Newt Gingrich’s think tank “Gingrich Group LLC” has filed for bankruptcy

Newt Gingrich could really use a political win right now, but it seems that was not in the cards.  The Gingrich Group LLC filed for Chapter 7 bankruptcy on Wednesday.  MSNBC is reporting that the majority of Gingrich’s wealth is tied up in Gingrich Group LLC.

Gingrich is worth overall between $7.1 million and $31 million, according to his financial disclosure.  He lists a promissory note from Gingrich Group as being worth between $5 million and $25 million.

Gingrich was the chairperson of the Gingrich Group LLC until last May when he went public with his plans to run for president.  Gingrich Group LLC has struggled to raise money since the candidate started focusing on his presidential run.

Gingrich’s campaign has lost momentum recently as he has won only two states, South Carolina and Georgia.  Newt Gingrich was also unable to get on the ballot in Virginia so wasn’t able to vote for himself in the primary.

While on the campaign trail, Gingrich has spoken repeatedly about his ideas from the Gingrich Group LLC, which is his health think tank.  There has been a lot of controversy regarding the think tank group throughout the campaign as many have questioned whether Gingrich acted as a lobbyist on the group’s behalf.

Gingrich will be on the defensive now regarding his think tank declaring bankruptcy and many are whispering this will be the end of his campaign:

“Much like his presidential campaign, even the receipt of millions of dollars could not keep Newt Gingrich’s health-care think tank afloat,” said Charles S. Bullock III, political science professor at The University of Georgia. “While health-care costs have bankrupted many without insurance, Gingrich may be the first to go broke studying health-care delivery.”

Regardless of how this changes the Gingrich campaign for president; one may be sure throughout the next few days that Gingrich will be asked some tough questions by the media.

25 thoughts on “Newt Gingrich’s think tank “Gingrich Group LLC” has filed for bankruptcy”

  1. I thought the Romney camp spent several trillion dollars (I jest) smearing Newt Gingrich for getting rich off of lobbying.

    Funny….

    This bomb seems to blow up both camps…. if you stop and think about it.

  2. Well, Colonial Republican, you made the curious comment that Newt (and I think Santorum) had been (unacceptably) negative and burned bridges while presumably, “buckets of mud” Romney was clean as the driven snow.

    Romney plastered many primary states with television ads about Newt Gingrich getting rich by lobbying, meaning this exact company The Gingrich Group.

    So was Romney telling the truth?

    Did the Gingrich Group LLC get rich off of lobbying?

    Or did Romney’s people tell a lie?

  3. Newt made money by lobbying. Newt invested that money in his think tank. The think tank had no sustainability (it was a one trick pony). It went bankrupt. The investor (Newt) lost his investment. I suppose the think tank was a non-profit so Newt will not be able to deduct the loss.

  4. Hey Guys, its over! Mitt Romney will be the nominee, so lets stop all the BS and get behind him, that is if you want to get rid of Obama. For the naysayers like Will get a life man and lets get the job of voting out Obama done!!

  5. Colonial Republican, this question is deeper and more important than you will probably think at first glance:

    TELL US what you think it means to “get behind him” [Romney].

    You seem to assume that Romney will not automatically win simply because he is Mitt Romney.

    Clearly you have in mind — correctly — that it is now up to us to DO STUFF to win elections for the GOP and get more votes than Obama.

    So, come on — and I am trying to pitch you a soft ball here, to hand you the microphone — WHAT do you have in mind for us to “get behind him” ?

    Will Romney, as some people seem to think, just win automotically because the virtue of his goodliness will beam through the televisions screens and the “baggage” that Obama’s opposition research team has dug up hasn’t been publicly aired yet?

    Or will Romney win because Republicans up and down the line actually DO STUFF to win?

  6. Mitt Romney can’t beat Obama. This is my belief.

    I wouldn’t tell people like Will to get a life because he refuses to compromise his values. Maybe you should instead ask yourself why you are so willing to settle.

  7. Uhm, have you registered to vote yet, Angel?

    You don’t appear in the voter registration rolls under any derivation of your name.

  8. Blah Blah Blah, Get with it people. Obama has destroyed our enconomy. If you need any inspiration to get him out that should be enough. As far as supporting Mitt Romney it is now a no brainer. If you oppose the Republican Nominee then you are for Obama. Sorry you can’t all have your favorite candidate. In the long run we all have a choice. Chose wisley or suffer the consequences. Enough said!

  9. Will,

    Its not rocket science. There will be a choice Romney(the Republican nominee) or Obama. Is that plain enough for you? Its people like you who in the last election voted for Obama hoping for pie in the sky solutions. What did we get, an economy that is bringing our Country to the point of being insolvent. The only thing that is flawed is your logic or lack of same.

