Checks & Imbalances: Why Cornel West Is Broke

Today we take a close look at Cornel West, uncovering surprising allegations that help explain why the presidential candidate, who has earned millions of dollars over the years, has hardly anything left.


Why Cornel West Is Broke

C

ornel West has been a fixture of American society for more than three decades, publishing books, teaching at Ivy League institutions, commenting on cable news, collaborating on music with Prince—even popping up in sequels to the Matrix. Ubiquity provided liquidity, with West earning an estimated $15 million or so over the last 30 years. But oddly, as he mounts an independent run for president, his net worth resembles that of a first-year adjunct professor. “I live paycheck to paycheck,” says West.

A review of federal filings and property records confirms that West’s net worth is near zero. Other outlets have previously reported on his troubles paying taxes over the years. But no one so far has explained how someone so successful became so broke. With West in position to affect who becomes America’s next president, Forbes set out to answer that question, digging into heaps of legal and tax documents filed in various jurisdictions over six decades. Turns out much of the damage was self-inflicted.

West burst onto the national scene in the 1990s with Race Matters, a compilation of essays that sold more than 500,000 copies. He traveled the country to deliver speeches, hauling in more than $500,000 a year. Much of the money flowed to him with no taxes deducted. West blew it—on many things, especially women—leaving little left for Uncle Sam by the time tax season arrived. The liens piled up: $144,000 in 1998, $105,000 in 2000, $205,000 in 2001 and so on. “Almost like a reptile biting its tail,” he says now.

West lived in a Four Seasons condo in Boston, which he later admitted he could not afford, and rode around in a Mercedes or Cadillac. One of his four ex-wives accused West of maintaining a covert apartment in Boston for $5,000 a month to use as a love den. She also alleged that, despite not having any health conditions, he later took a medical leave from his job at Harvard to live a “secret life” with another woman in New Mexico.

MORE FROM FORBESWhy Cornel West Is Broke

From The News Desk

Charles Koch-Backed Super PAC Endorses Nikki Haley For President

Americans for Prosperity Action, the super PAC backed by billionaire Charles Koch, endorsed former South Carolina Gov. Nikki Haley for president Tuesday, adding to the growing list of influential anti-Trump Republicans rallying around her, reports Sara Dorn.

The group announced the endorsement Tuesday in a tweet that said Haley “represents a new generation of conservative leaders who will solve the tough problems and lead our country forward.”

In a memo to supporters, AFP Action said it believes Haley has the best chance at defeating former President Donald Trump in the GOP primary and President Joe Biden in the general election, while lamenting the “downward spiral” of American politics.

Related: “Haley Campaign Pours Money Into Ads Attacking DeSantis—But Still Won’t Bash Trump” by Sara Dorn

MORE FROM FORBESCharles Koch-Backed Super PAC Endorses Nikki Haley For President

Can David Boies Legalize Weed?

The man who says he will legalize cannabis in America is sitting in his Manhattan corner office on the 20th floor of 55 Hudson Yards, staring at the river below. A wine refrigerator hums in the background and a two-foot-tall bronze statue of a Boy Scout, hat in hand, peeks over his shoulder, reports Will Yakowicz.

“We represented a few gay Boy Scouts—the Boy Scouts is a private organization and they continued to exclude gays from leadership positions,” says David Boies, chairman and managing partner of Boies Schiller Flexner, and one of the country’s most fearsome litigators. “We challenged that under both federal and state law and forced them to change. A couple years afterwards, the Boy Scouts gave me the Franklin Roosevelt Award.”

MORE FROM FORBESCan David Boies Legalize Weed?

Self-Funded Candidate For Congress Blows Through Financial Disclosure Filing Deadline

A largely self-funded Republican running for Congress in California has missed a deadline to disclose exactly where her money is coming from. Margarita Wilkinson, the general manager of Univision San Diego, filed papers with the Federal Election Commission on Aug. 15 to run for the House.

MORE FROM FORBESSelf-Funded Candidate For Congress Blows Through Financial Disclosure Filing Deadline

By The Numbers

0

The number of times a government ethics official appeared to consider that the venue was a hotel owned by the president when OK’ing HUD Sec. Ben Carson’s request to accept an invite to Kuwait’s national day celebration at the Trump International Hotel Washington, D.C. in 2019, according to documents released pursuant to the Freedom of Information Act.

$5,895

The amount the campaign for Rep. Matt Gaetz (R-Fla.) disgorged to the U.S. Treasury in September. “The committee disgorged funds for stale or uncleared checks, such as contribution refunds for donors who contributed over limits but never cashed their refund checks,” explained a campaign spokesperson.

