Free Republic

People such as George Soros and Michael Moore certainly talk a good game, but the next Mother Teresa they are not. Mother Teresa never criticized the free-market system; wealth just wasn't for her. Soros and Moore are quite the opposite. They will never take a vow of poverty and dedicate themselves to helping the poor. They just want our civilization to take a vow of poverty and become poor. This has caused many to wonder: How can someone preach socialism while being the most rapacious "capitalist" imaginable? Well, I have a theory about this. It has often been observed that...

The Man Who Quietly Bankrolled the ACLUOne man's annual donation apparently made up 25% of the operating budget of the American Civil Liberties Union. And that guy, David Gelbaum, had a bad year. So... hope you didn't need to sue the government in 2010. Gelbaum gave the ACLU $20 million, anonymously, every year. But he will be unable to make that donation this year, forcing the organization to scramble to solicit donations that they'll have to share with state chapters. Gelbaum is an ex-hedge funder who retired a couple years ago to become a reclusive investor in green technology and...

The nation’s richest senator - the Bay State’s own John Forbes Kerry - has been knocked down a few notches after seeing his fortune sliced by one-third by the fiscal meltdown that ripped down Wall Street. Kerry’s personal net worth plunged from an estimated $336 million in 2007 to $208 million in 2008, according to a study by the Washington-based Center for Responsive Politics. The Boston Democrat’s staggering losses dropped him from first to third among the wealthiest senators, trailing Herb Kohl (D-Wis.) and Mark Warner (D-Va.) “So does this mean Senator Kerry is now arriving in Nantucket by ferry...

One in every 100 Americans have a net worth of $1 million or more, but millionaires are much more common on Capitol Hill; 237 members of Congress, or 44 percent, claim the distinction, according to opensecrets.org, though it's likely many more are millionaires. As corrupt Democratic Sen. Christopher Dodd and Democratic Rep. Charles Rangel of New York have demonstrated, members are allowed to undervalue their foreign real-estate holdings without consequence. Further, rules made by members for members exempt their residences (at home and in Metro Washington) and six-figure congressional incomes from disclosure and thus the net-worth calculation. Meanwhile, as joblessness...

Talk about bad timing. As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress. Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall. CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen....

David Bohnett Los Angeles, Calif., Oct 16, 2009 / 03:55 am (CNA).- Delivering an acceptance speech for a GLSEN award, a wealthy homosexual activist has attacked Catholic leaders, saying they are among his movement’s “greatest adversaries.” He called on his allies to combat “head-on” religious organizations opposed to homosexual causes and to take “active measures” against them. At its Oct. 9 Respect Awards event in Los Angeles, the Gay, Lesbian and Straight Education Network (GLSEN) honored David Bohnett, the cable network HBO and screenwriter Shonda Rhimes with its Lifetime Achievement Award. They were awarded for what GLSEN called “their...

Socialists will find much to be appalled by in this issue of FORBES. The combined net worth of our featured plutocrats comes to 2.4% of the country's total. Confiscate the loot and you'd have some real money to spread around. Not that it will stop a committed redistributionist, but the chart of wealth here puts the lopsided results of the economy in a slightly different light. On the horizontal scale we have Bill Gates on the left. People with $50 billion on hand are scarce. Lower the bar to $1 billion, though, and rich people are a dime a dozen....

Though he has profited by over $50 million selling his product in the marketplace, left-wing filmmaker Michael Moore contends that capitalism hasn’t done him any good. “If I made all that money, where is it?” Moore asked. While wags may jibe that there is ample evidence that Moore has put a large portion of his profits into augmenting his personal girth, Moore contended that “a system that allows a person to frivolously spend on items that endanger their health, like America does, victimizes people.” Moore argued that “a socialist government like Cuba would’ve still let me make movies, but would...

Documentary film director Michael Moore, who has become a millionaire thanks to the profits from his movies, told CNSNews.com that “capitalism did nothing” for him. CNSNews.com spoke with Moore on the red carpet at the Uptown Theatre in Washington, D.C., on Tuesday night before the premiere of his upcoming documentary, “Capitalism: A Love Stor

Here is video of radical leftist Michael Moore - who has made millions with his films that trash America - actually saying that "Capitalism did nothing for me." Here is a man who has thrived in a Capitalist society who hates the very economic philosophy that enabled him to do whatever he wanted to do. Yet, he is doing everything he can do to destroy the American Economic System that made it possible, not only for him, but for everyone. He is too stupid to even recognize that capitalism is what built a nation that allowed him to even have...

