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Former House Speaker Newt Gingrich said he personally pocketed about $35,000 per year for his work with mortgage giant Freddie Mac.
For the first time on Monday, Gingrich pegged his own personal earnings from an extended consulting contract between his firm and Freddie Mac. His namesake firm, the Gingrich Group, earned at least an estimated $1.6 million, according to an initial Bloomberg News report on the relationship.
"I hope, starting today, we can clear up this and frankly I hope my friends will take down the ads that are fundamentally inaccurate," Gingrich explained to supporters during a question-and-answer session with supporters in Iowa. "One, the contract. Freddie Mac hired Gingrich Group, which is a firm which had offices in three cities. Of the total contract, it was a six year period contract, of the total amount they keep talking about I probably got about $35,000 a year."
As if to minimize just how much he earned as a result of the contract, Gingrich said his yearly take-home from working with Freddie Mac was less than what he would earn in fees for delivering a single speech.
"Now that's less than I was making per speech so that's what my particular interest in it was that amount," he said.
The former speaker's work for the troubled mortgage giant, which was taken into government conservatorship in 2008 along with its counterpart, Fannie Mae, has emerged as a point of scrutiny for Gingrich's foes in the Republican presidential primary.
"For weeks now, Speaker Gingrich has struggled to explain exactly what he did in return for $1.6 million in fees from Freddie Mac," Romney spokeswoman Andrea Saul said in an email this morning to reporters. "Not only has he distanced himself from his past work, but he is also distancing himself from the money he earned -- saying it was for ‘overhead’ or that he didn’t ‘personally’ receive it."
Texas Rep. Ron Paul has also vocally criticized Gingrich's work for Freddie Mac, having highlighted that relationship in television ads running in Iowa.
Gingrich has repeatedly denied having lobbied on Freddie Mac's behalf, and sought to highlight work he had done that might have conflicted with the lender's financial interests.
"Both Congressman Rick Lazio, who was the Chairman of the House reform effort when I was the Speaker, and Congressman JC Watts, who was the head for a number of years of the Freddie Mac watch committee, have both come out publicly and said it is bologna to suggest that I any way tried to use any influence with anybody on the Freddie Mac issue," he said. "So I just want to come down to what did we provide. We provided strategic advice."
The total extent of how much wealth Gingrich might have gained as a result of the contract, though, is murky. Whatever fees were collected by the Gingrich Group could have contributed to building the value of the former speaker's consulting practice.
NBC's Chuck Todd has more.
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Grab the fire extinguisher...
Newter's 'sans-a-belt's' are on FIRE again!
Just goes to show, the old adage about giving them enough rope is true! ☺
What a bald faced lie! He will make the perfect republican nominee. Oh, that's right, Callista took the rest to Tiffany's. I apologize Newt!
Does anyone really believe he earned only $35K annually for his Freddie/Fannie work?
No way, Jose.
Is Callista JoJo???
@ideology
Now that's a real possibility! Or no jo.
Current "standings" in Iowa: Dr. Ron Paul 23%, Flip Romney 20%, Flop Gingrich 14%, Bachman 10%, Perry 10%, Santorum 10%, Huntsman 4%, Johnson 2%
www.publicpolicypolling.com
Give it a rest, is that a halo around Ron's head? You cannot become a saint until after death. When did Ron die?
From his appearance, my guess is for at least 20 years, but giveitarest would know best. (Man, that will rile up the Paul supporters - they have no humor)
Me thinks Give it a Rest is inclined to believe a poll if it shows Paul ahead; and disbelieve it if it shows him behind.
Hey, phinephancy,
Very funny down in #9.3.! Good post.
Thanks Jack. I kinda like the one I posted in 17.1 Gives one the ooo-eee-ooo feeling! :)
Ha ha ha. See, I can laugh too... I guess it does look like a halo.
FYI: Weekend Ron Paul money bomb netted $4+million. Can you believe the amount of small doners???
I'm surprised my previous post wasn't collapsed due to being completely irrelevant.
well Give it a Rest, I talked to my pinko pals and we decided that you were getting darned good at being completely irrelevant so no collapsing for you tonight.
Give it a rest, I think you are kind of cute. I like being irrelevant now and then.
~~~~~~~~~~~~~~~~~ "Newt is a Dishonor to this Nation" ~~~~~~~~~~~~~~~~~~
He forgot to say he owns the firm that got the lobbying fees. Why do I think a large chunk of these fees went to Tiffanys??? What a lying pig!!
Newt is pig in oh so many ways. He's a pig with your money (big government spending), he's a pig with bling(think tiffany's), he's a pig with women (cast-off wives, philandering), he's a pig with your votes (unreliable on important issues).
