Republican presidential candidates have until Monday to file personal financial disclosure records to qualify for Thursday's Republican presidential debate in Cleveland. The latest polls indicate Kasich has a good chance to be one of the 10 candidates to qualify for the debate, which will be televised by Fox News Channel.
Kasich’s disclosure Friday provides the first real clue of how wealthy he has become during the past decade from his work at the now-defunct Wall Street firm of Lehman Brothers and as a commentator with Fox News.
Kasich reported three assets valued at between $500,000 and $1 million: the Franklin Ohio T/F Income Fund A; the Russell Tax Exempt Bond Fund S, both held in trusts for John Kasich, and the Roth IRA NM RR Variable Annuity 98.
Kasich and his wife reported seven assets valued at between $250,000 and $500,000, including the Putnam U.S. Government Income Trust A, the Washington Mutual Investors Fund A and the Fidelity Advantage Intermediate Municipal Income.
A sizeable amount of the Kasichs’ assets — at least $2 million in value — are in tax-free investments, which would afford them a significant tax-free income stream.
Kasich’s wife, Karen, invested in a handful of Ohio-based companies, such as L Brands, Cardinal Health, Procter and Gamble and American Electric Power.
Karen Kasich also invested in Apple, AstraZeneca, Philip Morris and Pepsico as well as in municipal bonds for the cities of Hamilton, Middleburg Heights, Cleveland and Ashtabula.
The federal personal financial disclosure form requires federal officeholders and candidates to disclose their financial assets, such as stocks or savings accounts. But they only have to disclose them in broad ranges, such as declaring a stock is worth between $50,000 and $200,000.
As governor, Kasich has filed personal financial disclosure reports as required by Ohio law. But state law only requires candidates or elected officials to list investments exceeding $1,000 as opposed to the actual amount, which in Kasich’s case was far larger.
When he ran for governor in 2010, Kasich only allowed reporters to examine his 2008 federal tax returns, which showed he earned $1.4 million that year in salary and bonuses from Lehman Brothers.
Kasich worked in the Columbus office of Lehman Brothers, whose collapse in 2008 precipitated the worst financial crisis in the United States since the 1930s. Kasich had no role in Lehman’s collapse.
The financial collapse of 2008 wiped away trillions of dollars in household wealth for many Americans. In particular, scores of Americans either defaulted on their mortgages or were forced to sell their homes at a loss.
A 1978 federal law requires all presidential candidates to make public their personal finances within 30 days of officially announcing their candidacy. But to qualify for the first debate, Fox News Channel required them to disclose their finances no matter when they announced. Kasich officially declared he would run for president on July 21.
About the Author