Courtesy ABC
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From the “What Goes Around” Dept.
The real estate market’s troubles are hitting close to home for Treasury Secretary Timothy Geithner. After reducing the price on his house in a tony New York City suburb to less than he paid for it, Geithner still couldn’t sell and recently rented it out instead, according to real estate agents familiar with the deal.
Geithner put his five-bedroom Tudor near leafy Larchmont on the market for $1.635 million in February, after heading to Washington for his job as the nation’s top economic official.
A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21.
Although $7,500 might seem like a lot of rent, it probably falls a bit short of the monthly mortgage payments on the Geithners’ two loans totaling $1.25 million, plus $27,000 a year in property taxes.
Treasury Department representatives didn’t immediately return calls about Geithner’s home Monday and Tuesday. He was in Beijing for talks with Chinese leaders.
A little job incentive? The man in charge of turning things around can’t even sell his own home.
The man in charge of turning things around can’t even sell his own home.
So, to prove himself in your eyes, he should have dumped it at a great loss, just so that he would be able to have “Sold own house” on his CV?
Sweet, sweet, irony.
#1, No, it should provide him some incentive to turn things around, the job he was hired to do. Perhaps it will knock him off his cushy day to day and get him to actually do something. Why is he in Beijing, talking to Chinese leaders? Are they going to bail us out?
#3 – KD Martin
You really believe he could have turned around the housing market correction in five months?
#3 – KD Martin – Why is he in Beijing, talking to Chinese leaders? Are they going to bail us out?
http://online.wsj.com/article/SB124404894195281839.html
No problem. He’ll make up the difference he lost by “forgetting” to pay his taxes on something else.
I hope this piece of shit tax cheat has his house repo’d and goes bankrupt.
Watch out, you have to declare the rent as income on your tax return!
# 6,7,8…naturally, none of you have ever gone against the advice of your CPA and paid taxes he/she said you didn’t owe. Right?
#8 mike, nevermind.
#8. Yes, rent is counted as earned income. He needs to be scrupulously honest. We’ll see.
Somehow I feel this will be more of an inconvenience than a personal disaster.
# 5 Jägermeister, Thanks for the article.
Setting new standards for a non sequitur, eh?
GET TEH MANUAL WHERE IZ TURBOTAX OPTION 4 THIS?!
Yeah you have to love the “since I can’t sell it I will rent it out at a insanely inflated price” That reminds me of the NJ shore where house rentals can hit 1000 a week even today. No wonder they are still vacant.
I don’t see the connection or amusement.
Is this like if the beer truck driver doesn’t drink beer? Ohhhh..
If this makes him suffer, like the rest of us, then good.
#9 what’s this about a CPA saying he didn’t owe something? He was told he had to pay these taxes, then didn’t pay them. Then he was audited and paid 3 years worth of taxes, and didn’t pay for those other years. He should never have been made Treasury Secretary for this reason.
“The man in charge of turning things around can’t even sell his own home.”
Is this that felonious tax dodger Obama put in charge of the US financial policy?
hope they trash the place.