Public Domain | Courtesy of The White House
By Adam Andrzejewski
Last night, U.S. Senator Roger Marshall received Dr. Anthony Fauci’s unredacted FY2020 financial disclosures. The release following a heated Senate exchange between Fauci and Marshall which concluded with Fauci called the senator a “moron.”
The financial disclosures contain a wealth of previously unknown information. For example, the Fauci household’s net worth exceeds $10.4 million.
During the pandemic year of 2020, their household income, perks and benefits, and unrealized gains totaled $1,776,479 — including federal income and benefits of $868,812; outside royalties and travel perks totaling $113,298; and investment accounts increasing by $794,369.
Here are the numbers as compiled by the auditors at OpenTheBooks.com, an organization I lead. This analysis used previously known information plus the newly released disclosures.
Investment Income: $794,369
Disclosures show $794,369 in gains in the Fauci stock, bond, and money market portfolio during 2020. The total value of Dr. Fauci’s investment account was $8.4 million and his wife’s investments totaled another $2.1 million.
These funds were held in a mix of trust, retirement, and college education accounts. Fauci has an IRA worth $638,519 (up $42,291); a defined benefit brokerage account totaling $2,403,522 (up $241,418); and a revocable trust worth $5,295,898 (up $342,694). His wife’s revocable trust is worth $1,962,819 (up $156,123) and an IRA totaling $120,277 (up $11,843).
Some on the right have speculated that Fauci may have profited off the pandemic. The disclosures show that he’s invested in fairly broadly targeted mutual funds, with no reported holdings of individual stocks.
Fauci’s disclosures show that he owns a stake in a San Francisco restaurant, Jackson Fillmore, worth between $1,000 and $15,000: but received no income from the restaurant in FY2020 (or in FY2019).
Previously, NIH had released heavily redacted financial disclosures of Dr. Fauci. Redactions included the fund balances, so a net worth analysis was impossible until now.
Dr. Fauci is the director of the National Institutes of Allergies and Infectious Diseases and his wife Christine Grady is the chief bio-ethicist at the National Institutes of Health.
Background: Fauci earned $434,312 in cash compensation (FY2020) outearning all 4.3 million federal employees including the president and four-star generals in the U.S. military. Between 2010 and 2020, Dr. Fauci earned cash compensation of $3.7 millionfrom his federal employer. Review Fauci’s ten-year salary history in my previous column published at Forbes.
Fauci’s wife, Christine Grady is the chief bio-ethicist at the National Institutes of Health and made $234,284 in FY2020, as disclosed by FOIA to OpenTheBooks.com in August 2021. Grady’s FY2019 pay was also $234,284 and since 2015, Grady made $1.3 million in cash compensation.
However, Fauci’s financial disclosures only show that Grady made $176,000 for FY2020.
NIH does still not disclose Fauci’s current salary (FY2022) or last year’s salary (FY2021), despite comment requests for the information. Therefore, Fauci earned an estimated total of roughly $900,000 during the period.
Perks And Pension Benefits: Est. $200,500
Federal employees have a lucrative amount of paid time off, subsidized healthcare, pension benefits and a myriad of other perquisites. For example, after just three-years, a rank-and-file federal employee receives 44 days of paid time off. Dr. Fauci has held a federal job for 55 years.
A good faith estimate of the taxpayer cost of those benefits is 30-percent multiplied by the salary amount for Dr. Fauci and his wife.
Background: The study — published at Forbes in December — showed that when Fauci retires he’ll reap a retirement pension estimated at $350,000 per year, the highest in federal history. With cost-of-living increases, Fauci would receive over $1 million during his first three years of retirement.
Royalties And Professional Reimbursements: $100,000
Disclosures show that Dr. Fauci edits the medical textbook, Harrison’s Principles of Internal Medicine and serves on the board of the publisher, McGraw Hill. In 2020, Fauci received $100,000 as an editor of the publication. In 2019, Fauci also received $100,000 from McGraw Hill for editing the same textbook, and in July 2019, Fauci also received travel reimbursement of $6,328 for a six-day trip to La Jolla, CA to attend a board meeting of McGraw Hill, the publisher.
An NIH spokesperson confirmed that Dr. Fauci has an editorial board position with McGraw Hill that is approved by NIH. When he receives reimbursements for out-of-pocket travel to attend meetings, it is on the same basis as other directors.
Background: OpenTheBooks filed a Freedom of Information Act lawsuit to get a copy of all royalties paid to current and retired NIH scientists since 2005. When NIH would not release the information, a federal lawsuit was filed in October with Judicial Watch and production is scheduled to start on February 1st.
Gifts And Travel Reimbursements: $13,298
Galas: Fauci and his wife reported the fair market value of the $8,100 in tickets given to him to attend three virtual galas. Filers are instructed by Government-wide regulations that the “market value” of a ticketed event is the ticket’s face value. NIH gave prior written approval for Dr. Fauci to attend the events.
Here is the breakdown: $5,000 in for the Robert F. Kennedy (RFK) “Ripple of Hope” gala in December 2020 which also honored him as an award receipt. $1,600 to attend “An Evening Of Hope” virtual event in April 2020 and $1,500 to attend a “Prepared For Life” virtual gala in October 2020.
A spokesperson at NIH confirmed the details on the gala disclosures.
When Fauci was named Federal Employee Of The Year at the 2020 Samuael J. Heyman Service To America Medals awards program he was paid $5,198 for the virtual star-studded event.
Background: Fauci’s FY2021 disclosure is scheduled for release in May. The disclosure should contain interesting information. For example, in January 2021, as reported by NPR, Fauci received a $1 million prize for the prestigious Dan David Prize affiliated with Tel Aviv University for “speaking truth to power.”
Most likely Fauci kept $900,000 of that prize with 10-percent awarded to Fauci-picked scholarship winners.
Comment was requested from Dr. Fauci and NIH and the piece has been updated to provide further context and background.
Read the original piece published at Forbes.
No, Fauci’s Records Aren’t Available. Why Won’t NIH Immediately Release Them? Published January 12, 2022 | Forbes
Dr. Anthony Fauci’s Golden Parachute Will Exceed $350,000 Per Year – The Largest in U.S. Federal Government History Published December 28, 2021 | Forbes
Dr. Anthony Fauci’s Little Known Biodefense Work. It’s How He Became The Highest Paid Federal Employee. Published October 20, 2021 | Forbes
Dr. Anthony Fauci: The Highest Paid Employee In The Entire U.S. Federal GovernmentPublished January 21, 2021 | Forbes