Newt May Be Bankrupt But His Campaign is On
The man who is incapable of running a small company wants to run the USA?
Adding another feather in his decorated cap, the “contract with America fame” Newt Gingrich picks up another title—bankrupt Newt. His flagship endeavor which is also known in Washington as "Newt, Inc.," has filed for a Chapter 7 bankruptcy in the Northern District of Georgia. According to Gingrich's financial disclosure, majority of his net worth, between $5 million and $25 million from his empire of $7.1 million and $31 million, is tied up in the Gingrich Group.
Until May of 2011 when Gingrich announced he was running for president, he was chairman of the group. Since focusing his efforts on his presidential run, the "Gingrich Group" has struggled to raise money, leading to its eventual collapse.His fund rising record is terrible, only boosted temporarily by his billionaire friend Sheldon Adelson, the casino magnate of Las Vegas who personally donated more than $16 million to the Gingrich Super PAC.
Although at one time Adelson had commented that he was not considering putting a ceiling in his donation to Newt, lately at a Jewish leadership conference in Las Vegas, he made the comment that Newt Gingrich was “at the end of his line” in his presidential campaign quest.
Newt is not throwing the towel though; he is going to go all the way up to the convention. In my vernacular there is an expression dhol nai tarwal nai Nidhiramm sardar, which translates as: Nidhiram does not have swords, or drums, but he yearns to be the leader supreme.