America's super rich are getting poorer. For only the fifth time since 1982, the collective net worth of The Forbes 400 — our annual tally of the nation's richest people — has declined, falling $300 billion in the past 12 months from $1.57 trillion to $1.27 trillion. Faltering capital markets and real estate prices, along with divorce and fraud, pushed the fortunes of 314 members down and drove 32 plutocrats off the rankings. Hurt the most: Warren Buffett, America's second-richest citizen. The Oracle of Omaha dropped $10 billion from his personal balance sheet as shares of Berkshire Hathaway fell 20%...

merica's richest people are getting poorer, according to this year's Forbes 400 list. The annual ranking of the 400 wealthiest US citizens shows their net worth has dropped by $300bn, from $1.57 trillion to a paltry $1.27 trillion. That includes a loss of nearly $40bn for the top ten alone. The decline can be attributed to the global economic crisis, which has affected the capital and housing markets, as well as fraud and divorce, causing 314 returning members to record a loss. Warren Buffett, who remains at number two, was the worst affected by the world recession, losing $10bn over...

Gov. Rick Perry never had much money growing up, and he has spent most of his adult life in public office, drawing a part-time salary as a legislator and relatively modest earnings in statewide office for the last quarter century. But thanks to his investments and a series of private land deals, some that took advantage of his political connections, Perry has squeaked over the millionaire line, records examined by The Associated Press show. Perry's Democratic opponents have suggested that Perry traded on his power and influence to turn a buck. Now that he is in a tough primary for...

Since its birth, the United States has grappled with the problem of an over-mighty financial sector. With the exception of Alexander Hamilton, the Founders' vision was of a republic of self-reliant farmers and small-town tradesmen. The last thing they wanted was for New York to become the London of the New World—a mammon-worshiping metropolis in which financial capital and political capital were rolled into one. That was why there was such resistance to creating a central bank, and why—despite two attempts—we have no Bank of the United States to match the Bank of England. That was why populists railed against...

Sen. Edward Kennedy's family fortune not only fueled his brothers' presidential campaigns and his eight terms in the U.S. Senate, it also helped drive the family's liberal legacy and forge Kennedy's lifelong crusade for universal health care. Just how wealthy was Kennedy when he died Tuesday at the age of 77 after a yearlong battle with brain cancer? Untangling a family fortune that reaches back to the early days of the past century is murky business, but the annual federal financial disclosure reports Kennedy was required to file provide at least a' partial glimpse into his personal capital. As a...

Charles Rangel (D-NY) failed to disclose millions on his taxes, including a $1 million dollar house. The list of forgotten disclosures goes on and on...for years...

Hassan Nemazee, a multimillionaire Iranian-American investment banker and top Democratic Party fundraiser, was arrested today by federal law enforcement authorities in New York City and charged with engaging in criminal fraud for his role in arranging a $74 million dollar loan from Citibank, Bloomberg reported. U.S. Attorney Prett Bharara in New York City and FBI investigators told Dow Jones Newswires the 59-year-old Namazee applied for the Citibank loans for Nemazee Capital Corp. by giving Citibank "numerous documents that purported to establish the existence of accounts in Nemazee's name at various financial institutions containing many hundreds of millions of dollars." According...

House Ways and Means Chairman Charles B. Rangel , already beset by a series of ethics investigations, has disclosed more than $500,000 in previously unreported assets. Among the new items on Rangel’s amended 2007 financial disclosure report were an account at the Congressional Federal Credit Union worth at least $250,000, an investment account with at least $250,000, land in southern New Jersey and stock in PepsiCo and fast food conglomerate Yum! Brands. None of those investments appeared on the original report, which was filled out by hand and filed in May 2008. According to the original report, Rangel’s net worth...

Annie Leibovitz is as famous as the people she photographs but now the genius behind the lens is close to financial ruin -- a victim, some say, of her own relentless artistic ambition. Among the qualities making Leibovitz, 59, the most sought after portrait photographer in the world are legendary perfectionism and the pouring of resources into lavish sets. Over the course of her long career, nothing has been too extreme in Leibovitz's pursuit of the perfect picture. She put former action icon and current California Governor Arnold Schwarzenegger on top of a mountain, submerged black actress Whoopi Goldberg in...

As the health care debate rages on, President Barack Obama will begin a week-long vacation Sunday in Martha’s Vineyard, an enclave of liberal royalty far from middle America, where his approval numbers are starting to stall. Already, at least one group on the right is taking a jab at Obama over his beach vacation — at a 28-acre farm, said to rent for up to $50,000 a week. Obama has struggled against the perception that he has trouble connecting with average voters, and some are questioning his choice of a getaway spot for the well-to-do. “The danger for President Obama...

