Disclosures Show Dr. Fauci’s Household Made $1.7 Million In 2020, Including Income, Royalties, Travel Perks And Investment Gains - Forbes | Canada News Media
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.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
