Huffington Post has reported:
Newt's second wife has also revealed in an interview last year that Newt was hopelessly in debt personally, and unconcerned about it, when they married. She took over the finances and finally got them out of debt. Newt thinks big ideas, you know? He can't be bothered with pesky details like paying bills. People give him money and he spends it -- apparently rather lavishly -- on private jets and jewels.Since 1984, Gingrich has launched 12 politically oriented organizations and initiatives based in Washington. Of those, five have been investigated by the Internal Revenue Service and the House Ethics Committee, another five closed down with debts totaling more than $500,000, and two were subject to legal action.
It has also been reported previously that Newt often leaves others holding the bag and losing money when these enterprises fail -- and he just blithely moves on. He always manages to escape and leave it to others to mop up and take the financial hit. Meanwhile, he traipses off to Tiffany's on another shopping spree with Callista.
It fits with his character. The folly of his "big ideas" campaign is catching up with him. Even his sugar-daddy, billionaire Sheldon Adelson, has said that Newt is "at the end of his line."
Whew. It's about time for this juvenile clown to get his come-uppance. The image of Newt as an over-inflated balloon, floating above the crowds at Macy's Thanksgiving Day Parade sticks with me. I think we're about to see a big whoooosh as Newt gets deflated.
Ralph
Maybe it's because I'm old and therefore old-fasioned. But I still believe in the honorable principle of meeting responsibilities for debt. I don't get the ease with which people declare bankruptcy, seemingly just another option in handling debt when it gets too onerous.
ReplyDeleteAs I understand the process, you declare that you can't pay what you owe and you work out an arrangement so that all of your creditors get a proportionate share of what you can pay.
But that means somebody or somebodies lose money -- not you.
So what does it mean that Newt's Center for Health Transformation is declaring bankruptcy? I just read that he and Callista were among the principle creditors for Newt's think tank. My guess is that means they are owed back salaries. This same article said that the main activity of the Center was Newt himself -- hired out to consult and give speeches.
He resigned from the Center last year when he started running for president. With no Newt left to peddle for profit, the Center lost income and donations dried up.
But what about the other creditors? Why do they have to lose money. Is it just considered a bad investment?