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Press coverage on Miers's wealth wrong



An AP report, mentioned by Walter below, suggests that Miers's wealth has declined precipitously because she reported half as many assets in 2004 as she did in 2000.

The AP has made two foolish mistakes.

First, it omitted from its calculations a disclosure on the 2000 form that Miers owed between $250,000 and $500,000 on a 10% promissory note. She did not owe this money in 2001, and must have paid it off, along with another debt between $50,000 and $100,000; the two combined would explain the decline in her assets.

Second, the disclosure reports do not include the value of real estate. Miers purchased a condominium in Virginia outside of Washington in 2001, after filing her first disclosure report, but before filing the most recent one. If she paid cash instead of obtaining a mortgage, it would easily explain the difference in asset values between 2000 and 2004. (She also still owns her large home in Dallas.) Meanwhile, I can personally attest that condominium values in the area have increased at least 50% since then. It is quite likely that, despite taking a pay-cut of over 70%, and incurring the additional expense of paying property taxes in a second (and much more expensive) jurisdiction, Miers is better off financially today than she was four years ago.

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.