Well heck, when you're getting 60k a speech, 35k a year from Freddie Mac is more than enough -- We heard that one before -- Ha! Per Northstar's post below, the 1.6 million was no doubt laundered into Newt's account by stealing from his charity for children. Have fun on your way down Newt, you pathological liar!
Mr. & Miss Piggy - Wildhogs - Porky the Pig - Boars = A Pig in a Suit !!!!!!!!!! Newt is a man of family values = "When Pigs Fly"
Am I the only one that thinks "Gingrich" sounds like some sort of weird disease of the pubic area? It sounds like a cross between Gangrene and Jock Itch.
"Man... that Tijuana hooker gave me a bad case of gingrich... I think I need to see a doctor!"
what I really want to know is who would hire this guy as a historian when he does not know history anymore so than bachmann
Romney is the real solution to the United States. Stop and think about it. Its the logical choice. He will become one of the greatest presidents of the United States. Just Watch !
~~~~~~~~~~~~~~~~~~~~"Throw the book at Newt for being a Crook"~~~~~~~~~~~~~~~~~~
Gingrich could well be correct on this. If the total revenues of his firm were about $12 million over 6 years, and his profit margin was about 13% (the rest paid for salaries and other expenses), then his personal share probably be only about $35,000 per year (If he was the sole owner).
Obama made $Million on his book deals (probably largely written by 'ghost writers'), so this is just another example of the media's 'selective demonizing' of anyone with an (R) behind their name.
Mr. Financial Genius gets 35K times 6 out of 1.8 Million dollars paid to his own firm. Yeah, he can fix the economy. LOL
roy, take off the tinfoil hat. it's not the "media" it's his fellow candidates who brought it up.
double post
Does it strike anyone else that making 'only' $35,000 a year from Freddie Mac -- if that is true -- means that he made more than half of the rest of us just from that one account?
Depending on you source, the median income in the US ranges from $26,000 (Huffington Post) to $64,200 (HUD) but most estimates were around $32,000 a year.
Kind of shows you the unique mindset of the top 1%.
As I have said before, I am not a Dem, but this is a completely wrong. He is basically getting paid to lobby for Fred and Fannie. This is a complete miss use of power and what is happening on both sides. Face it, all of those leaders come out a lot richer than when they went in. I think in the government this is called un-ethical. Odd that the rest of the working class federal employees have to 1) take an ethics class every year 2) cannot take more than $25 from any influential source 3) cannot work in a job that affects there federal duties. Then why is it congress is allowed to considering these are suppose to apply to everyone? I thought it was law, but I guess this is the loop hole.
Roy nice spin, doesn't change the fact he rails against the GSE's and then gladly accepts their money. Typical crony capitalism we have grown accustom to.. This guy has more faces then the Real Housewives of Beverly Hills.
Roy, since when is writing a book and making money off the profit of that book, illegal? Since when is using a ghost writer unethical? Am I missing something, here?
I suppose when you divide what he got from them by the length of his entire working life, $35K per year sounds about right. ;-)
Roy: Gingrich "got" millions from Freddie Mae and Fannie Mac, in the middle of issuing statements about their untrustworthiness and how taxpayers were getting fleeced...So I guess his point is it wasn't quite "millions" if you let him first deduct his expenses for his part in that fleecing....Ok...does that make you feel better?
Just like the Bible, I believe everything that Gingrinch (and Grover Norquist) says.
Newt is a liar. He made a total of $1.6 Million from Freddie. At 35,000 per year he would have had to be working for them for 46 years. He really thinks that he is smarter than everyone to try to sell folks that load of bull. Someone should tell that pompous idiot that we can do simple math.
First Gingrich said he was hired as a "historian". Now he says he was hired for his "strategic advise". His take was $35,000. out of the 1.6 million to Gingrich Group. What was Callista's position at GCG? She is currently head of Gingrich Communications.
Newton Gingrich a" Peddler" extraordinaire !!! Newton, just keep selling those books and giving speeches for $60,000. a piece. After Iowa you will be at back of the pack again.
Feisty: Do they still make sans -a- belt? LOL
Not sure why people are trying to paint Newt as the "lying" politician.. hes just A politician
$35,000 last year? How about that is more than I've made in the last 3 years! Old Arrogant Assed Gingrich, talks like that is nothing but chump change...he really doesn't have a friggin' clue!
JezzaBelle1: Good point, 35 k is generally more than the vast majority of retirees income.
