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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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Economic greed is also another one of the many Mental Health issues facing "Nutty Newt" the man who loves to poltically puke.
"He thought up a lie and he thought it up quick" The Gringch.
An "historian" who doesn't know history and can't get tenure at a small lower tier college. Does that sound like someone that Freddie would pay $1.6 million to for an historical analysis?
Yes and he is the only one whom has said the did such things this is all they needed mto open the door and see how many Rep. Dems. did this and I am sure it is juat about all of them even if it wasnt Freddie Mac there are many others business they had there hands in I am sure they all have made money in one form or another that is criminal investigate them all and lock up the ones that are thiefs which is sad to say I dont think there will be many that wont go to jail and should spend what time they have on this planet in prison and working hard labor to pay back what they can before they die there. If there wives or children or anyone else that wants to stick there neck ouit should join them, There family benefits from this and more than likely know about years and yeares worth of this bull. There isnt anyone to vote for so how do we hold election that isnt riged lick the last 3 elections have been. There is only one side people no left no right just in the middle is what we call the american people and we need to stand up to the thiefs and liers before this gets worse and the people that will never get it see the damage and start taking there lives when they realize there whole life is a lie and useless worked to hard to find out there is nothing for them in the end sweet. We are in no better shape than Russia Iraq Iran Korea Africa we face the same end.
He pocketed $35K... he ate the remaining $1.565M
If we were to believe folks like Roy Wilson, Gingrich must have formed his consulting company to benefit mankind. The company charged $12M, and we can be sure the clients paid it to get his "services" not those of the administrative staff. Of that amount, he only paid himself $35K a year, and... where did the rest go? The most likely answer is retained earnings or investment vehicles that avoided taxes. You can be sure that in both cases they will wind up in his pocket.
Considering the gravity and multitude of mistakes Freddie made during his "advisement", I don't care what they paid Newt, the fact is that his advice helped nearly bankrupt our country. $35,000 is an awful lot to do a horrible job.
"But do you know, that old GinGrinch was so smart and so slick, that he thought up a lie and he thought it up quick."
I understand now. Newt is factoring in the cost of keeping a mistress, divorcing, and remarrying a woman with very expensive tastes. So in that respect I guess he did only take home $35K. I guess there's no line item on the form form keeping up with mistress' income.
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
Theodore Roosevelt
Read more:http://www.brainyquote.com/quotes/authors/t/theodore_roosevelt_4.html#ixzz1h73t32O6
Wonder if Newt knows this history ??
Wow says Newt, they just paid me what I would make for a speech? What? How much do they pay you? More like 250,000 a year, and with all the tax loopholes and business expenses, you write off you probable took home about 225,000. It's easy just release all your detailed tax returns, you sleazy hypocrite, you only have bad things to say about freddie and fannie, all while getting 1.6 million from them in fee's? WOW, your a good lobbyist.
Yo, Newter. It's public record what they paid you.
Still can't stop lying, can you.
That may be the wage Newt paid himself for his work on behalf of Freddie Mac. Now, what is Newt's ownership stake in the Gingrich Group? What percentage of Gingrich Group profits accrue to Newt?
What you liberal morons don't understand is that when you have a business you also have overhead so while 1.6 million over 6 years sounds like a lot of money, it's not. It's about $266,000 a year divided by the overhead of your business, paying employees, etc. What we really should be focused on is how Barney Frank got his boyfriend, Herb Moses a job at Fannie Mae while Frank sat on the committee that oversaw Fannie and Freddie. We should go further and find out why Democrats blocked Bush's attempts to regulate Fannie and Freddie a few years before the housing crisis. If you want scandal, you don't have to look further than the slimy Democrat party.
This is what Barney Frank said in 2003 when Bush was attempting to gain more regulatory control over Fannie and Freddie:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
Not only was he very wrong but the media barely touched this story then or now. Now the media won't let the Newt story die and you really don't have to wonder why they cover people so differently. If you have a "D" after your name, you have nothing to worry about but an "R", oh boy, they will be relentless in their pursuit.
