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2021-12-16 Home Front: Politix
Andrew Cuomo Ordered To Repay $5.1M Book Advance, And Serious Ancillary Effects Are Identified By Yours Truly
Via Lawrence Person's excellent BattleSwarm Blog; highly recommended:
[National Review] - Former New York governor Andrew Cuomo has been ordered by the state’s ethics board to forfeit $5.1 million in profits next month from the memoir he published over the pandemic.

In a near unanimous decision, a twelve to one vote, the New York Joint Commission on Public Ethics passed a resolution demanding that Cuomo return his earnings from the book, "American Crisis: Leadership Lessons from the COVID-19 Pandemic." This comes a month after the panel rescinded its prior approval giving the now disgraced governor permission to keep the book side hustle while he was still serving as governor of New York, confronting multiple scandals simultaneously.
Here's this CPA's analysis of the above, left as a comment on BattleSwarm Blog:
Even better — he’s got a serious tax problem or two now, in addition to an inability to pay all of it back. It’s a reasonable assumption that he received this $5.1M in the form of an advance in 2020 and presumably paid taxes on all of it at the highest Federal marginal rate of 37% (approximately $1.8M), in addition to whatever the highest NY state tax rate is. For lack of a better way to describe it, this income is now effectively disgorged in another tax year. My knowledge of the Internal Revenue Code, while not absolute, does not indicate an easy avenue for him to recoup this $1.8M from the Feds or NY state, for that matter. I don’t see a way for him to amend his 2020 Federal tax return since the ’loss’ / disgorgement occurred in another tax year, and how’s he gonna cough up the full $5.1M advance when over 40% is gone through taxes? Do you think he’s got $2M sitting around to cover the difference?

In my professional opinion, he’s fucked.
Lawrence Person makes an excellent point, mentioning our old pal Sammy 'The Bull' Gravano:
How unpopular is Cuomo? Even former Gambino Family underboss Sammy "The Bull" Gravano said Cuomo’s granny-killing was beyond the pale. "I don’t give a f— who tells me to do that, whether it’s [former President] Trump, the president, the vice president, you, him, I would never do it...And I’m a badass. I’d never do it."

How bad do you have to suck to have a guy involved in 19 murders to think you’re scum?
When you're involved in untold thousands, that's how.

Since National Review sucks big hairy donkey ballz, in addition to skimping on salient information, this New York Post article gives some better details, making me slightly reconsider some of the above
:
Whether the state can claw back the profits from Cuomo’s self congratulatory pandemic memoir remains to be seen, with some ethics experts questioning the legality, along with the ex-governor. James issued a statement saying, ""We are currently reviewing JCOPE’s vote and determining how best to move forward."

Cuomo’s office said earlier that he netted about $1.5 million after taxes and expenses
he's claiming serious six-figure 'expenses' writing a fucking book - ed.
for the book last year, with one-third donated to the United Way of New York State and the rest plowed into an irrevocable trust for his three grown daughters.

"JCOPE has exactly zero authority to issue an order such as this," said David Grandeau, a former executive director of the state’s ethics agency. "All it [the law] says is JCOPE has the right to issue opinions and opinions are like a—holes, and in JCOPE’s case, there’s 13 of them. There’s just no authority to issue it. "
Let the assholes fight it out, and bring me some popcorn so I can enjoy the show!
Posted by Raj 2021-12-16 00:00|| || Front Page|| [12 views ]  Top

#1 In the portion of the political ionosphere that Sonny Coomo inhabits, money is "an idea' much as Chris Wray says Teefa is "an idea, not an organization." All Sonny has to do is have his lawyers set up a shell company that "agrees to pay." What said shell company will do is make some political contributions and after that you will never hear about this again.
Posted by M. Murcek 2021-12-16 08:52||   2021-12-16 08:52|| Front Page Top

#2 The ill-gotten gains are nothing -- absolutely zip -- when set next to this incompetent liar's monstrous order to send the elderly back into the nursing homes where they contracted COVID and actually died of, not merely with, the virus.

Cuomo is guilty of manslaughtering thousands of New Yorkers. His negligence killed them.

And we talk about a book deal. This counter is sick, decadent, beyond repair.
Posted by Merrick Ferret 2021-12-16 10:36||   2021-12-16 10:36|| Front Page Top

#3 Cuomo's ill-gotten gains - Easy come - easy go: but the interest on $5.1 Million (?) his to keep, no?
Posted by Hupomose Gloth4203 2021-12-16 11:01||   2021-12-16 11:01|| Front Page Top

#4 ^ Good catch.

If he put the $5mil into any well-diversified portfolio of stocks in late 2020 he'd have pocketed at least $1.5 million in gains by now.

These assholes are laughing at us. Smollett, Steele, Schiff, Comey, Brennan, Rice, the Bidens, the Clintons, the Obamas, the Cuomos, on and on and on...

Our kakocrats brazenly lie, scam, steal and, in Sonny's case, kill their way to fat fortunes.
Posted by Merrick Ferret 2021-12-16 11:12||   2021-12-16 11:12|| Front Page Top

#5 ....are laughing at us. Smollett, Steele, Schiff, Comey, Brennan, Rice, the Bidens, the Clintons, the Obamas, the Cuomos, on and on and on...

No doubt in my mind. Deep State traitors to the core. The evidence continues to support their guilt and betrayal.

Posted by Besoeker 2021-12-16 11:15||   2021-12-16 11:15|| Front Page Top

#6 In their minds they're valiant heroes rescuing the Republic from Deplorables.

Look at how they talk to each other: they've convinced themselves that we're "insurrectionists," Nazis.

In their fevered dreams they picture themselves as Stauffenbergs putting suitcase bombs under OrangeAdolf's conference table.

Would anyone criticize Claus Von Stauffenberg of such petty crimes as perjury, fabricating documents, messing with the Nazis' election results? Of course not. Anything goes when you're a heroic savior, fighting with the angels to send Satan back to hell.

And now these assholes are literally accusing 30 million of us of making preparations for Civil War II. To restore "white supremacy."

Posted by Merrick Ferret 2021-12-16 11:26||   2021-12-16 11:26|| Front Page Top

#7 Would anyone criticize Claus Von Stauffenberg of such petty crimes as perjury, fabricating documents, messing with the Nazis' election results? Of course not. Anything goes when you're a heroic savior, fighting with the angels to send Satan back to hell.

...Perhaps it might be salutary to remind the Resistance that although von Stauffenberg was more than willing to sacrifice himself to kill Hitler, it was less because Der Fuhrer was evil but more because Der Fuhrer was losing.

Mike
Posted by Mike Kozlowski 2021-12-16 15:19||   2021-12-16 15:19|| Front Page Top

#8 Cuomo has probably already paid $1-2M in State and Fed taxes on this.

I presume since the Commission has no authority beyond just 'passing a resolution' that this is of essentially no practical consequence.
Posted by Lord Garth 2021-12-16 17:23||   2021-12-16 17:23|| Front Page Top

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