‘Newt Inc.’ Bankrupt as Campaign Operates on Shoestring

by
April 12, 2012

By Julie Bykowicz , Bloomberg

A presidential campaign bid, even a failed one, can open doors to lucrative career options, such as former Arkansas Governor Mike Huckabee’s Fox News contract.

In the case of Newt Gingrich, a financial comeback may be a harder climb.

The former U.S. House speaker’s time on the campaign trail has led to the shuttering of two businesses that generated $107 million in income during the last 10 years and helped him accrue at least $7.3 million in assets. His campaign also is struggling, bouncing a $500 check for the filing fee in the June 26 Utah primary, and amassing almost $4.5 million in debt.

His future earnings potential also is imperiled, public- relations advisers and Republican strategists said, in part because of his campaign rhetoric that derided “the Republican establishment” and vilified such previous consulting clients as Freddie Mac (FMCC) (FMCC), a government-backed mortgage lender.

“Newt has somewhat become a caricature of himself, and that’s not very good for business or rebuilding your brand,” said Mark Corallo, a Republican consultant and founder of a crisis-communications firm based in Washington, D.C. Corallo compared Gingrich to “a good TV sitcom that runs a little too long and becomes so predictable that nobody watches it anymore.”

Eddie Mahe, a Republican consultant, said he questions whether ’’Newt Inc., in the sense that it was, ever comes back again.’’

To read more, visit: http://www.businessweek.com/news/2012-04-11/newt-inc-dot-bankrupt-as-campaign-operates-on-shoestring

 

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