Last night, U.S. Senator Roger Marshall received Dr. Anthony Fauci’s unredacted FY2020 financial disclosures. The release following a heated Senate exchange between Fauci and Marshall which concluded with Fauci called the senator a “moron.”
The financial disclosures contain a wealth of previously unknown information. For example, the Fauci household’s net worth exceeds $10.4 million.
During the pandemic year of 2020, their household income, perks and benefits, and unrealized gains totaled $1,782,807 — including federal income and benefits of $868,812; outside royalties and travel perks totaling $119,626; and investment accounts increasing by $794,369.
Here are the numbers as compiled by the auditors at OpenTheBooks.com, an organization I lead. This analysis used previously known information plus the newly released disclosures.
Investment Income: $794,369
Disclosures show $794,369 in gains in the Fauci stock, bond, and money market portfolio during 2020. The total value of Dr. Fauci’s investment account was $8.4 million and his wife’s investments totaled another $2.1 million.
These funds were held in a mix of trust, retirement, and college education accounts. Fauci has an IRA worth $638,519 (up $42,291); a defined benefit brokerage account totaling $2,403,522 (up $241,418); and a revocable trust worth $5,295,898 (up $342,694). His wife’s revocable trust is worth $1,962,819 (up $156,123) and an IRA totaling $120,277 (up $11,843).
Some on the right have speculated that Fauci may have profited off the pandemic. The disclosures show that he’s invested in fairly broadly targeted mutual funds, with no reported holdings of individual stocks.
Fauci’s disclosures show that he owns a stake in a San Francisco restaurant, Jackson Fillmore, worth between $1,000 and $15,000: but received no income from the restaurant in FY2020 (or in FY2019).
Previously, NIH had released heavily redacted financial disclosures of Dr. Fauci. Redactions included the fund balances, so a net worth analysis was impossible until now.
Salaries: $668,312
Dr. Fauci is the director of the National Institutes of Allergies and Infectious Diseases and his wife Christine Grady is the chief bio-ethicist at the National Institutes of Health.
Background: Fauci earned $434,312 in cash compensation (FY2020) outearning all 4.3 million federal employees including the president and four-star generals in the U.S. military. Between 2010 and 2020, Dr. Fauci earned cash compensation of $3.7 million from his federal employer. Review Fauci’s ten-year salary history in my previous column published at Forbes.
Fauci’s wife, Christine Grady is the chief bio-ethicist at the National Institutes of Health and made $234,284 in FY2020, as disclosed by FOIA to OpenTheBooks.com in August 2021. Grady’s FY2019 pay was also $234,284 and since 2015, Grady made $1.3 million in cash compensation.
However, Fauci’s financial disclosures only show that Grady made $176,000 for FY2020.
NIH does still not disclose Fauci’s current salary (FY2022) or last year’s salary (FY2021), despite comment requests for the information. Therefore, Fauci earned an estimated total of roughly $900,000 during the period.
Perks And Pension Benefits: Est. $200,500
Federal employees have a lucrative amount of paid time off, subsidized healthcare, pension benefits and a myriad of other perquisites. For example, after just three-years, a rank-and-file federal employee receives 44 days of paid time off. Dr. Fauci has held a federal job for 55 years.
A good faith estimate of the taxpayer cost of those benefits is 30-percent multiplied by the salary amount for Dr. Fauci and his wife.
Background: In December, published at Forbes, Fauci stands to reap a golden parachute retirement pension estimated at $350,000 per year, the highest in federal history. With cost of living increases, Fauci would receive over $1 million during his first three years of retirement.
Royalties And Professional Reimbursements: $106,328
Disclosures show that Dr. Fauci edits the medical textbook, Harrison’s Principals of Internal Medicine and serves on the board of the publisher, McGraw Hill. In 2020, Fauci received $100,000 as an editor of the publication. In July 2020, Fauci also received $6,328 for a six-day trip to La Jolla, CA to attend a board meeting of McGraw Hill, the publisher.
Background: OpenTheBooks filed a Freedom of Information Act lawsuit to get a copy of all royalties paid to current and retired NIH scientists since 2005. When NIH would not release the information, a federal lawsuit was filed in October with Judicial Watch and production is scheduled to start on February 1st.
Gifts And Travel Reimbursements: $13,298
Galas: Fauci and his wife collected $8,100 to attend three virtual galas.
Here is the breakdown: $5,000 in for the Robert F. Kennedy (RFK) “Ripple of Hope” gala in December 2020. $1,600 to attend “An Evening Of Hope” virtual event in April 2020 and $1,500 to attend a “Prepared For Life” virtual gala in October 2020.
When Fauci was named Federal Employee Of The Year at the 2020 Samuael J. Heyman Service To America Medals awards program he was paid $5,198 for the virtual star-studded event.
Background: Fauci’s FY2021 disclosure is scheduled for release in May. The disclosure should contain interesting information. For example, in January 2021, as reported by NPR, Fauci received a $1 million prize for the prestigious Dan David Prize affiliated with Tel Aviv University for “speaking truth to power.”
Most likely Fauci kept $900,000 of that prize with 10-percent awarded to Fauci-picked scholarship winners.
Comment was requested from Dr. Fauci and NIH; updates forthcoming with any response.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
