Herb Rubenstein might be the poorest 7th Congressional District Democratic candidate when it comes to campaign coffers, but he leads the pack in personal cash.
Rubenstein reported assets of between $1.1 million and $2.4 million and had an income last year of at least $100,000 from his law firm and various consulting jobs, according to financial disclosures released this month.
Rubenstein said his income has declined considerably since he started running for Congress full time.
“My wife owns an investment company, and she’s earning (our) living right now,” he said.
Rubenstein contributed $76,500 to his campaign through March from his personal savings, according to campaign finance records, and he said he expects to contribute about $50,000 more for television ads.
The other two Democratic candidates were considerably less wealthy. Ed Perlmutter reported between $315,000 and $675,000 in assets and a $113,981 salary last year from his law firm. Peggy Lamm had between $300,000 and $700,000 in assets and investment earnings between $70,000 and $170,000, not including a $90,000 salary last year as executive director of Bighorn Action, a job she quit in March.
The personal disclosures do not list exact amounts, providing ranges of assets and lists of income sources of more than $5,000.
Rubenstein and Lamm paid a $200 fine for being late in filing last year’s disclosures. Perlmutter spokeswoman Danielle Radovich Piper said the late filings show a disregard for good-government regulations.
“The voters have a right to know the personal finances in the race and what kinds of conflicts people might have,” she said.
Lamm said there was so much going on that she forgot. Rubenstein said it was such a complex document that he wanted to do it right and decided to file last year’s disclosure with this year’s.
Piper noted that Lamm had between $85,000 and $150,000 in income from oil companies, compared with Perlmutter, who reported $2,000 to $5,000 in revenue from oil. The candidate’s connections to oil interests have been a key issue in the race as gas prices soar to record levels.
“It lays to rest her oil and gas attacks on Ed,” she said.
But Lamm said those assets were gained from a divorce. That’s different, she said, from Perlmutter’s ties to the energy industry, which she said is raising money for him.
“There’s a huge difference between the work I have done representing consumers and oil interests advocating for you,” she said, adding that the $85,000 to $150,000 figure is what all the partners split from the investment, and she received only about $10,000.
The winner of the Democratic primary will face Republican Rick O’Donnell. O’Donnell reported between $132,000 and $330,000 in assets and about $150,000 in income last year.
Staff writer Christa Marshall of the Washington bureau contributed to this report.
Staff writer Arthur Kane can be reached at 303-820-1244 or akane@denverpost.com.
