Ad Watch: Lungren ad lists Bera's holdings

10/23/2012 12:00 AM

10/25/2012 2:48 PM

Rep. Dan Lungren, R-Gold River, is running a new radio ad questioning the résumé of his opponent, Democrat Ami Bera. They are competing for the 7th Congressional District, an eastern Sacramento County seat considered one of the country's most competitive House battles. Here is the text of the ad and an analysis by Torey Van Oot of The Bee Capitol Bureau.

Narrator: The Sacramento Bee calls the ads against Dan Lungren "misleading."

So why are Ami Bera and his extreme liberal friends lying to us? Because the truth about Ami Bera is the real shame of this election.

Ami Bera does not make his living as a doctor. Ami Bera is a multimillionaire who lives off vast real estate and stock holdings.

There's no crime in Bera being a member of the one percent, but it does make him a hypocrite.

You see, while he and his friends launch false attacks on Lungren about oil, Wall Street and offshore jobs, Ami Bera is prospering from all those industries.

Bera has owned hundreds of thousands of dollars of stock in oil exploration and refinery companies.

Bera owns stock in a Wall Street bank that took the federal bailout.

And Bera enriches himself from investments that compete against the American worker, including a company that moved jobs from California to Asia.

Ami Bera. Sure, he signed an oath. The Hypocritic Oath.

I'm Dan Lungren and I approve this message.

ANALYSIS: The ad selects facts about Bera's finances to paint a negative picture, and they are essentially accurate.

Bera has an active medical license and has volunteered at health clinics throughout his two runs for Congress, but it's true he does not currently make any income as a doctor.

Bera, who was a physician with the MedClinic Medical Group in the 1990s, most recently worked as a clinical professor and associate dean of admissions at the UC Davis Medical School. He left the position in 2009.

Bera also serves as CEO and president of Mango Management Inc., a property management and rental company. The value of the stocks, retirement funds and 11 properties listed on his economic 2012 disclosure form is between $2.2 million and more than $6 million, though the Elk Grove Democrat also reports at least $1.1 million in mortgage loan liabilities.

It's difficult to say if Bera is part of the "one percent" as the ad claims. His annual earnings, which include income from rental properties, stock dividends and interest accrued in various accounts, are estimated to be between about $132,000 and more than $374,000.

Bera's oil investments are valued at between $62,000 and $232,000, so it is possible that he "has owned hundreds of thousands of dollars" in those stocks. His accounts also include shares in JPMorgan Chase, a bank that received bailout funds.

The claims about Bera's financial ties to companies that compete against American workers and move jobs overseas are based on disclosures of between $1,001 and $15,000 in a fund that invests in Indian companies and a semiconductor assembly equipment manufacturing company that in 2010 moved its corporate headquarters to Singapore. Officials said at the time that the move was not expected to affect jobs at its outpost in the United States.

Ads from groups on both sides of the campaign have been rated "misleading" by The Bee. The ads against Lungren analyzed by The Bee were paid for by outside groups, not Bera's campaign.

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