The rich have been getting richer for so long that the trend has come to seem almost permanent. They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise in income inequality. But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer...

A wealthy Hollywood producer paid for the flight that carried former President Bill Clinton and two American journalists home from North Korea, a California businessman confirmed Wednesday. Stephen Bing, a close Clinton friend and longtime Democratic fundraiser, is the plane's owner, said Marc Foulkrod of Burbank, Calif., chairman of Avjet Corp., the company that manages the aircraft. Foulkrod said the Federal Aviation Administration "at the highest levels" cleared the flight plan, which required an exception because U.S. planes are not allowed to fly into North Korea. The effort to set up and clear the flight only started four to five...

Senator Barbara Boxer (D-CA) appeared on Hardball last night in support of the Left’s attempt to discredit the people showing up to townhalls in protest of ObamaCare. Boxer says she can tell that they’re fakes, because they’re too well dressed. How does she know that this is a problem? Because well-dressed people apparently told her to get the hell out of Florida in the Bush-Gore recount, too: That explanation is a classic. If it’s true at all, she probably stunned the Floridians with the sheer stupidity of her non-sequitur. Ronald Reagan would not have gone into Florida to tell them...

In trying to pay for the Democrats’ grandiose health-care plan, President Obama has endorsed the concept of a “millionaires’ surtax.” Leave aside for a moment the consideration that not even this would raise the revenues necessary to pay for the Democrats’ designs; they will be forced to increase taxes on those earning considerably less than $1 million a year. Still, it’s clear why they’ve focused on milking millionaires as the way to fund their plans. Millionaires are seen as the symbols of excess — far removed from the “middle class” to which all politicians pay obeisance. Surely they can afford...

Of all the gloomy economic indicators since the Wall Street collapse, perhaps the most startling one seen by New Jersey residents is this: Gov. Jon S. Corzine with his hand out. Mr. Corzine, 62, famously spent $60 million of his own money on a record-shattering Senate race in 2000, then $43 million more laying siege to Trenton four years ago. But now, after a costly divorce and a steep decline in his net worth, Mr. Corzine, the onetime chief executive of Goldman Sachs, is in the unfamiliar position of seeking donations to help foot the bill for his campaign. It...

As the economy struggles, and most of us with it, a few more join the seven-figure clubThe number of millionaire families in the Bay Area jumped 10.2 percent, from 123,621 to 136,120, according to a report from Merrill Lynch and Claritas. Similar gains were won by the wealthy in Los Angeles and San Diego, according to The World Wealth Report. What, no word on Fresno? Scott Anderson, a senior economist with Wells Fargo, takes issue with the report. "As a reading of the health of California's wealthy, I'm not sure that's the best indication to go by," Anderson told the...

Subtlety was never one of Osama El-Atari's strong suits. The son of Jordanian immigrants was a self-described "car nut" who racked up a fierce number of speeding tickets across Northern Virginia. He told a reporter that he owned two Lamborghinis, two Ferraris and a Rolls-Royce Phantom, among other vehicles, and that his insurance bill was $18,000 a month. One car dealer said El-Atari would occasionally bring a chauffeur to dealerships. The Loudoun County restaurateur tried to show off his wealth whenever he could, by donating thousands to local political candidates or purchasing expensive sports memorabilia at charity galas. He told...

Hawaii continues to lead the nation in the percent of millionaires per overall population. Phoenix Marketing International of New York defines a millionaire household as one with $1 million or more in investable or liquid assets, excluding sponsored retirement plans and real estate. The marketing firm announced Friday the number of millionaires in the U.S. has declined by 14 percent over the past two years. But 6.4 percent of Hawaii’s households, or 28,363, are millionaires. That’s down from 7.26 percent in 2008 but still high enough of a percentage to lead the nation for the second year in a row....

Three victims of convicted fraudster Bernie Madoff are seeking damages in the millions claiming they were cheated and strong-armed into accepting less compensation than they say they're owed and also accuses the SIPC (provides fraud insurance for investors), of cheating some victims. Madoff trustee Irving Picard is accused of breach of fiduciary duty for failing to make payments under SIPC rules. Picard sought to claw back money withdrawn then revealed SIPC should payout based upon original investments rather than account balances at the time the fraud was uncovered. SIPC is bound by law to payout up to a maximum of...