It seems you are looking for pity when you should just be looking for a job. Get over yourself jezzabelle1
Galt-2012
How is Newt's time worth that much? Seriously, the CFO of the company where I work puts in twelve hour days this time of year, balancing millions of dollars on our books, and he doesn't make as much as Newt an hour. The CEO of our company is responsible to the shareholders, as well as to his employees, and he doesn't make as much as a washed up congressman. (obviously they more than $35,000 a year, but you get my drift.) How is Newt worth this much when people who grind it out every day don't make that much?
Billions>Millions
So, given what ultimately happened to Fannie and Freddie after Salamander Man gave "strategic advice" do we really want this guy sitting in the White House giving the country his unique strategic direction?
Nope. We just want him to go away. . . .
He may have made only 35k from Freddie Mac, but how much of the 1.6 million did he make from the Gingrich Group? It's easy to split hairs in accounting.
We need to neuter newtie
Newt Gingrich, more baggage that an LAX Skycap. Newt=salamander=vermin.
You know, Christine O'Donnell would have been much better at endorsing Newt. I do believe they use newts and salamanders in witches brews.
phine. that would be eye of newt ... the rest is just blubber.
I guess you could use the blubber for candles..................
I believe this weasel made a lot more and fudging the numbers to try and make himself look like he didn't rob the piggy-bank.
This man is just one lying piece of shyt that should never be trusted.
35k for Newt, the rest to Tiffany's! See, easy accounting.
All I want for Xmas is one more debate, but just with the wives. Michelle Backmann's wife included.
He looks great in silver, sequined platforms!
I am sure he just loves to dress up after a hard long day praying away with the gay in the closet.
Oh, indeed he does! He has a plunging, vee necked white gown that he wears with a diamond collar. It is to die for!
Diamond collar or pearl necklace?
Why diamonds, of course. They are a girl's best friend!
I can't help but think Newt is telling a fib here. In fact, I'm beginning to suspect all these republican candidates are a little loose with truth and facts. Wonder why that is? Hmmmmmm........................It must be, they believe those who vote are really stupid. Hmmmm........... Could it be? Hmmmm............?
@Mac
In the primaries? I think yes.
I'm glad ya' all are having fun with your "faux" stereotyping . . . pretty sad to me for progressives . . . I am a retired law enforcement officer who fought all of the typical stereotyping associated with gays and "fags" from the day I was sworn in in 1974 throughout a majority of my career which lasted until 2005 . . . would one of you care to explain why I'm not finding your posts intellectually humorous, funny or entertaining . . . quite frankly . . . via your comments I'm not able to distinguish you from those you're supposedly intending to mock . . .
Patrick
You have no sense of humor.
Patrick: just on a side note and off subject...if you're going to pat yourself on the back for being tolerant and actually superior to others who you stereotype as progressive (hint: not everyone who dislikes Newt is a progressive, or even a democrat)-- than the way to do it is to not give yourself special kudos for simply being a decent person on occasion. That's a very low bar--
Furst, just let me say this. HAHAHAHAHAH! HAHAHAHAHAHA! HAHAHAHAHAHA! $35,000 A YEAR! HILLARIOUS
I have my own theory on why the 'pubs are allowing this group to run for President . They don't really want to win in 2012 . Knowing as we all do that it will take more than 4 more years to turn this around . Thats my story and I'am sticking to it . In other words they are still trying to pretend the last decade did not really happen .
carpenter7, with the policies they have been proposing, I think they are skipping the entire 20th century and trying to go back to the 19th!
You know I do sort of agree with you carpenter7. Why would they want to take charge of the mess THEY left the country in again???? They know that with their party of no"T" in congress and the economy still on the ropes that it will not be easy to fix this mess and they would rather have a Democrat to blame then to take charge of their own failed policies again. So yeah I think they would even run Failing Palin knowing she would lose rather than have to admit THEY could not fix this problem without PO'ing every special interest group there is.
Not a bad theory considering most economists in '08 predicted a decade before any sort of solid recovery. Of course the GOP has been the party of "NO" for a reason and Mitch McConnell made that reason clear. But the real damage has been to this country as nothing has been done on addressing critical issues and the can has been kicked further down the road.
If it weren't for the punishing nature of the policies they would once again implement I would be fine with giving them the next 4 years because those years will not be pretty. Yet the GOP has managed to convince its base that Obama has failed to create a miracle out of thin air. Of course that base has been far too willing to believe anything negative about the man from the start.
it does make sense
Memo to Newt: Alimony and Tiffany's are not "overhead".
Now THAT'S funny! LOL
LOL can you say " Creative Accounting " ?
