselves from him during the World Wars.
For the most part, Kennedy believed the U.S. shouldn’t intervene in WWI or WWII. Still, he thought it made sense to meet with Adolf Hitler and try to reach an agreement with him.
Kennedy even tried to secure a personal meeting with Hitler without contacting the U.S. Department of State. The majority of newspapers wrote scathing articles when they learned about this.
John Kennedy also drew ire for his antisemitic remarks. He frequently used ethnic slurs when speaking about Jewish people. He also believed in conspiracy theories about Jewish people running banks and the media. Kennedy didn’t try to hide these beliefs. He spoke openly to reporters about them. When the White House learned about his interviews, Roosevelt’s administration recalled him from his post as Ambassador to England.
Although Kennedy identified as a Democrat, he sided with Republican Senator Joseph McCarthy’s anti-communist crusade. He and McCarthy had been friends for years and shared a hatred for anything they didn’t perceive as pro-America and pro-capitalist. This pitted a large number of Democrats against McCarthy.
The ties between McCarthy and the Kennedy family were so strong that John F. Kennedy wouldn’t speak against the Republican when running for a Senate seat.
Who Made Money From Prohibition?
Criminals willing to risk their lives and freedom made money from Prohibition. People didn’t stop wanting to drink alcohol when the government banned it in 1920. Not surprisingly, criminal gangs stepped in to meet consumer demand.
There are, however, rumors that Joseph Kennedy made millions from bootlegging. Most historians say there isn’t any evidence to support this. A few of the era’s biggest mob bosses said they worked with Kennedy, but those testimonies don’t stand up to scrutiny. More likely than not, they just wanted to associate themselves with one of the era’s richest people.
Kennedy did make a lot of money from importing alcohol after Prohibition ended. He co-founded the business Somerset Importers with the son of Franklin D. Roosevelt and established exclusive deals importing brands like Dewar’s Scotch and Gordon’s Dry Gin.
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