GOP Briefing Room Exclusive Content Why the Rich Will Get Richer Under Obama By Victor J. Massad Victor J, Massad, Ph.D. is a semi-retired professor of marketing & business at a Pennsylvania college. The Google search “spread the wealth around” yields 221 thousand results, nearly all of which discuss then-candidate Barack Obama’s most candid moment in the 2009 presidential election campaign. What Obama said was this: "It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success, too. When you spread the wealth...

Per Fox News...

... Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it." One year later, nobody's grinning. One-third of the...

A female millionaire's public announcement to seek a life partner is becoming the talk of the town. It is rare in Korea for rich female singles to publicly seek a future husband through a match-making agency. The businesswoman has asked matchmaking company Sunwoo to find her future husband. The agency posted an open proposal on its website on May 21. According the agency, the businesswoman is 49 years old and is worth 20 billion won (about $16 million). The proposal starts with the headline "success in business, now looking to succeed in love! We are looking for a special man...

WASHINGTON – President Barack Obama's personal finances appear to be on sound footing even as the nation's economy struggles, a financial report he released Friday shows. Obama and his wife Michelle have $1.4 million to $5.9 million in assets, not counting their Chicago home. Their holdings include up to $265,000 in checking accounts. The president's new financial disclosure report mirrors one he filed a few months ago. Much of the Obamas' wealth comes from the president's best-sellers. The books, "Dreams from My Father" and "The Audacity of Hope," brought in about $2.5 million in royalties last year, according to tax...

Here’s a sobering fact to ponder: Rush Limbaugh earns more per year than Jay Leno. Put another way, we as a nation have placed a higher value on fear than laughter. Regardless of the relative merits of either performer, Leno is paid less to crack jokes than Rush is to instill fear. One is positive, the other negative. What does this say about the state of our nation? An entire cottage industry has formed solely to track the utterances of Limbaugh, and there is little use in recanting his vile litany once again. Limbaugh has created a career out of...

Barack Obama's rich supporters fear his tax plans show he's a class warrior Some of Barack Obama's richest supporters fear they have elected a "class warrior" to the White House, who will turn America's freewheeling capitalism into a more regulated European system. By Leonard Doyle in Washington 09 May 2009 Barack Obama: some of his rich supporters fear he is becoming a class warrior Wealthy Wall Street financiers and other business figures provided crucial support for Mr Obama during the election, backing him over the Republican candidate John McCain as the right leader to rescue the collapsing US economy. But...

Obama bites rich hands that fed him By: Jeanne Cummings May 5, 2009 08:01 PM EST For a politician who sometimes got accused of playing class warfare, candidate Barack Obama sure made a lot of well-to-do friends during the 2008 campaign. The big question now is whether President Barack Obama can keep them. One striking, if little-noted, trend of the past presidential election was that Obama won the affluent vote — those making more than $200,000 annually — with 52 percent. Moving down the income scale a bit, he and John McCain essentially tied among those making between $100,000 and...

Michelle Obama has taken casual to a haute new level. While volunteering Wednesday at a D.C. food bank, the First Lady sported her usual J.Crew cardigan, a pair of utilitarian capri pants and, on her feet, a sneaky splurge: trainers that go for $540. That's right: These sneakers - suede, with grosgrain ribbon laces and metallic pink toe caps - are made by French design house Lanvin, one of fashion's hottest labels. They come in denim and satin versions, and have been a brisk seller all spring. They're out of stock at posh Meatpacking District boutique Jeffrey, and Barneys...

NEW YORK: Michelle Obama left many admiring her 540-dollar fancy footwear as she recently stepped out to volunteer at a Washington D.C. food bank. The US First Lady was spotted sporting renowned French design house Lanvin's trendy trainers, suede, with grosgrain ribbon laces and metallic pink toe caps. The mum-of-two, who has top labels in the line desperate to dress her in their wraps, completed the remaining look with her J.Crew cardigan and a pair of utilitarian capri pants, reports the New York Daily News. Michelle has sparked many shopping frenzies amongst women looking to ape her sense of clothing.

Who are the richest senators of the 110th congress? Names like Rockefeller and Clinton weren’t surprising but a few others were. What was a little surprising is the fact that the top 4 wealthiest senators are Democrats. And I thought the Republicans were the “rich, white guys”. We took the top 15 and listed their minimum and maximum net worth. We listed the Minimum Net Worth and a Maximum Net Worth because the disclosure forms that they are required to file don’t require exact amounts. 1 Herb Kohl (D-Wis) $219,098,029 $234,549,004 2 John Kerry (D-Mass) $165,741,511 $235,262,100 3 Jay Rockefeller...