$7 billion

The estimated net worth of Terry Gou, the billionaire Foxconn founder, who dropped out of Taiwan’s 2024 presidential race last week.


Road To 2024

Jennifer Franks, chair of The Draft Romney Manchin Committee, joins “Forbes Newsroom” to discuss her committee’s goal of forging a 2024 unity ticket with Sens. Joe Manchin (D-W.V.) and Mitt Romney (R-Utah).

Tracking Trump

Trump’s Social Media Firm Has Lost $31.6 Million Since Its Inception, Filing Shows

The parent company of former President Donald Trump’s social media site, Truth Social, has lost $31.6 million since its inception in 2021, according to a regulatory filing that raises concern about the platform’s financial condition and its ability to continue operations.

Correction: The article, which originally published on Nov. 14, has been corrected to show Truth Social lost $31.6 million since its inception, and had a net profit of $50.5 million in 2022.

MORE FROM FORBESTrump’s Social Media Firm Has Lost $31.6 Million Since Its Inception, Filing Shows

Trump Golf Course Keeps Current On Payments For $400,000 Fine After Customer’s Fatal Car Crash

One of Donald Trump’s New Jersey golf courses continues to adhere to its payment schedule for a $400,000 fine it incurred after not contesting charges in 2021 that it violated alcoholic-beverage control laws in connection with a fatal car crash.

After leaving Trump National Golf Club in Colts Neck on Aug. 30, 2015, a customer drove his Mini Cooper over a curb, causing it to flip and roll, the Asbury Park Press reported. The accident killed the car’s only other passenger. Police reported that the driver’s blood alcohol content at the time was over the legal limit of .08. In January 2018, the driver pleaded guilty to vehicular homicide and was sentenced to three years of probation, 100 hours of community service and ordered to undergo substance-abuse counseling.

MORE FROM FORBESTrump Golf Course Keeps Current On Payments For $400,000 Fine After Customer’s Fatal Car Crash

Quiz

How much did Cornel West pay in monthly rent in 1999 to maintain an apartment in Cambridge, Massachusetts to conduct extramarital affairs, according to a court filing from an ex-wife?

a. $250

b. $1,500

c. $2,500

d. $5,000

Check if you got it right here.

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Huzzay! Debt Ceiling Raised, Catastrophe Averted, Republicans And Joe Manchin :(

The Senate passed the debt limit bill last night, raising the ceiling on how much the government can borrow to pay for spending it’s already done, and thereby avoiding a default on the federal debt and the attendant economic disaster that would follow. The bill now goes to President Joe Biden, who will sign it today and is scheduled to address the nation this evening at 7 p.m. Eastern. We expect the speech will say something along the lines of, “Now look, for cryin’ out loud, we need to pay our bills, I mean it! None of this was necessary, and that’s why I’m invoking the 14th Amendment, I’m not joking, to make the Supreme Court rule on whether the debt limit law is even constitutional. What a load of malarkey, goodnight.”

Following the Senate vote last night, Biden actually said in a statement, “No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,” which was far nicer.


The bill passed in the Senate on a 63 to 36 vote, enough to avoid a filibuster. Five members of the Democratic caucus — John Fetterman (Pennsylvania), Ed Markey (Massachusetts), Jeff Merkley (Oregon), Elizabeth Warren (Massachusetts), and Bernie Sanders (I-Vermont) voted nay. (They presumably would have voted for it if necessary.) The majority of Republicans, 31 of ’em, also voted against the bill albeit for very different reasons. Only 17 Republican senators voted for the bill. I’ll note that it was a rare thing for me to see both of Idaho’s senators, Mike Crapo and the other one, voting with Elizabeth Warren and Bernie Sanders.

Before the vote, the Senate debated and rejected 11 amendments to the bill, including Virginia Democrat Tim Kaine’s amendment to yeet Joe Manchin’s pet methane pipeline project out of the bill (which Manchin had somehow sneaked into the House version) and into the sun. That was the only amendment offered by a Democrat; the others were Republican attempts to demand deeper cuts to domestic spending programs than in the House bill, to increase military spending even more than the House bill did, to Git Tougher on the border, and the like.