Lukewarm : So what was Newts overhead? Kindly enlighten us.
While your digging up that overhead info lukewarm. You can explain a few more things.
Newt cheated on his while she was fighting cancer. Apparently , If you have a R in front of your name that's ok.
John Edwards a D did the same thing, and killed his political career.
Then there's the R representative in the bathroom incident, Foley and male aids, various family values R's cheating on their wives. The majority kept their offices. Moral ???????Kinda using the evangelical Christian, Christ payed for my sins argument a lot!!
Do you really think you have a point???
John Edwards career was ruined because he used campaign money to cover it up. Usually, it's not the cheating that get politicians in trouble but the lies to cover it up, Clinton was impeached for lying under oath, not cheating.
False: I HIGHLY doubt ANYONE with ETHICS, would elect a individual that would cheat on their wife while fighting a life threatening disease like cancer.
But DON , your right , the Republican party may prove me wrong.
Is that something a Republican party should be proud of??
Sorry about the E word, I almost forgot he was charged with Ethics violations.
As a Dem, I can tell you, I would vote for Romney, Paul, or Perry before a Edwards would ever get my vote.
Really? Thirty-five thousand dollars? Maybe $35,000 a day. I don't think that hypocrite would get out of his chair for less than $350,000 a week.
Let's see, a lobbiest thief admits to "pocketing" ONLY about $35,000 a year, which vindicates him?
And, just how many years has newt been "pocketing" thousands of tax-apyer dollars, "here and there"???
Little thief with a big ego, or bigger thief, with a small ego, which ever way you look at it...
If it looks like a duck,
Makes noise like a duck,
Walks like a duck,
It ain't no peacock!
amen
Send the message out to anyone who will listen. Vote for anyone but Romney.
Yeah Newt, just like I believe Grover Norquist will allow teapubs to tax the rich and give the 99% a fair shake.
Taxing the rich will do nothing for the middle class. The proposed tax increases to the rich give us squat anyway, and not help the lower income people anyway.
True Don, but the corporations will oppose any form of no loophole flat tax. McCain 2000 proposed it as well as Ross Perot. Perry is proposing it now, watch his corporate support dry up.
I guess he worked up 100K+ of jewelry debt on 35K a year. He comes from the school of "if you say it enough they will believe it". Newt is an Outlier, one that does not fall in the norm but for all due purpose, is a sociopath.
The entire Republican group is fubarred!
Obama in '12
Republican's need to remember the old saying ( watch what you wish for you might just get it ). They want deficit reduction, come January 1 2013 they will get $6.2 trillion worth of cuts. $1 trillion dollars they agreed on just to raise the debt. ceiling. The $1.2 trillion in automatic cuts the super committee couldn't agree on ($600 billion in defense cuts and $600 billion in non-discretionary spending cuts ) and the $4 trillion in Bush tax cuts that expire on that same day. That all totals to $6.2 trillion and President Obama doesn't have to do anything to get them. Obama played the Republican's like a real pro and they didn't even see it coming.
You may be right. The Democrats know the cuts are needed to save us from following Greece in the toilet, so if they can get the blame on Republicans, they will be very happy if it save them from any political heat.
I think the SS Tax cuts as well as the Bush/Obama tax cuts to all brackets do need to go.
If you want to increase revenue markedly . Simply go back to the tax code at the end of Ronald Reagan's first term.
Lets see the party attack that.
His company got the money, not him.
Oh ya. My bank account has my money, not little ole me.
Gingrich is not lying. He made $35,000 while working for Freddie Mac. $35,000 an hour. But who's counting? Let's just hope they make him the Republican nominee. He is the quintessential Republican candidate: an adulterer, a hypocrite and a consummate liar. Couldn't be more qualified if he tried.
Only 35 Grand per year! Really? It makes him the GINGRICH THAT STOLE CHRISTMAS!