Newt Gingrich Defends His Tiffany's Debt: 'It's A Normal Way Of Doing Business' (VIDEO)

WASHINGTON -- Republican presidential candidate Newt Gingrich defended the large debt he owed to the luxury jewelry store Tiffany & Co. in 2005 and 2006, saying he can spend his money as he pleases.

"We're private citizens," Gingrich said in an interview with Bob Schieffer on CBS's "Face the Nation" on Sunday. "I work very hard. We have a reasonably good income. I currently owe nothing except I owe one mortgage on a house that's a rental property in Wisconsin. Everything else is totally paid for. My home is paid for, my cars are paid for, we don't have a separate house. We don't do elaborate things."

Politico's Jake Sherman reported last week that financial disclosure forms filed with the U.S. House of Representatives show that in 2005 and 2006, Gingrich carried as much as $500,000 in debt on a "revolving charge account" with the jewelry store.

Gingrich's spokesman refused to comment when the news broke, but on Sunday, Gingrich said the debt was paid off "automatically" with "no interest."

"It's a normal way of doing business," he said in defense of what he called a "standard, low-interest account."

Gingrich refused to give more details on exactly what he spent hundreds of thousands of dollars on at the store, saying the spending was his "private decision."

"I mean, you're running for president," insisted Schieffer. "You're going to be the guy in charge of the Treasury Department. It just sticks out like a sore thumb."

"I am debt-free," Gingrich said. "If the U.S. government were as debt-free as I am, everyone in America would be celebrating. I think I have proven I can manage money, as a small businessman -- I run four small businesses. They have been profitable; they have employed people. This is the opposite of the Obama model. So as a private citizen who has done well, I think I'm allowed to pick and choose what I prefer doing."

WATCH:

 

 

Comments

[Jim Neal]

11:46 AM on 06/01/2011

Really don't care. Members of Congress and the Executive branch are rich. The average net worth of a member of the Senate in 2009 was $13.4M and the House $4.9M. Their asset and liability disclosures are vague: lots of debt on credit owed to, say, a credit card company that might have been used to buy $500K of bling or whatever. Ditto for assets: specifics hidden behind partnerships for the most part. Most illuminating are the extensive holdings of financial assets. John Kerry, for example, owns significant interest in funds sponsored by Bain Capital - where Mitt Romney was once the CEO.

The bottom line is that we elect very wealthy people to federal office- again and again. That's fine. But the days of Mr. Smith Goes to Washington are bygone. Congress is a millionaire's club.
_____
Source: Center for Responsive Politics

[Dani09]

01:28 AM on 05/29/2011

FYI it appears that Botany5000 is a troll...do not reply directly to him/her. Copy any post, then paste in a new post.

[JustABriefThought]

12:37 AM on 05/27/2011

"It's a normal way of doing business," he said in defense of what he called a "standard, low-interest account."

Newt is right. I usually charge about a half mil at Tiffanys and then just pay it off with my unemployment check at the end of the month.

[Craig Koebelin]

02:04 PM on 05/25/2011

He can spend his money as he chooses, but his choices say a lot about him.

[joedaplumper]

11:32 AM on 05/25/2011

$500K- that is a lot of bling. Is Newt really Mr. T?

[SaveTheMarshMouse]

08:21 PM on 05/24/2011

Hahaha - busted...
His wife worked for the commitee that was lobbied by Tiffany's...it was PAYOLA...
http://spytalkblog.blogspot.com/2011/05/gingrich-wife-worked-for-committee.html

[davidvirgodc]

03:44 PM on 05/24/2011

I could not stop laughing at this clip. This was sooooo hularious!! "we had a revolving fund". .. well what does that mean? "it means we had a revolving fund". Uhmm, uhmm, uhmm. LOL

[separatingwheatfromchaff]

03:24 PM on 05/24/2011

I thought something sounded fishy when I commented on this yesterday I wondered if Newt was using this as some kind of slush fund.Last nite on David Letterman a portion of this video was played and I realized what made me suspicious.Newt called his revolving charge account a "revolving fund",twice he said it.Has anyone you know ever call their charge account a revolving fund?I know it's not proof of anything,but it could be Freudian slip.....A slip of the tongue in which a word that the speaker was subconsciously thinking about is substituted for the one that he or she meant to say.

[PublicCitizen21044]

11:54 AM on 05/24/2011

Gingrich refused to give more details on exactly what he spent hundreds of thousands of dollars on at the store, saying the spending was his "private decision."

Tiffany's little blue box is the little blue pill for bad boy behavior. What girl of his ilk has not gotten a couple of these 'guilt' gifts after some inappropriate behavior, antics or rouguishness (in Newts case lacivious and lecherous) on the part of their mate/man/partner? Maybe that is what Newt is not able nor desiring to confess. Too many ghost in the closet Newt?

[Davey Johnson]

08:38 AM on 05/24/2011

When will we stop electing millionaires who only represent their own to power?

[JShankel]

04:43 PM on 05/24/2011

Nixon grew up poor, Clinton grew up poor, Obama grew up poor.

Now, when will we elect someone who is poor at the time he runs for president?  Never.

[MensaPres]

03:12 PM on 05/26/2011

"Obama grew up poor"? So many poor people these days spend their childhoods with nannies and servants living near the ocean going to ritzy private school?

[rory talbot]

08:20 AM on 05/24/2011

"I'm the people's candidate," says Newt. But since when do the people have a half million dollars in Tiffany's jewelry debt? Maybe in predatory student loan debt. Maybe in medical debt. Maybe in underwater mortgage debt. But not in jewelry debt.

[timphelan]

04:36 AM on 05/24/2011

Keep up the great campaigning Newt. The late night comedians are loving you.

[angela victoria]

01:24 AM on 05/24/2011

Hey, Kobe Bryant Approves!!!

[Wide Stance]

10:57 PM on 05/23/2011

Gingrich is even getting grilled by FOX about it! For a Republican...that's a bad omen.
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Fox News’s Greta Van Susteren asked the former House Speaker about a POLITICO report that he carried as much as $500,000 in debt to the premier jeweler.

“Later on I want you to watch this segment,” Gingrich lectured Van Susteren. “Notice I talked about jobs. I talked about the price of gasoline. I talked all these real problems for real Americans.”

Van Susteren admitted, “And I brought this one up.”

“And it sorta think it fit in perfectly,” Gingrich said. “And my answer to you is, I'm not commenting on stuff like that.

http://www.politico.com/news/stories/0511/55185.html#ixzz1NC0jlqYz

[Johnd139]

10:16 PM on 05/23/2011

Here, take this gun and shoot yourself in your other foot.