During floor debate, several Republicans fretted that without unlimited Pentagon spending, the Russians, Chinese, or Martians might try something sneaky, or that the US would be unable to support Ukraine’s defense against Russian invasion (as far as we can tell, no Republicans rose to shout, “That’s the point!”). Majority Leader Chuck Schumer (D-New York) said that the defense hawks needn’t worry, and that the debt ceiling bill

does nothing to limit the Senate’s ability to appropriate emergency supplemental funds to ensure our military capabilities are sufficient to deter China, Russia and our other adversaries, and respond to ongoing and growing national security threats, including Russia’s evil ongoing war of aggression against Ukraine.

Schumer added that the bill wouldn’t limit Congress’s ability to pass emergency funding for disaster relief or other needs, either, although he failed to note that Republicans would certainly whine about such expenditures unless their own states were affected.

All told, the Congressional Budget Office estimated the spending caps in the bill would reduce federal spending by $1.5 trillion over the next decade. Reuters rather cheekily adds, “That is below the $3 trillion in deficit reduction, mainly through new taxes, that Biden proposed,” and we say good on you, Reuters.

Also, in a coda that gives us at least a satisfied smirk, Fox News reports that in an interview, Joe Manchin (D?-Methane) complained that Republicans were getting too much credit for his personal boondoggle in the bill, the fast-tracking of the Mountain Valley Pipeline. The debt limit agreement forces an end to all regulatory and court challenges to Manchin’s pet project, which he has pushed since it was proposed in 2014, and by golly, Joe Manchin isn’t about to have any Republicans take the focus away from him and the ginormous favor he’s doing for the fossil-fuel industries (of which he’s not only the president, he’s also a client).

What’s the problem here? They’re afraid of who gets credit for it?” Manchin told Fox News Digital. “You know, what we said before — success has many fathers, but failure is an orphan. Well, I guarantee you, I was an orphan there for a long time because I was the only one on the front taking all the spears and everything, taking point on this.”

“But I’m happy to — everyone is happy — to share the success. I think everybody knows how this happened,” the West Virginia senator added. “I mean, my God, for the whole year I’ve had the living crap beat out of me, back and forth and everything.”

Now there’s a man who loves sharing the spotlight, as long as nobody else is right in the center. Manchin also whined that it really pissed him off something fierce that Republicans might get any credit (which he’s happy to share, but not) since it was his hard work and stubborn assholishness that won over or exhausted the White House in negotiations, and where were Republicans the other times he tried to ram through a bunch of fossil fuel projects, huh?

“It’s bulls— because they knew there was not going to be a problem on the Democratic Senate side or the Democrat president and his staff because they were the ones who supported it and got us 40 votes in the Senate when we voted,” Manchin said.

“It was the Republicans that killed us when we voted last time — only got seven votes. And the Republicans have always supported permitting. The only reason they wouldn’t support that is because of the Republicans being upset about the [Inflation Reduction Act]. That’s it. So it got caught in the politics.”

Still, you have to be impressed by the bipartisan outreach, calling Joe Biden a “Democrat president” just like the Fox News analyst he’s destined to become following his Senate career.

[CNBC / The Hill / Reuters / Fox News]

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EPA Gonna Punch That Climate Emergency Right In The Snoot!

The Biden administration rolled out yet another piece of its climate plan today, as the Environmental Protection Agency proposed new regulations to limit the greenhouse gases emitted by electric power plants fueled by coal and methane (so-called “natural” gas). As the New York Times puts it in an admirably simple and accurate sentence,

The nation’s 3,400 coal- and gas-fired power plants currently generate about 25 percent of greenhouse gases produced by the United States, pollution that is dangerously heating the planet.

Instead of mandating any particular technology, the rules set caps on rates of carbon dioxide pollution that plants can release, leaving it up to energy producers to find ways to meet the goal of eliminating CO2 emissions by 2040. If industry can find ways to capture all CO2 from smokestacks — technology that doesn’t exist yet — then great. But it’s more likely that utilities would have to switch to green energy, or for gas plants, to burning green hydrogen (the kind produced without fossil fuels), which emits no carbon.

And while the EPA doesn’t say it, we’re happy to: The faster the US and the world adopt solar and wind electricity, the cheaper that electricity will be per megawatt hour. According to an Oxford University study published in September, a rapid transition away from fossil fuels to wind and solar could save the world $12 trillion by 2050, which would help offset other costs of the transition like grid upgrades and developing reliable storage/backup/distribution of clean energy. Going slow, on the other hand, will cost more and result in greater climate caused damage.


