Kerry's portfolio could grow with Heinz deal

 
No Author Published: February 14, 2013    Comment on this article Leave a comment

photo - FILE - In this Feb. 6, 2013 file photo, Secretary of State John Kerry whispers to his wife Teresa Heinz Kerry during the ceremonial swearing-in for him as the secretary of state, at the State Department in Washington. Kerry's family financial portfolio could grow by hundreds of thousands of dollars as a result of the $23 billion mega-deal between Nebraska billionaire Warren Buffett and a Brazil-owned investment firm to buy out ketchup and food producer H.J. Heinz Co. (AP Photo/Manuel Balce Ceneta, File)
FILE - In this Feb. 6, 2013 file photo, Secretary of State John Kerry whispers to his wife Teresa Heinz Kerry during the ceremonial swearing-in for him as the secretary of state, at the State Department in Washington. Kerry's family financial portfolio could grow by hundreds of thousands of dollars as a result of the $23 billion mega-deal between Nebraska billionaire Warren Buffett and a Brazil-owned investment firm to buy out ketchup and food producer H.J. Heinz Co. (AP Photo/Manuel Balce Ceneta, File)

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Teresa Heinz Kerry's personal fortune is reportedly worth as much as $1.2 billion, stemming from her earlier marriage to former Pennsylvania Sen. John Heinz III, who died in 1991 in a helicopter crash. Much of John Kerry's own wealth comes from his own family trusts. Worth as much as $125 million according to his disclosures, Kerry had been the wealthiest U.S. senator until he joined the Obama administration last month.

"I will need to recuse from certain matters involving H.J. Heinz Company because the investment of the trusts in H.J. Heinz Company stock is greater than their investment in other publicly traded stocks," Kerry told the State Department's Deputy Legal Adviser Richard C. Visek on Jan. 8.

Kerry also agreed to bow out when necessary from State decisions that could affect 16 of Heinz' foreign subsidiaries and partners.

The agreement indicated Kerry would complete the divestments and other arrangement within 90 days of his confirmation, which occurred Jan. 29. State officials were not immediately available to comment on the Heinz deal's impact on his finances and divestment plans.

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AP Business Writer Seth Sutel in New York contributed to this report.

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