Cadwalader, Wickersham & Taft partner Michael Horowitz says he had a household net worth recently of $9.3 million, an amount he was required to disclose as part of the U.S. Senate confirmation process.
President Barack Obama nominated Horowitz in July for inspector general of the Department of Justice. Horowitz worked for about 10 years at the department, including as chief of staff in the Criminal Division. He’s been a partner in Cadwalader’s Washington office since September 2002, specializing in securities litigation, governance and compliance.
Horowitz had assets of $9.7 million as of Aug. 1, according to a net worth statement sent to the Senate. Of that, $5.2 million was invested in securities in a portfolio that was heavily tilted toward mutual funds. His Cadwalader capital account had $1 million, which according to a separate disclosure Horowitz will receive in a lump sum a year after leaving the firm.
His liabilities totaled $401,000, all from mortgages and an auto loan.
The net worth compares favorably with that of the Justice Department’s top official, Attorney General Eric Holder Jr., who during his own confirmation process in 2008 disclosed a household net worth of $5.7 million.
Horowitz disclosed his Cadwalader partnership income and bonus as $4.6 million during a period covering 2010 and the first half of 2011. He listed the names of 11 clients under the category of “compensation in excess of $5,000 paid by one source,” including: Cablevision Systems Corp.; Magyar Telekom PLC of Budapest, Hungary; and Pfizer Inc. In a note, he wrote that he withheld the names of 11 other clients “where the representation involved a grand jury or other non-public investigation and the client name was not made public.”
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