HHS nominee Burwell a poster child for rich progressives cashing in
One of the defining characteristics of the progressive ruling class is its ability to get rich while simultaneously cloaking itself in the mantle of public service and charity. Take Sylvia Burwell, the OMB director nominated to succeed Kathleen Sebelius. She has managed to get a reward package of $1.2 million or more for “doing good” serving as the “unpaid” head of the Walmart Foundation. As the old joke about missionaries who went to Hawaii and became huge land owners goes, she came to good and ended up doing very, very well indeed.
Jim McElhatton of the Washington Times reports:
Her White House biography touts her key private-sector experience as president of the massive foundation, but Internal Revenue Service records show that the job is unpaid and the more than $1.2 million in salary, deferred compensation and bonuses paid to Ms. Burwell came through her lesser-known role as a vice president at Wal-Mart Stores Inc., according to a government ethics filing.
James Joseph, a tax lawyer at Arnold & Porter LLP, said such arrangements are common among corporate foundations.
“Employees of a corporate foundation will usually work for the corporation and be paid by the corporation and then their services are donated by the corporation to the foundation,” he said in an email. (snip)
Ms. Burwell received a $500,000 signing bonus and $407,000 in salary during 2012 and the first two months of last year, according to the disclosure forms.
She also stood to be paid $250,000 to $500,000 as a “cash incentive” as well as $100,000 to $250,000 in deferred compensation.
That doesn’t include restricted stock and performance shares worth $700,000 to $1.2 million, forms show. Details of the signing bonus were first reported by the Federal Times.
How cool is this? Burwell gets to claim she received no salary for her charitable work, and yet gets to pocket 1.2 mill. Who says progs can’t have it all?
We only know about this money grab because Burwell was required to file public financial disclosure forms. If the public documents filed by the Walmart Foundation were all we had, we'd never know.
Needless to say, seven figures is just a start. After she serves as HHS Secretary (confirmation is all but guaranteed thanks to Harry Reid’s nuclear option) the most likely pile of money will be on Wall Street. Take Rahm Emanuel, for instance. He spent a couple of years working municipal bonds (where it really, really, really helps to have political connections) and walked away with an eight figure fortune.