If a wealthy family existed in America, the Kennedys would be the most prominent family with titles.
The net worth of Senator John Kennedy is not the only worth that surprised the proud people of the US, as several members of the Kennedys accumulated their substantial net worth through politics.
Over the past 50 years, numerous members of the Kennedy family have occupied almost every political position available in America, including senator, mayor, congressman, state representative, ambassador, SEC chairman, city councilman, and even president.
The source of the ongoing influence of the Kennedys is well known. Joseph P. Kennedy, who previously made significant money through insider trading and later chaired the SEC, ensured that the family became extremely wealthy.
However, the exact net worth of America’s foremost family is not widely known. According to Forbes, the combined wealth of the extended family is approximately $1 billion.
The fortune of the Kennedy family is safeguarded by a complex system of trusts and tax planning that would make Joseph P. Kennedy proud.
As of 2013, Caroline Kennedy is the wealthiest family member, with an estimated net worth of around $175 million.
However, even less affluent relatives like Robert Shriver, who is running for Los Angeles County Supervisor, still hold assets worth tens of millions of dollars.
Most of the Kennedy family’s wealth is held in multiple trusts, with values ranging from tens of thousands to as high as $25 million.
These trusts are nearly entirely managed by Joseph P. Kennedy Enterprises, a family office in New York City that has been operating since 1927.
Christopher Kennedy, a member of the Kennedy family who serves on the board of the office, confirmed this.
Most Americans are eager to learn about Senator John Kennedy’s net worth, and whether he is related to President John Kennedy, after he made headlines over his claim on modern banks.
Despite sharing the same first and last name as the 35th president of the United States, he is not connected to the Kennedy family from Massachusetts.
Louisiana Senator John Kennedy: Banks Compared to “Sophisticated Ponzi Schemes”
Louisiana Senator John Kennedy expressed worry about the US banking system, stating that technological advancements have exposed its vulnerabilities.
In an interview with CNBC, the Republican senator likened the current state of banks to the infamous Ponzi scheme run by Italian con artist Charles Ponzi over a century ago.
Kennedy emphasized that trust is the only fundamental factor that banks can rely on to survive.
He said, “They are essentially, don’t take this the wrong way, sophisticated Ponzi schemes, and they operate when everybody trusts each other.”
Senator Kennedy’s comments coincided with a significant drop in the share prices of several regional banks last week.
PacWest Bancorp, which offers banking and treasury management services to small and medium-sized businesses, saw its share price plunge by 44% in the past week.
Western Alliance Bancorporation, an Arizona-based regional bank, also experienced a significant decline, losing nearly 27% of its share price during the same period.
Metropolitan Bank Holding Corp is also down almost 30% for the week, despite surpassing earnings expectations just weeks prior.
After his statement, you might need to know about his early career and when he started to merge his assets and capital into his net worth.
The Initial Professional Contribution to Senator John Kennedy’s Wealth
John is a politician and lawyer from Louisiana who has been serving as a junior United States senator since 2017.
Prior to that, he held the position of Louisiana State Treasurer from 2000 to 2017. Kennedy was a member of the Democratic Party until 2007, after which he switched his party affiliation to Republican.
He began his career as a staff member for Governor Buddy Roemer. He later ran for state attorney general in the 1991 election but was unsuccessful.
In 1999, he was elected as the state treasurer of Louisiana, a position he held for four consecutive terms from 2003 to 2015.
Kennedy ran for US Senate in 2004 and 2008 but did not emerge victorious. In 2007 he switched to the Republican Party.
In 2016, when US Senator David Vitter chose not to seek re-election, Kennedy ran for the Senate again.
He won the November nonpartisan primary and defeated Democrat Foster Campbell with 61%–39% in the December runoff, eventually being sworn in on January 3, 2017.
In the 2020 presidential election, Kennedy was among six Republican senators who objected to the certification of Arizona’s electors.
Kennedy was re-elected to the United States Senate in 2022. He won the election by defeating twelve opponents with 62% of the vote in the first round.
What is Senator John Kennedy’s Age?
John Neely Kennedy is 71 years old, as he was born on November 21, 1951, in Centreville, Mississippi.
Kennedy grew up in Zachary, Louisiana. He graduated as co-valedictorian from Zachary High School in 1969 and later attended Vanderbilt University.
He graduated magna cum laude with a division major in political science, philosophy, and economics.
During his time at Vanderbilt, Kennedy served as the president of his senior class and was elected to Phi Beta Kappa.
He attended the University of Virginia School of Law in Charlottesville, Virginia, where he earned his Juris Doctor in 1977.
Senator John Kennedy also worked as a director editor of the Virginia Law Review and was appointed to the Order of the Coif.
He then attended Magdalen College, Oxford, where he earned a Bachelor of Civil Law degree with first-class honors in 1979. He studied under John H.C. Morris and Sir Rupert Cross at Oxford.
Summary of Senator John Kennedy’s Career
Here is a brief overview of his educational, political, and professional career:
- Graduated from Vanderbilt University with a BA in 1973
- Graduated from the University of Virginia with a JD in 1977
- Graduated from Oxford University with a Bachelor of Civil Law in 1979
- Served as Special Counsel to Louisiana Governor Buddy Roemer from 1988 to 1992.
- Served as Secretary in the governor’s cabinet from 1990 to 1992.
- Served as Secretary of the Louisiana Department of Revenue from 1996 to 1999.
- Served as Louisiana state treasurer from 1999 to 2016
- Elected as US Senator from Louisiana in 2017
Louisiana Senator John Kennedy’s Net Worth in 2023
According to public records, John Kennedy’s estimated net worth is over $2 million, establishing him as a prosperous politician.
In addition to his political career, Kennedy also practiced law, which likely contributed to his wealth.
Senator John Kennedy’s amusing quotes have also been a reason for his consistent presence in the headlines. However, this time, his statement on modern banks being “Sophisticated Ponzi Schemes” is garnering significant attention.
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