Word: omb
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Dates: during 1970-1979
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Undoubtedly, Lance's debts were the main thing. Last January, before he was confirmed as OMB chief, Lance looked prosperous enough. He filed a statement with the Senate committee listing his "direct liabilities" as $5,343,797, his assets as $7,968,354 and his net worth...
Before Lance was confirmed as OMB chief by the Senate in January, he filed a statement with a Senate committee listing his "direct liabilities" as $5,343,797. He valued his assets at $7,968,354 and thus his net worth at $2,624,557. That looked like a comfortable cushion. But the value of some of Lance's holdings has suffered a sharp decline. At the same time, his income has been cut drastically since he took his Washington job. How he can meet the estimated $370,000 in interest payments on his various loans this year...
...most serious problem facing Lance, report TIME Correspondents Rudolph Rauch and Philip Taubman, is his commitment under the Administration's conflict-of-interest guidelines to divest himself of the 190,000 shares he holds in the National Bank of Georgia, of which he was president before going to OMB. He had borrowed heavily to buy 164,228 shares of that stock in June 1975. He had paid $17.74 per share, or $2.9 million, as part of a move with two partners-Pattillo, a construction company president, and John Stembler, a Georgia movie-theater chain owner-to gain majority control...
...certainly less today, given the state of the market. And he is not making what he was a year ago. Where he had drawn $150,000 in salary and severance pay from his bank and picked up another $20,000 in consulting fees, he now earns $57,500 as OMB director. He may continue to get about $150,000 in dividend income and perhaps another $125,000 in capital gains, which would bring his income to an estimated $335,000. But that is at least $35,000 short of his 1977 interest obligations alone...
...least, Lance's financial position contrasts sharply with the balanced-budget goals Carter has set for his Administration. Says Lance's Georgia friend Presley: "There were some smiles down here when Bert was selected to run OMB. That's not the Bert we know. He'll have to change his philosophy...