Shumlin: The $10 Million Man

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

This article appears in Sep 22-28, 2010.

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