Kasich is a millionaire
Republican gubernatorial candidate John Kasich made more than $1 million in 2008, including $587,175 as a managing director of Lehman Brothers investment banking division.
Kasich today released his 2009 income tax returns, showing earnings for 2008, to blunt attacks from Democrats that he excessively profited from Lehman, whose collapse on Sept. 15, 2008 precipitated the nation’s financial meltdown.
The returns showed that Kasich was paid a $182,692 salary in 2008 from Lehman, along with a $432,000 bonus and $2,250 in other benefits. The bonus, paid on Jan. 31, 2008, was for Kasich’s performance with the firm in 2007. The Ohio Democratic Party long has speculated that Kasich profited handsomely when Lehman collapsed, but Kasich continually has said he lost money when the firm went under.
Scott Milburn, Kasich campaign communications director, said the campaign is not legally required to release the candidate’s income tax returns, but did so to set the record straight.
“We’re doing this primarily to show that he did not profit from Lehman Brothers’ demise,” Milburn said. “His stock in Lehman Brothers is effectively worthless now.”
The Dispatch had requested that Kasich release his tax returns for the eight years he was employed by Lehman, but the campaign said the 2009 tax filing was generally reflective of his earnings for those years and declined to release more.
“I’m sure the bonuses did go up and down based on his performance,” Milburn said.
The returns show that Kasich is a millionaire. He and his wife, Karen, who made $19,777 in 2008 primarily from investment earnings, had a combined income of $1,386,648. After deductions, they had a taxable income of $1,145,156, and paid taxes totaling $463,288. They donated $27,326 to charity.
“I’m grateful that I’ve been blessed with good opportunities and the ability to turn them into success for my family and myself,” Kasich said in a statement. “I hope every son of a postman can do as well, but I fear those odds are slim unless we can undo the damage that Ted Strickland has done to our economy and get Ohio back on track.”
Kasich, who lives in the Westerville area, was a member of the U.S. House from 1983-2000, when he launched a short-lived bid for president.
The tax returns also reveal that Fox News paid Kasich $265,000 in 2008 to be an on-air commentator – a salary that reflected his annual pay from Fox during the roughly nine years he worked for the network, according to the campaign.
Kasich also was paid $28,020 for his short stint at Barclay’s Capital, which bought what was left of Lehman. Kasich still works as a mergers and acquisitions consultant for Columbus-based Schottenstein Property Group. He began working for the company on Nov. 1, 2008, and was paid $61,538 through the year. Kasich also received $165,719 in speaking fees for delivering motivational speeches around the country, primarily to business audiences.
The tax return indicated that Kasich’s two books are not selling well – he received only $51 in book royalties in 2008.
Other income Kasich received in 2008 included a combined $77,273 for sitting on the boards of directors of Columbus-based Worthington Industries and Elyria-based Invacare Corp. Kasich still is a member of both boards, but will have to quit each if elected governor.
He also collected $121,922 in interest and dividends from investments. Among his tax payments in 2008, Kasich paid $365,564 to the federal government and $61,095 to Ohio.
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http://blog.dispatch.com/dailybriefing/2010/04/kasich_is_a_millionaire.shtmlKasich Lehman Brothers
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