July 09, 2019

How ‘Middle Class Joe’ Biden Made Millions: Campaign Update
(Bloomberg) -- Joe Biden has long told voters he was just a regular guy who shared their struggles. But the expected release of his most recent financial disclosures on Tuesday could paint a very different picture of “Middle Class Joe.”The filings will give some details of how much the former vice president has earned since leaving office after four decades of public service.The Bidens left the vice president’s residence in Washington with assets worth no more than $1.1 million, and perhaps as little as $303,028, according to the financial disclosure form he filed in January 2017. Officials and candidates disclose the value of their assets, their incomes and obligations in broad ranges.Life after government can be lucrative for former high-ranking officials, and Biden has been no exception. In April 2017, he signed an $8 million, three-book deal, including one co-written with his wife, Jill Biden, according to Publishers Weekly. He also gave dozens of paid speeches, with some of the fees amounting to $200,000 for a single appearance, according to the Washington Post.Biden’s campaign hasn’t disclosed who paid him to give speeches but said he’s delivered fewer than 50 since leaving office.But the engagements could become a campaign issue. Both Vermont Senator Bernie Sanders and then-candidate Donald Trump assailed Hillary Clinton in the 2016 race for lucrative appearances at Goldman Sachs Group Inc. events, and speeches to other elite institutions.Filers don’t have to disclose the value of their residences, but do list residential loans. According to his last disclosure, the Bidens owed between $560,006 and $1.2 million, the bulk of which were a mortgage and home equity line of credit.Biden will file his financial disclosure form with the Federal Election Commission unless he requests a second 45-day extension. He was originally due to file the form on May 25.His campaign declined to comment.Coming Up Tuesday:Most of the Democratic presidential candidates are off the trail. Senator Kirsten Gillibrand will be in New Hampshire; Montana Governor Steve Bullock will be in Iowa.Here’s What Happened Monday:California Representative Eric Swalwell announced that he’s exiting the presidential contest and will be seeking re-election to his House seat. The congressman, who focused his campaign on toughening gun control, dropped out after just three months.Senator Elizabeth Warren of Massachusetts moved into third place in the Democratic presidential money race, giving further proof of her momentum as she rises in the polls. Her campaign manager, Roger Lau, said Warren had raised $19.1 million in the second quarter of 2019, trailing Mayor Pete Buttigieg of South Bend, Indiana, and Biden, but ahead of Sanders. Warren was in fifth place in the first quarter. The second- quarter funds came from 384,000 people, who made more than 683,000 donations, with the average contribution amount of $28, Lau said. More than 80% of the donors gave for the first time in the last three months, he added.To contact the reporter on this story: Bill Allison in Washington at ballison14@bloomberg.netTo contact the editors responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net, Max Berley, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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