The EPA press release says the regulations will

avoid up to 617 million metric tons of total carbon dioxide (CO2) through 2042, which is equivalent to reducing the annual emissions of 137 million passenger vehicles, roughly half the cars in the United States. Through 2042, EPA estimates the net climate and health benefits of the standards on new gas and existing coal-fired power plants are up to $85 billion.

The EPA emphasizes the public health benefits of not burning all that stuff, which doesn’t just contribute to global warming but releases nasties like particulates, sulfur dioxide, and nitrogen oxides into the air Americans breathe, especially in communities nearest to power plants, which tend to be home to poor and minority people because America. In addition to helping to keep the planet more habitable for large mammals like gazelles and the NCAA Final Four champion men’s and women’s teams, the proposed standards would mean huge health gains. In 2030 alone, the EPA says, cleaner air resulting from the new standards would prevent

• approximately 1,300 premature deaths;

• more than 800 hospital and emergency room visits;

• more than 300,000 cases of asthma attacks;

• 38,000 school absence days; [and]

• 66,000 lost workdays.

Under the new rules, virtually all coal and methane gas plants would be required to either reduce or capture 90 percent of their carbon emissions by 2038, or shut down. Currently, roughly a quarter of American coal plants are already scheduled to be retired by 2029, per the US Energy Information Agency.

Needless to say, industry groups and Republican state officials are at this very moment working on the first drafts of legal challenges to the policy, written as is traditional with the congealed blood of seals and dolphins killed by oil spills. The Times reports that West Virginia Attorney General Patrick Morrisey (R) is already declaring the EPA plan DOA in the courts, whining that “It is not going to be upheld, and it just seems designed to scare more coal-fired power plants into retirement — the goal of the Biden administration.” Stupid not-wanting-climate-catastrophe Biden!

Sen. Joe Manchin (“D”-West Virginia), whose family fortune is built on selling some of the filthiest coal available — a mining waste slurry called “gob” coal that’s particularly carbon intensive — also threatened today that he will oppose any new Biden appointees to the EPA unless the plan is dropped. Manchin griped that the administration is

“determined to advance its radical climate agenda and has made it clear they are hellbent on doing everything in their power to regulate coal- and gas-fueled power plants out of existence, no matter the cost to energy security and reliability.”

Also, fuck the future, the man has money at stake, and he hasn’t spent a career lining his own nest with filthy feathers from crows with black lung disease just to watch it all go away because people in the tropical regions think they “deserve” to live.

So yeah, kids, this is going to be a fight between the wealthy bastards who want to keep pumping the atmosphere full of planet-heating pollutants, and the first president ever whose administration is actually taking the action needed to get close to meeting the US’s commitments to decarbonization by midcentury, which all nations need to do in order to hold warming to non-catastrophic levels.

Previously:

When you combine the anticipated greenhouse gas reductions from the EPA’s recent vehicle emissions standards, its methane reduction standards, and the power plant emissions standards announced today, the Times reports, the total emissions that would be eliminated would be around 15 billion tons of CO2 by 2055, or

roughly the amount of pollution generated by the entire United States economy over three years. Several analyses have projected that the Inflation Reduction Act will cut emissions by at least another billion tons by 2030.

That could put the nation on track to meet Mr. Biden’s pledge that the United States would cut its greenhouse gases in half by 2030 and stop adding carbon dioxide to the atmosphere altogether by 2050, although analysts point out that more policies will need to be enacted to reach the latter target.

And that, children, puts the world within what I’ll call realistic hoping distance of actually meeting the Paris Climate Agreement goal of limiting warming since the start of the industrial age to 1.5 degrees C (2.7 degrees Fahrenheit). It would require all countries doing the same as or better than the Biden plan is close to accomplishing, so yeah, that’s freaking difficult. But doable, genuinely doable, according to the climate boffins. The Times again:

“Each of these several regulations from the E.P.A. are contributing to the whole picture that is necessary to steer this ocean liner away from the worst climate disaster,” said Dallas Burtraw, an economist with Resources for the Future, a nonpartisan research organization that focuses on energy and environmental policy.

Also I just remembered that we were going to do some kind of Wonkette Book Club on Kim Stanley Robinson’s 2020 climate novel The Ministry for the Future (Wonkette-gets-a-cut link), so I guess I’d better actually make a plan and write it up for tomorrow, damn my eyes.

Let’s choose hope. But back it up with action.

OPEN THREAD.

