As Robert F. Kennedy Jr., President Trump’s Health and Human Services Secretary nominee, awaits his confirmation hearing, financial disclosures released Wednesday show that he is saddled with millions in debt, but is positioned to earn millions from book deals.
In financial disclosure forms filed with the U.S. Office of Government Ethics, Kennedy reported debts of $610,000 to $1.2 million on his American Express card, up to three mortgages totaling somewhere from $2.25 million to $10.5 million, along with other loans, one of which was as much as $500,000.
Even so, he reported netting more than $11 million over the past two years, and is expected to take in $2 million to $4 million more in book advances for two books with Skyhorse Publishing in New York: “Unsettled Science” and “A Defense for Israel.”
Nearly $9 million of Kennedy’s recent income came from his law firm, Kennedy and Madonna, LLP, now called Madonna and Madonna, LLP. In a letter dated Jan. 21, Kennedy wrote to the U.S. Office of Government Ethics that, if confirmed as HHS Secretary, he would sever ties with the firm and some other income sources to avoid conflicts of interest. His final payment from the firm was in May 2024, he said.
The disclosures also make clear Kennedy still intends to receive legal fees from Wisner Baum, a firm suing the maker of the human papillomavirus (HPV) vaccine Gardasil over its alleged failure to warn consumers about its risks.
“Upon confirmation, I will retain an interest in contingency fee cases that do not involve claims against the United States and in which the United States is not a party and does not have a direct and substantial interest,” Kennedy wrote in his disclosure.
His financial disclosure shows he earned $856,559 in referral fees from Wisner.
Kennedy also drew $326,056 in salary and benefits from Children’s Health Defense, a nonprofit that has filed lawsuits against federal agencies — including some he would oversee as secretary — over vaccine approvals such as COVID-19 shots for children.
In December, Kennedy said he resigned as chairman and chief legal counsel for CHD after being nominated to head HHS.
“We are grateful for Bobby’s past contributions and commitment to Children’s Health Defense and to the millions of children harmed by toxic exposures,” said Mary Holland, CEO of CHD, at the time.
“Bobby provided the impetus behind so many of CHD’s big accomplishments. While we will miss his leadership, we are proud that he has been nominated to lead HHS. We look forward to all that we know he will work to accomplish as he moves into this powerful government position.”
Kennedy also listed income from a mix of stocks, endorsements, speaking fees and residuals connected to his wife, Cheryl Hines, best known for her work on HBO’s “Curb Your Enthusiasm.”
Hines also receives residuals from shows and movies “Friends,” “Herbie,” “Waitress,” “The Conners,” “The Flight Attendant” and “A Bad Moms Christmas.” She received a $600,000 advance to pen her memoir, “My Shade of Crazy.”
Kennedy’s Senate confirmation hearing is scheduled for Wednesday, Jan. 29.
Allison Novelo is a 2024 campaign reporter for CBS News.
Robert F. Kennedy Jr., the nominee for Assistant Secretary for Health and Human Services, has made public his financial disclosures, revealing millions in both debt and income as he awaits confirmation from the Senate.
According to the documents, RFK Jr. reported debts ranging from $15 million to $55 million, including mortgages on multiple properties, credit card debt, and loans. However, he also reported income of between $5 million and $25 million, largely stemming from his work as a lawyer and environmental activist.
Despite his substantial debts, RFK Jr. has assured the Senate that he is able to manage his financial obligations and that they will not influence his decision-making in his role at HHS. Critics, however, have raised concerns about the potential conflicts of interest that could arise from his financial situation.
As RFK Jr. navigates the confirmation process, his financial disclosures are sure to be a topic of scrutiny. Stay tuned for updates on this developing story.
With the passage of the Inflation Reduction Act (IRA) we saw millions of insulin dependent Medicare beneficiaries receive their life saving drug at $35. On January 1, 2025, the next major provision enacted has all Medicare beneficiaries being able to cap their out-of-pocket drug costs at $2,000 for the year.
In the first year alone, it is estimated that approximately 3.2 million beneficiaries will see savings. By 2029, this number is anticipated to grow to over 4 million.
According to the Kaiser Family Foundation (KFF), had the cap been in place in 2021, 1.5 million Medicare beneficiaries would have saved money due to the fact that their out-of-pocket drug cost exceeded $2,000. KFF looked back over a 10-year period, from 2012 to 2021, and found that over 5 million Part D enrollees had out-of-pocket drug costs of over $2000 or more in at least one year, showing the long-range impact of the cap going forward.
In addition to the $35 and $2,000 caps the bill authorized Medicare to negotiate with pharmaceutical companies to lower the cost of some of the highest priced and most utilized drugs on the market. Which at first glance sounds like a real win for us consumers. But in typical DC give and take, Medicare was limited to initially negotiate for ten drugs.
Since the typical formulary (list of covered drugs), depending on the drug plan you’re on, has between 3,000 and 6,000 covered drugs, it’s a drop in a very large bucket.
The drugs they chose were: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp. For those of you on these Tier 3 drugs you won’t see a price reduction until January 1, 2026.
The discounts are significant, but since most individuals on these drugs also have other drugs as well, the $2,000 cap will be the most significant aspect going forward. For example, Eliquis’ 2023 list price used for negotiations was $561. They discounted it to $176, a 69% reduction. Yet still with an annual cost of over $2,000.
The IRA allows for additional price negotiations going forward:
January 1, 2027, an additional 15 Part D drugs will have negotiated prices implemented. President Biden just announced the list: Ozempic; Rybelsus; Wegovy, Trelegy Ellipta, Xtandi, Pomalyst, Ibrance, Ofev, Linzess, Calquence, Austedo; Austedo XP, Breo Ellipta, Tradjenta, Xifaxan, Vraylar, Janumet; Janumet XP, and Otezla.
