Tag Archives: net

Al Gore Now Rich as Mitt Romney?

Leveraging his aura as a technology seer and his political and climate work connections, Al Gore has remade himself into a wealthy businessman, amassing a fortune that may exceed $200 million, reports the Seattle Times.
That’s close to the $250 million net worth of 2012 Republican presidential nominee Mitt Romney, whom President Obama and Democrats targeted in ads and speeches as being out of touch with most Americans.
…The former senator, who spent most of his working life in Congress, had a net worth of about $1.7 million (in 1999) and assets that included pasture rents from a family farm and royalties from a zinc mine, remnants of his rural roots in Carthage, Tennessee. .
…Fourteen years later, he made an estimated $100 million in a single month. In January, the Current TV network, which he helped to start in 2004, was sold to Qatari-owned Al Jazeera Satellite Network for about $500 million. After debt, he grossed an estimated $70 million for his 20 percent stake, according to people familiar with the transaction.
Two weeks later, Gore exercised options, at $7.48 a share, on 59,000 shares of Apple Inc. stock that he’d been granted for serving on the Cupertino, California-based company’s board since 2003. On paper, it was about a $30 million payday based on the company’s share price on the day he claimed the options.
That’s a pretty good January for a guy who couldn’t yet call himself a multimillionaire when he briefly slipped from public life after his bitterly contested presidential election loss to George W. Bush in late 2000, based on 1999 and 2000 disclosure forms.
Gore isn’t finished exercising his Apple stock grants. Those 59,000 are part of 101,358 Apple options and shares of restricted stock Gore has amassed, according to company filings, giving his total holdings a gross value of more than $45.6 million today.

Bill Eliminating ‘Safety Net’ for Injured Workers?

A Tennessean story questions whether Gov. Bill Haslam’s workers compensation overhaul legislation will eliminate the “safety net” for workers hurt on the job. As an example, the story gives the example of Matt Webster, permanently disabled by a fire in the Shelbyville printing plant where he worked.
Webster got a $235,000 settlement under the current system. He would have received $57,000 under the Haslam plan.
“There’s no way I could have stayed in my house with that,” the Lewisburg, Tenn., man said. “I would have pretty much lost about everything I had.”
Haslam’s proposal, now hurtling toward near-certain passage in the state legislature, won’t affect Webster because his case has already gone through the system. But it and other cases illustrate how the proposed reforms would impact workers who are hurt in the future.
Those workers would go through an administrative process designed to resolve disputes more quickly than the courts, resulting in earlier disability payouts. The payouts would become standardized — and largely not open for attorney negotiation, as they are now — at lower amounts than what workers could get under the system’s current rules.
It’s a tradeoff that reform advocates say is needed to streamline and bring more predictability to a cumbersome system. But critics say the proposal would sacrifice worker compensation and protections for the sake of expediency and saving money.
The overhaul, contained in a 68-page bill, has moved swiftly — to the chagrin of critics — through the GOP-controlled legislature. It already has cleared the Senate and is set for certain House approval on Thursday.