Sunday, April 26, 2009 It Pays to Go Green! Al Gore's Net Worth Jumps From $2 Million in 2000 to $100 Million in 2008 Evidently, it pays to tell people that the Arctic is melting into slush. Al Gore told a German audience in December that the North Pole will disappear in 5 years: Chief climate change pimp Al Gore is making millions off of his fear-mongering. Pro Patria discovered that while Al Gore is scaring the daylights out of young children he is making millions from his green investments. So what has Al Gore gained from his Big Green...

Retailing wonder-woman Karen Katz was featured as a "magical thinker" in the Sept. 21, 2007, edition of Time magazine. The Neiman Marcus president and CEO said that the number of U.S. households worth more than $5 million was greater than ever before, and consumers had an increased appetite for all things luxe. "Many other retailers have jumped on the luxury bandwagon, wanting to get their piece of the action. It's forced us to say, 'Where do we go?' And we're kind of moving up," Katz told Time. "We've decided there's this category we've named 'high luxury.' It's even more luxurious,...

NEW YORK – Trustees of real estate baroness Leona Helmsley's estate say they're giving $136 million to charity — with just $1 million going to the dogs. Helmsley's estate announced 53 charitable grants Tuesday, the bulk of which went to New York City hospitals and medical research. The largest grant, $40 million, went to a digestive diseases center at New York-Presbyterian/Weill Cornell Medical Center, while $35 million went to start two research facilities in Helmsley's name at Mount Sinai Medical Center. The estate for Helmsley — who died in 2007 at age 87 — divided $1 million equally to 10...

First couple paid $855,323 in federal taxes or 32 percent of their income: WASHINGTON - President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.

WASHINGTON -- President Obama is one taxpayer who filed his returns on time. Tax returns released by the White House show Obama and his wife, Michelle, together made $2.7 million last year. While that's far more than the U.S. median household income of about $50,000, it's also far less than the Obamas made the previous year. In 2007, they made $4.2 million.

Obamas pay more than $900,000 in taxes By Sam Youngman Posted: 04/15/09 05:18 PM [ET] The new first family paid more than $900,000 in federal and state taxes this year after President Obama's book sales last year earned him more than $2.6 million. In addition to paying more than $855,000 in federal taxes, the Obamas also paid more than $77,000 in state taxes in Illinois, according to the White House. Vice President Biden and his wife, Jill, reported paying $46,952 in federal taxes on "an adjusted gross income" of close to $270,000. The Bidens paid a little more than $11,000...

Recently released financial records paint a contrasting picture of the Obama administration: a cabinet composed largely of politicians and government employees who have been on the public payroll for years, and a White House staffed with numerous aides who received substantial compensation over the past year from firms that could have a big stake in administration policies... Well-paid White House staff include chief economic adviser Lawrence Summers. He earned about $5.2 million from hedge-fund firm D.E. Shaw & Co. in the past year, and received more than $2.7 million in speaking fees... Other White House staff members received generous payments...

CHICAGO, April 4 (UPI) -- U.S. presidential adviser David Axelrod received $2 million late last year when he sold his consulting firm, documents indicate. Axelrod pioneered many of the Internet organizing techniques that played a crucial role in propelling President Barack Obama to the White House. His firm, AKP&D Message & Media, which specialized in corporate public relations, was sold to two of his partners -- John Kupper and John Del Cecato -- and Los Angeles Obama campaign strategist Larry Grisolano, the Washington publication Politico reported Saturday. The disclosure form filed by Axelrod showed he earned $152,000 from his work...

Just as news breaks that political fundraising is down for both parties, Republicans have lost one of their more generous contributors. In what one might call a biblical move, Christian philanthropist Howard Ahmanson -- one of three major funders of the campaign for California's Proposition 8, which banned same-sex marriages -- has abandoned the GOP for the Democratic Party. No one ever said the multimillionaire isn't idiosyncratic. In a rare interview Thursday, Ahmanson shared some of his thoughts about why he switched parties. In a word, taxes. Specifically, he was offended by the California Republican Party's insistence during a recent...

See How the Top .001 % liveSpecial Monday PROGRAM HIGHLIGHTS Who are the New Super Rich? They are typically self-made, young and make their fortunes relatively quickly. The Super Rich are entrepreneurs, CEO’s, partners in hedge funds and private equity firms, and real estate developers. Current DateTime: 04:29:21 20 Mar 2009 LinksList Documentid: 24989338 * SLIDE SHOW: Inside the Life of Millionaire Tim Durham The New Gilded Age The New Gilded Age Largely through private equity and hedge funds, Wall Street has created wealth more quickly, dramatically, and controversially than ever before, fueling what’s been described as a “New Gilded...