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Around the Internet => Antimustachian Wall of Shame and Comedy => Topic started by: Squashy on April 01, 2017, 10:36:20 AM

Title: Reince Priebus: not very mustachian
Post by: Squashy on April 01, 2017, 10:36:20 AM
http://www.reuters.com/article/us-usa-trump-disclosures-idUSKBN173331

Quote
White House Chief of Staff Reince Priebus had assets of between $604,000 and $1.16 million and income of $1.42 million. About $566,000 of his income came from the Republican National Committee and the rest from his partnership in a Milwaukee law firm.

Ouch!
Title: Re: Reince Priebus: not very mustachian
Post by: TheGrimSqueaker on April 01, 2017, 12:33:31 PM
http://www.reuters.com/article/us-usa-trump-disclosures-idUSKBN173331

Quote
White House Chief of Staff Reince Priebus had assets of between $604,000 and $1.16 million and income of $1.42 million. About $566,000 of his income came from the Republican National Committee and the rest from his partnership in a Milwaukee law firm.

Ouch!

I'd expect more assets, at his age.
Title: Re: Reince Priebus: not very mustachian
Post by: Kimera757 on April 01, 2017, 03:16:46 PM
Two years ago Marco Rubio (a senator in his forties) took $68,000 out of his 401k tax-sheltered retirement account.

A regular 401k has special tax penalties if you take the money out before age 59.5. If he used a Roth 401k, the penalty would be "only" 10%.

Quote
It's not like he didn't have other, cheaper funds at his disposal, according to his 2014 annual financial disclosure form. He reported having between $151,000 and $365,000 in checking and savings accounts and a $100,000 to $250,000 home equity line of credit at 7.25% interest.

Link: http://www.cbsnews.com/news/lessons-from-marco-rubios-401k-cashout/

The linked article says he bought a fridge, replaced his air conditioning and paid for his kids' education (the latter may not have had a tax penalty).

In 2012 he did worse things.

Link: http://www.businessinsider.com/despite-financial-troubles-rubio-spent-big-on-a-speedboat-and-a-luxury-sports-car-2015-6

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Rubio faced huge debts in 2012. Then a miracle appeared: He got an $800,000 advance on a book deal. But instead of using all of the money responsibly, Rubio went out and bought a $80,000 speedboat.

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According to The Times, in the early 2000s, the now presidential candidate bought several homes, putting no money down.

The "now presidential candidate"... well, the article is a little old.

While most people who ran for President for the 2016 election were personally wealthy, at least two candidates had negative net worth when they started running.

This article only lists one with a negative net worth. The other one I can only barely recall, as they didn't make it to any debates.

Link: http://www.usatoday.com/story/news/politics/elections/2015/08/26/24-7-wall-st-net-worth-presidential-candidates/32409491/
Title: Re: Reince Priebus: not very mustachian
Post by: Joeko on April 01, 2017, 06:00:44 PM
3K for Refig repair?  What the heck kind of fridge does he have?  Much cheaper to just go in Craig's List and get a replacement
Title: Re: Reince Priebus: not very mustachian
Post by: Just Joe on April 03, 2017, 11:09:57 AM
Could it be possible that some of these people are hiding assets so they SEEM like normal folks? Plenty of articles out there about ways to hide wealth offshore and how to put your material assets into "holding companies".

Otherwise - why would we want to elect (hire) these people to manage our country?
Title: Re: Reince Priebus: not very mustachian
Post by: BlueHouse on April 04, 2017, 12:46:49 PM
I remember in a previous primary debate, the candidates were talking about net worth, and Ron Paul said "I'm ashamed to admit it" and people assumed he was ashamed because it was so high, and then he said "no, because it's so low". 

(yes, it was Ron...not Rand and I think it was 2012??  ) 
Title: Re: Reince Priebus: not very mustachian
Post by: Jrr85 on April 04, 2017, 01:01:27 PM
Two years ago Marco Rubio (a senator in his forties) took $68,000 out of his 401k tax-sheltered retirement account.

A regular 401k has special tax penalties if you take the money out before age 59.5. If he used a Roth 401k, the penalty would be "only" 10%.

Quote
It's not like he didn't have other, cheaper funds at his disposal, according to his 2014 annual financial disclosure form. He reported having between $151,000 and $365,000 in checking and savings accounts and a $100,000 to $250,000 home equity line of credit at 7.25% interest.

Link: http://www.cbsnews.com/news/lessons-from-marco-rubios-401k-cashout/

The linked article says he bought a fridge, replaced his air conditioning and paid for his kids' education (the latter may not have had a tax penalty).

In 2012 he did worse things.

Link: http://www.businessinsider.com/despite-financial-troubles-rubio-spent-big-on-a-speedboat-and-a-luxury-sports-car-2015-6

Quote
Rubio faced huge debts in 2012. Then a miracle appeared: He got an $800,000 advance on a book deal. But instead of using all of the money responsibly, Rubio went out and bought a $80,000 speedboat.

Quote
According to The Times, in the early 2000s, the now presidential candidate bought several homes, putting no money down.

The "now presidential candidate"... well, the article is a little old.

While most people who ran for President for the 2016 election were personally wealthy, at least two candidates had negative net worth when they started running.

This article only lists one with a negative net worth. The other one I can only barely recall, as they didn't make it to any debates.

Link: http://www.usatoday.com/story/news/politics/elections/2015/08/26/24-7-wall-st-net-worth-presidential-candidates/32409491/

At the time Rubio started spending money, it was looking pretty clear that his future earning when he left the senate would be much higher, certainly adding a digit to the end of it.  Certainly not the most conservative (little c) move, but spending 10% of a book advance on a boat when you can "retire" to lobbying with a high six figure income at worst isn't exactly on par with a payday loan or anything. 
Title: Re: Reince Priebus: not very mustachian
Post by: Greenway52 on April 04, 2017, 09:36:01 PM
Well one of Canada's former federal party leaders, Thomas Mulcair, a politician in his 60s, has remortgaged his house 11 times since the 1980s:

http://news.nationalpost.com/news/canada/mulcair-has-remortgaged-his-quebec-home-11-times-since-early-1980s

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It is unclear why Mulcair would need to refinance the modest two-garage home in Beaconsfield so many times, bumping the value of the mortgage from $58,000 to $300,000.

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The couple obtained loans in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009.

At least on the positive side, it's a modestly priced house and not a McMansion.
Title: Re: Reince Priebus: not very mustachian
Post by: kayvent on April 06, 2017, 05:31:05 AM
3K for Refig repair?  What the heck kind of fridge does he have?  Much cheaper to just go in Craig's List and get a replacement

That actually seems perfectly reasonable. I imagine his fridge is at least 12K if not far more. If you have a recessed/built-in fridge (they have a specific name but I forget it) then the fridge is easily in the five figures. I have a frugal friend who had a similar fridge repair bill a few months ago. Upon telling him that I was shocked, they enumerated the benefits of the fridge and convinced me it was actually reasonable for their usage. (It is the cheap versus efficient/frugal debate but with a few extra digits, http://www.mrmoneymustache.com/2012/10/24/frugal-vs-cheap/)
Title: Re: Reince Priebus: not very mustachian
Post by: tarheeldan on April 06, 2017, 06:00:54 AM
Lol that's insane

Sent from my Nexus 6 using Tapatalk

Title: Re: Reince Priebus: not very mustachian
Post by: Mr Mark on April 06, 2017, 07:40:33 AM
Maybe this is why it's so cheap to buy influence. .. I must make a big contribution to my local councilman - looks a few hundred would do it.