I can bet 10k he didn't say prenup!
well phine is we could just get rid of skellator maybe things get better down here . LOL Pink Slip Rick
Ain't that the truth!!!! Not to worry, I think my cat (Eleanor or Frankie) could beat 5th amendment Ricky at this point.
Hey Newt --- like Palin, Huckabee, Pawlenty, Bachmann, Trump, Perry, and Pizza Man before you, your run as flavor of the month is ending.
This is really "rich!" I love all the comments....we should all start a list of things that Newt would actually do for $35,000 a year...
For 35 grand a year, they could have hired an actual worker to do an actual job. Where are all the jobs? Look at all the money going towards DC lobbying.
Not that I believe Newt's amount at all, of course. He should open up all the books for all his companies so we can see exactly where all the money came from and went.
Tiffany's got the rest via Callista !!!
It just came to me...we can't trust him as President but for $35,000 a year maybe we could send him over to negotiate with the new "bobblehead" on the scene....Sum Yung Kook the new "Great Leader" of North Korea!
They kind of look alike. Did you notice that?
Oh. I see. Gingrinch inc got paid $1.6M but gingrinch got only $35K. Gingrinch inc is not the same as gingrinch. Romney will tell you that corporations are people too. That gringrich inc is gingrinch. Who is right. Gringrich the owner got $1.6M. Gringrich the worker - $35K.
Wow, that sounds like the kind of accounting they do on K street (or the old algebra equation about the two trains)
did he average it out over years or did he get a few BIG paydays? well newt, how was it?
I looked up the following words in the Dictionary:
garbage, filth, slime, gunk, scum, sewage, hypocrisy, excrement, dishonesty, dirt, muck, smut, trash, vomit, puke, barf, immorality, debris, manure, pretense, corruption, debauchery and depravity
Each one of them had picture of Newt Gingrich included in the definition.
Newt wont get out of bed for $35,000. He thinks lying is an acceptable form of communication and he expects to get paid handsomely for doing so. I saw that he is down to 28% in the polls or registred repubs which means that less that 4% of the actual population thinks this con man should be president. According to statistics 4% of the population is clinically insane. I wonder if there is any correlation?
This gop lineup of contenders is ridiculous. I've never seen anything like this in my 52 years.
What a complete joke.
What Gingrich conveniently leaves out while claiming to have only made about $35K a year "personally" is that the rest of the income went to pay other people on his staff who, in turn, performed services that could help him rake in a whole lot more. Gingrich never tells the whole truth, and he certainly tells a lot of things that aren't the truth at all.
What politician "tells the whole truth" ?
Bloomberg looked into this:
Gingrich’s first contract with the mortgage company was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.
His primary contact inside the organization was Mitchell Delk, Freddie Mac’s chief lobbyist, and he was paid a self- renewing, monthly retainer of $25,000 to $30,000 between May 1999 until 2002, according to three people familiar with aspects of the business agreement.
Gingrich’s second contract with Freddie Mac was a two-year retainer for which he was paid a total of $600,000, said two people familiar with the agreement.
So Gingrich got about $35k per year from contracts worth $300k to $360k per year? Yep, I believe that. I believe that just like I believe in Iraqi WMD's.
No problem with Barney Frank not doing his job? No problem with Dodd getting a sweetheart mortgage? Nice, only problems with a republican doing legitimate work whether it for 35K or 2M. He performed his job unlike the man who was suppose to watch over the banks and make sure they werent taking too large positions and doing illegal shiiit. Political hack piece of garbage
except dodd and frank aren't running for president, and this article is about newt.
Why don't you read the Bloomberg article? (Google is your friend):
His primary contact inside the organization was Mitchell Delk, Freddie Mac’s chief lobbyist, and he was paid a self- renewing, monthly retainer of $25,000 to $30,000 between May 1999 until 2002, according to three people familiar with aspects of the business agreement.
During that period, Gingrich consulted with Freddie Mac executives on a program to expand home ownership, an idea Delk said he pitched to President George W. Bush’s White House.
It sure looks like Gingrich was a primary architect in the housing meltdown! In 2002, Bush signed into law the American Dream Downpayment Act to increase minority home ownereship. This reduced the downpayment for Fannie/Freddie loans to 3%. It was sponsored by a Republican, co-sponsored only by Republicans and passed by Republican-dominated House and Senate. Later (2004) these same idiots lowered downpayment to 0! Most analyses of the housing crisis place a large part of the blame on low/no downpayment loans.
As for Barney Frank, he actually tried for years to reign in Freddie Mac and Fannie Mae. From Wikipedia:
... his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush. The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.
No, as much as the right would like to make the housing meltdown a Democratic failure, it was strictly a Republican debacle.