  10. Um, didn’t vote for Obama. Nice try though. There will also be other choices. Not voting for either of them and just staying home would be the best choice if there aren’t any others on the ballot. Affirmatively supporting either of those clowns is not something I’m going to do. You should really have more respect for your own opinions than to subjugate them to others’ so easily.

  11. Will,
    I think your logic of my way or the highway is why our Country is where it is right now. Staying home or voting for a third party candidate will result in a good possibility of having Obama for 4 more years. Hopefully there are not too many voters that think like you. I have not subjugated my standards and beliefs, but I am a realist and the thought of Obama for 4 more years versus Governor Romney is still a no brainer. Your distain for Romney indicates you are an extremist of some sort willing to hand the leadership of our Country over to some radical candidate. I, however am not willing to risk having another radical like Obama in the White House. No need to continue this back and forth, we all know where you are coming from.

  12. I’M saying my way or the highway? You’re the one sitting here telling me to shut up and vote for Romney. If you really think Romney is the best candidate on the ballot come November, by all means vote for him. I will vote for the candidate I think is best. If more people did THAT, I think we’d be much better off.

    On the other hand, if your vote is being dictated by who everyone else is voting for, you are subjugating your standards.

  13. Colonial Republican writes in #12:

    Blah Blah Blah,

    My favorite comment… Seriously. Sometimes eloquence comes in unexpected forms. That does seem to sum it up.

  14. Will,

    I am not telling you to shut up. My vote is being dictated by my logical understanding of what is at risk if we don’t get Obama out of office. You however distort what I or anyone else says because of your belief that if the candidate is not your personal choice in the field, then you would rather not vote at all. How cynical can you get. Like I said before we need not continue this back and forth.

  15. “I have solved this political dilemma in a very direct way: I don’t vote. On Election Day, I stay home. I firmly believe that if you vote, you have no right to complain. Now, some people like to twist that around. They say, ‘If you don’t vote, you have no right to complain,’ but where’s the logic in that? If you vote, and you elect dishonest, incompetent politicians, and they get into office and screw everything up, you are responsible for what they have done. You voted them in. You caused the problem. You have no right to complain. I, on the other hand, who did not vote — who did not even leave the house on Election Day — am in no way responsible for what these politicians have done and have every right to complain about the mess that you created.”
    -G. C.

  16. Will, Mitt Romney was not my first, second, or third choice.

    But what you and many others are saying is hyperbole.

    By no means is Mitt Romney THAT bad. That’s silly.

    Remember that Ronald Reagan was once a Democrat. Remember?

    As I keep saying, I am more worried by Romney supporters who don’t plan on actually WORKING for a victory because they think that the “right” candidate will just slide right through without any real effort. I don’t see how Romney is a better candidate, except that he obviously put together the better organization and was able to put together the funding. But he AIN’T THAT bad.. come on.

    Was my candidate better? I think so. But that doesn’t make the other choice the Anti-Christ just because I liked another horse in the race. If you bet on one horse because you like him, the horse that wins is still the winner. You don’t have to hate the other choice.

  17. Well, we shall SEE if they care to post this…they did not post the last one?? Does the word Biased come to mind? First of ALL we ALL know that it is GOOD business to let a company go bankrupt if it is apparent that it is not going to succeed! Stupid people would let it run into the ground and lose what ground it had gained!! Secondly, this has ZERO to do with Newt Gingrich…he was NOT the one responsible for raising the funds to keep it afloat! He was only a partner..and one that was obviously too busy running for President to oversee the LLC. This is just another way to ATTACH and DISTORT Newt Gingrich! How sick are we of this? For me I cannot believe the journalistic lengths and the amount of money those who are SCARED to DEATH he will win have spent and spun to fool the American people into thinking anything but the truth about this man!! He is the ONLY one with a PROVEN, ON RECORD, PUBLIC record of SUCCESS!! The others are running on LIES and distortions and of course flip flopping EVERY five minutes!! People need to WAKE UP and stop allowing big money AND politicians to ELECT our Presidents!! WE the working people of this Country need to stop listening to THEM and start using your own judgement READ, RESEACH get the truth and then VOTE for the only guy who is fighting for the averag working person! He was one of us! He was NOT born with a million dollars waiting for him, he lived over top of a gas station in PA! He is not running around trying to increase Gov’t by saying he will ban birth control!! Santorum is good only at alienating every woman voter in the Country and hopelessly spending every penny we make for his buddies in DC. Newt does not CARE if they want or like him, he cares only about what will FIX our problems, he’s done it and he knows what needs to be done. Romney on the other hand has all ready been fitted for his strings!! Wake up People….stop working to put money in the politicians pockets!!! Everyone we send to DC is a millionaire in less than three years!!! Research it, don’t believe it…read about it for yourself!! It IS disgusting!! Stop listening to them NOW!! Vote for the guy who will fight to keep the money in your pocket!!

  18. Chery55 are you deliberately trying to make Newt supporters look dumb? You are doing a great job.

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