The minute you walked in the joint, I could see you were a man of distinction, A real big spender...
Posted on 05/17/2011 3:04:03 PM PDT by Second Amendment First
Newt Gingrich, a fiscal conservative? Not when it comes to Tiffany’s.
In 2005 and 2006, the former House speaker turned presidential candidate carried as much as $500,000 in debt to the premier jewelry company, according to financial disclosures filed with the Clerk of the House of Representatives.
Gingrich, who represented Georgia in Congress for two decades, retired in 1999. But his wife, Callista Gingrich, was employed by the House Agriculture Committee until 2007, according to public records. She listed a “revolving charge account” at Tiffany and Company in the liability section of her personal financial disclosure form for two consecutive years and indicated that it was her spouse’s debt. The liability was reported in the range of $250,001 to $500,000.
When asked by POLITICO whether Gingrich has settled this debt, and why he owed between a quarter-million and a half-million dollars to a jeweler, Rick Tyler, Gingrich’s spokesman, declined to comment.
“No comment,” he said in an email.
An Ethics Committee manual that details disclosure rules explains that a “revolving charge account” is a credit card, and the debt must only be reported if “the balance on that card exceeded $10,000.”
“You must list an account only if you owed more than $10,000 on that particular account at the end of the reporting period,” the manual reads.
Gingrich’s wife reported the debt in her 2006 and 2007 filing, which covered the 2005 and 2006 calendar years. It’s not clear whether Gingrich has since paid off the debt or not — neither Gingrich is currently required to file financial disclosure forms. As a presidential candidate, Newt Gingrich would have to file a personal financial disclosure form.
Since leaving the House, Gingrich has started several businesses, consulting firms and other money-making entities, but is not bound by the disclosure restrictions that he would be if he were in the House.
In Callista Gingrich’s last disclosure filing, which covers the 2006 calendar year, she reported that the couple had between roughly $1 million and $2.5 million in assets.
The House will prove an interesting check on Gingrich’s push for the GOP presidential nomination, and this week has been prime evidence of that. From rehashing issues from his speakership to commentary from former colleagues, people on Capitol Hill know Gingrich best, and have seen up close how he operates.
For example, after he called the House Republican’s 2012 budget “right-wing social engineering,” current lawmakers and former Gingrich colleagues jumped on the criticism.
House Majority Leader Eric Cantor (R-Va.) Tuesday morning called Gingrich’s comments a “misspeak,” but said he would reserve judgment on whether his commentary on the GOP budget would end his presidential bid.
Can we start a pool on long it will take Newt’s campaign to completely implode?
As another poster pointed out on another thread, if it was a Visa or Mastercard with Tiffany’s name on it, it could have been used for purchases almost anywhere else as well as at Tiffany’s.
Didn’t know there was another thread. I did search, but that sometimes doesn’t work very well, if at all.
I don’t know that Tiffany’s has a branded bank card.
From their site:
What is the Tiffany & Co. charge account?
The Tiffany & Co credit card invites you to finance the finest jewels, timepieces, sterling silver, china and accessories.
To view the terms and conditions of a Tiffany & Co. Retail Installment Credit Agreement please click here.
I don’t like Gingrich, especially since he attacked our HERO Congressman, Paul Ryan. But, if you read the article you will note that nowhere does it say jewelry.
Many stores issue credit cards that can be used many places: Sears and Cabela’s come to mind. I had a Cabela’s card that paid me points (which could be exchanged for merchandise) on every purchase, even purchases from other places. My husband used to buy materials for our small manufacturing company on the Cabela’s card and I’d exchange the points for merchandise. Same with Sears. Some stores use their credit cards as another way of making money — carry a balance and they collect interest and fees from you. Another income stream.
I don’t know the policies at Tiffany, but it could have been an open card with a high credit limit that he used for travel, etc. Not that that is a good thing.
Any time Politico is writing about a Republican it’s a hit piece. That being said, Newt is a target rich environment.
Glad to see the Politico is finally going after excessive spending and credit abuse.
Now how about doing the same for the federal budget?
Gingrich would not be my pick, having nothing to do with credit cards.
However, carrying $500,000 in debt on any credit card is poor money management. Maybe that’s not much for Trump, but if Newt is “only” worth a couple million, he shouldn’t have a quarter of his worth carried on a credit card.
Don’t get me wrong, I can’t stand Newt, but who cares about this? I don’t see any evidence he couldn’t make the payments or that the account was delinquent. What is the point of the article?
If Tiffany’s does have a branded Visa or Mastercard, please don’t tell my wife.
Calvin Coolidge this guy is NOT.
Set the timebase to milliseconds...
The MSM went after Palin’s clothes budget also.
I’ll pay attention to this story when they start reporting what the Clintons are spending and earning.
The minute you walked in the joint, I could see you were a man of distinction, A real big spender...
He’s doing a fine job already! Imploding that is...
Curious how that was racked up — in one swell foop with a half million dollar purchase, or a bunch of little things over a long time? If Newt wants to sink a quarter of his fortune into some bejeweled gewgaw for his wife, he’s entitled to do that, and if so it probably went through the normal charge account system which gives him certain consumer protections he wouldn’t get if he just up and wrote a check. It also doesn’t say how quickly he paid up.
Yep, my Master Card says Sears and I can use it everywhere.
I know, it’s a far cry from Tiffany’s...
Shouldn’t the MSM be investigating someone who, you know, has a chance of winning the Republican nomination?
One would think that Gingrich has been in politics long enough to realize that if you’re going to make 6 figure purchases you need to make friends with Tony Rezko.
That’ll pretty much guarantee the media will leave you alone.
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