It’s no secret that high-profile public servants can make a lot of money in
the private sector after they leave their jobs. Sometimes, they go back into
government again later, and we all get to see how much money they’ve made in
the interim: Dick Cheney and Don Rumsfeld
spring to mind. And, now, Rudy Giuliani, who made at
least $17 million last year, not including his profits on the sale
of Giuliani Capital.
Giuliani, 62, a former New York mayor who has led in polls for his party’s
presidential nomination, earned $11.4 million in speaking fees, according
to his disclosure filed with the Federal Election Commission. He received
$4.1 million from his New York-based consulting firm, Giuliani & Co. LLC;
$1.2 million from his Houston law firm, Bracewell & Giuliani LLP, and
$146,092 in royalties for his 2002 book, “Leadership.”
When Giuliani left the mayor’s office in 2002, he reported assets between
$1.2 million and $1.9 million. According to his disclosure to the FEC, his
assets had grown to at least $17 million last year and perhaps as much as
$70 million. His share of the consulting firm was worth between $5 million
and $25 million.
Giuliani’s brace of seven-figure salaries makes the $479,000 paid
to John Edwards by Fortress Investment Group seem positively
modest. And it also raises the question of the opportunity cost to public servants
of staying in the public sector. The president of the World Bank, for instance,
makes $400,000 tax-free: a hefty sum, by normal standards. But were Tony
Blair, for instance, to take the job, he might be giving up the opportunity
to ensure that all his children live very comfortably for all their lives.