The 16 Biggest Political Losers
Who Is He? Hedge Fund Manager, All-Around Business Magnate
The man who broke the Bank of England nearly broke his own bank this year.
Soros was worth $24.5 million as a result of his financial savvy. Unfortunately for him (but very fortunately for others), he’s become quite generous and charitable in recent years. After bringing about near financial ruin to the entire nation of England, I suppose he developed a soft spot for national economies.
In the past few years, he’s begun making massive donations to democratic super PACs and campaigns. In 2014, he lost $3 billion, most of which is said to be because of his charitable donations. That wasn’t even a presidential election. He might go totally broke in 2016 if he keeps it up!
Who Is He? Former President of the United States
This is the third time a United States president has shown up on this list. America, maybe it’s time to take a closer look at candidates’ personal finances before we elect them to head the national economy. That advice especially applies to the case of Donald Trump as you’ll see later on.
Before McKinley became the 25th President of the United States, he lent a good friend of his money to help his business. The business failed anyway and the bank came after McKinley to collect the debt. As this was a time before lobbying and excessive campaign financing, politics did not pay nearly well enough to cover that debt. He nearly had to leave politics completely and go back to being a lawyer in order to pay off his friend’s debt.
Considering he was assassinated just 6 months into his second term as president, perhaps that would have actually been for the best—better in debt than dead?
Who Is He? US Congressman for Illinois
After 27 years in congress, Stephens retired in 2011 and immediately filed for bankruptcy. He reported $615,000 worth of debt, the majority of which was a result of his $482,000 home in Greenville, Illinois.
As a general rule, you probably should avoid retiring in a state of complete bankruptcy and insurmountable debt, but not everyone is a finance wizard, it seems.
To add to the bankruptcy, he also lost his driver’s license and his pharmacist license after getting a DUI. If there was ever a guidebook about what not to do in retirement, Stephens’ life would be it.
After failing to retire, he continues to work as a co-owner of 2 pharmacies. Hopefully, that’s enough to fund a real retirement while still supporting his nine children.