[EPA / NYT / Oxford University / AP / NBC News / Photo: American Wind Energy Association, used by permission]

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Joe Manchin: ‘The Most Popular Republican In The Senate’

Fresh from his high five-ing trip with Sen. Kyrsten Sinema to meet with their real constituents in Davos, Sen. Joe Manchin returned to the Sunday shows to assure all of us that HE is the one who will ruin the Democratic Party’s attempts to make a better tomorrow. So let’s check out Joe Manchin and his amazing terrible friends.

Let’s Negotiate With Economic Terrorists

Appearing on CNN’s “State Of The Union,” Manchin is asked about the White House request for a clean debt ceiling bill. Manchin, ever the helpful stooge, took the “we won’t negotiate with Republicans on the debt ceiling” out of context to talk about a need to negotiate in governing. This accidental or willful misunderstanding did not go unnoticed by the side of the aisle all too willing to remove context so they can extort cuts to programs that help people.


But just in case we thought Manchin is only misguided and truly is a part of the solution, the senator from West Virginia quickly disabused us of that notion. When Dana Bash asked if he would support Democratic Rep. Ruben Gallego’s Senate run in Arizona, Manchin made it clear that he would instead support his Senate partner-in-obstruction.

MANCHIN: […] I have been voting for 40 years fairly conservative all the way through, and I think people know I’m in the middle and a centrist. […] I would think that she needs to be supported again, yes, because she brings that independent spirit. […]

Two things:

1) If you have been doing something for 40 years (or as a senator for 12 years) and nothing has drastically improved in your state, you have failed miserably.

2) Contrarianism, in and of itself, is not independence. It’s as dangerous a thing as mistaking speaking without thought, for speaking the truth. Don’t you think?

Speaking of…

Here Comes the “Both Sides” Express!!

Manchin then moved over to NBC’s “Meet The Press” where he proceeded to say stupid things with zero pushback from host Chuck Todd. When commenting on the investigation regarding how Joe Biden handled classifed documents, Manchin expressed what he presumably considered profound insight instead of a lazy false equivalence.

MANCHIN: It’s just hard to believe that in the United States of America we have a former president and current president basically in the same situation.

No, Manchin, they are not in the same situation as it’s been made clear numerous times already.

Manchin is in such a bubble, he made the following statement without seemingly realizing how deluded it is.

Hahahahahahaha! Jesus, Manchin would get crushed in a Democratic (or Republican) primary well before a general election.

Even Rep. Nancy Mace of South Carolina, in the effort to compliment Manchin, basically narrows down why he’s never gonna be President. (Roll Credits)

Mace, herself also tried to “both sides” the classified documents drama, but her effort was so asinine it momentarily woke up the journalist trapped in Chuck Todd’s sunken place.

MACE: Well, I think that’s because there’s no – there’s very little information about Biden. I mean, these documents were hidden for five years. We have very little information, whereas with the former president, everybody knows that those documents existed. They knew where they were. They knew where they were located. […] There was information that was presented to the public about —

TODD: Let me stop you there. We didn’t know where they were located.

MACE: – the number of documents, for example.

TODD: They defied a subpoena, it took a search warrant.

MACE: Well, the FBI and the DOJ —

TODD: In fairness, they didn’t know.

Mace also tried to downplay the possibility of a government shutdown and an economic default if the debt ceiling isn’t raised.

MACE: […] But, you know, this happened under the previous administration. The government was shut down for 35 days. There was a stalemate. But people still got paid. Accounts still got filled up. And the sky didn’t fall. […]

Nothing too bad happened except a threatened downgrade on our credit and an increase in the debt. Totally great, Mace.

On CBS’s “Face The Nation,” Republican Rep. Mike Turner from Ohio tried to “both sides” an insurrection when asked why Republicans seated 19 election deniers on the Oversight Committee.

Remind us again, when was the Democratic insurrection? We must have memory-holed and lost all the footage of liberals marching through the Capitol with coexist flags and screaming in the Senate chambers in Kitara Ravache garb to make John Kerry president.

On ABC’s “This Week,” Republican Rep. Michael McCaul from Texas also tried to assure us like a common Susan Collins that Rep. Marjorie Taylor Greene had learned her lesson and would grow into her office.

Who among us has not radically matured from a childlike 44-year-old to a fully grown 49-year-old adult?

But … But … Chicago!

Appearing on CNN’s “State Of The Union,” McCaul tried to downplay the need for gun reforms in the wake of another mass shooting by once again invoking Chicago gun violence. Thankfully, Bash pointed out the patchwork of gun laws in the US and that most of the guns in Chicago come from neighboring states with lax gun laws like Mike Pence’s Indiana.

Some dog whistles will never die.

Have a week.



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