Tags: Newt Gingrich | 2012 Presidential Election

Gingrich Delays Release of Financial Disclosure

Friday, 10 Jun 2011 06:38 PM


June 10 (Bloomberg) -- Former House Speaker Newt Gingrich, whose presidential campaign was thrown into disarray yesterday after the resignations of his top aides, has sought and received an extension from the Federal Election Commission to file his personal financial disclosure form.

The revelations included in the disclosure report are expected to include Gingrich’s personal income and the status of a line of credit of as much as $500,000 at Tiffany & Co., the New York-based jewelry store.

The report also may shed light on income the former speaker earns from the mix of private endeavors he established since leaving Congress in 1999.

Gingrich, 67, who formally announced his candidacy May 11, received a 45-day extension for filing his disclosure to July 25 from the original deadline of June 10, according to an FEC letter. His lawyer, Stefan Passantino, cited the need to “afford the candidate sufficient time to ensure complete accuracy of the resulting filing.”

In addition to his lucrative speaking engagements, the former Georgia congressman has built several businesses based on his own profile, reputation for provocative thinking and penchant for diving deep into policy issues.

His company, Gingrich Productions, produces documentaries and books. In 2003, he founded the Center for Health Transformation, which explores proposals to overhaul health care. His American Solutions for Winning the Future is dedicated to training the next generation of Republican leaders.

‘Moral Leadership’

Gingrich also founded Americano, an organization used to reach out to conservative Hispanics, and Renewing American Leadership, a nonprofit group with a goal to foster “moral leadership” in America. He has written 23 books, according to his campaign website.

The mix of for-profit and non-profit organizations, with varying disclosure requirements, has shrouded the amount of money Gingrich earns from his projects. The complexity of his enterprises and the time needed to legally separate from them to run for president was the primary reason cited by then-spokesman Rick Tyler for Gingrich’s decision in March to postpone his announcement that he would run.

Finishing the disclosure paperwork must compete with a new set of priorities prompted by the resignations of more than a dozen top aides yesterday. Several aides and Gingrich cited differences over campaign strategy as the reason for the split.

He also lost his national co-chairman, former Georgia Governor Sonny Perdue, who endorsed former Minnesota Governor Tim Pawlenty.

Gingrich said he would remain in the race and is scheduled to join a Republican presidential debate on June 13 in New Hampshire.

The staff resignations were the latest calamity for the Gingrich campaign. In May, he was criticized by Republican lawmakers and commentators after he described the House Republicans’ plan to privatize traditional Medicare as “right-wing social engineering” during an appearance on “Meet the Press.”

© Copyright 2015 Bloomberg News. All rights reserved.

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