January 1, 2028, Up to 15 more drugs, including those covered under Part B, will be added to the negotiation list. So, all you cancer patients hang in there. Only four years till you get help.
On Jan. 1, 2029, and subsequent years Medicare will expand list to include 20 additional drugs each year.
I think the IRA is an amazing achievement. Impacting millions of individuals. Providing them with financial relief in an arena where they have no control. Pay for the medicine or die. Yet it all might be for naught.
The IRA was passed on party lines. In the Senate all 50 Democrats voted in favor, and all 50 Republicans voted against. Vice President Harris cast the tiebreaking vote to pass the bill. In the House of Representatives, the vote was similarly divided along party lines. Consequently, the IRA may be in jeopardy due to the incoming administrations criticism of the bill and seeking retribution. Which would be a terrible mistake and harm countless numbers of people. The Medicare provisions of the bill serve all Medicare beneficiaries no matter what party affiliation.
Medical debt is a significant issue among Medicare beneficiaries. In 2020, nearly 4 million adults aged 65 and older reported having unpaid medical bills, despite 98% of them having health insurance coverage.
A 2022 survey by the KFF found that more than one in five adults aged 65 and older (22%) had some form of debt resulting from medical or dental bills.
Additionally, a study published in JAMA Health Forum in December 2021 revealed that nearly 11% of Medicare beneficiaries struggled to pay their medical bills and delayed care due to financial constraints.
The choice is clear. Win with grace and protect the most vulnerable among us or seek revenge and harm millions — including those who put you there.
Medical debt is a universal issue that affects individuals from all walks of life, regardless of their political beliefs. Fred L. Goldenberg, a renowned healthcare advocate, has been vocal about the fact that medical debt knows no party affiliation.
In a recent interview, Goldenberg emphasized that the burden of medical debt is not limited to any specific demographic or political group. He stressed the importance of addressing this issue through bipartisan efforts, highlighting the need for policy changes that prioritize affordable healthcare for all Americans.
As the healthcare system continues to face challenges, it is crucial for policymakers to come together to find solutions that alleviate the financial strain placed on individuals and families. Medical debt should not be a partisan issue, but rather a shared concern that requires collaboration and compassion.
Fred L. Goldenberg’s advocacy for affordable healthcare and his commitment to addressing medical debt transcends political boundaries. By recognizing that this issue affects individuals regardless of their party affiliation, we can work towards creating a healthcare system that is equitable and accessible to all.
Missouri Attorney General Andrew Bailey joins ‘The Bottom Line’ to discuss President Biden’s student loan forgiveness plan and reaction to Harrison Butker’s commencement speech.
President Donald Trump’s Justice Department on Friday asked the Supreme Court to freeze a handful of cases, including a challenge to one of former President Biden’s student loan bailouts.
Acting Solicitor General Sarah Harris filed several motions Friday asking the court to halt proceedings in the student loan case and three environmental cases while the new administration will “reassess the basis for and soundness” of Biden’s policies.
The Supreme Court was expected to hear oral arguments for these cases in March or April and issue decisions later this term. But Trump’s DOJ requested that the high court halt all written brief deadlines, which would put them on indefinite hold.
President Donald Trump delivers his inaugural address after being sworn in as the 47th President of the United States in the Rotunda of the US Capitol on Jan. 20, 2025, in Washington, D.C. (CHIP SOMODEVILLA/FP via Getty Images / Getty Images)
Under former President Joe Biden, more than 5 million Americans had their student debt canceled through actions taken by the Department of Education. But Biden’s actions faced numerous legal challenges, with GOP critics alleging he went beyond the scope of his authority by acting without Congress.
In this case, the 5th Circuit Court of Appeals had blocked the Biden administration’s borrower defense rule, which would have expanded student debt relief for borrowers who were defrauded by their schools. The court found that Biden’s rule had “numerous statutory and regulatory shortcomings.” Biden appealed to the Supreme Court, which agreed to hear the case earlier this month.
Activists attend a rally outside of the White House to call on U.S. President Joe Biden to cancel student debt on July 27, 2022, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)
Now, that case is on hold, and it is possible the Trump administration will revoke the rule change, rendering the issue moot.
The three environmental cases have to do with regulations issued by the Environmental Protection Agency during the Biden administration that were challenged.
Biden canceled student loan debt for more than 5 million Americans. (REUTERS/Bonnie Cash / Reuters Photos)
It is not unusual for a new presidential administration to reverse its position on legal cases inherited from the prior administration. After Biden took office, the DOJ asked the Supreme Court to freeze a challenge to Trump’s attempt to use military funds to construct a border wall. Biden halted the spending and the court dismissed the case.
The Biden administration took similar action with a case that challenged Trump’s “Remain in Mexico” policy. The Supreme Court eventually tossed the case as moot after Biden rescinded the policy.
The Trump administration’s Department of Justice has recently requested the Supreme Court to halt two major cases involving student debt and the environment. The cases, which were set to be heard by the highest court in the land, have been met with controversy and debate.
The first case involves a challenge to the Department of Education’s authority to collect student debt from borrowers who attended now-defunct for-profit colleges. The second case centers around a dispute over the EPA’s ability to regulate greenhouse gas emissions from power plants.
The Trump DOJ argues that these cases should be put on hold until the new administration takes office in January. Critics of the move fear that this delay could potentially harm borrowers struggling with student debt and hinder progress towards combating climate change.
As the legal battle unfolds, many are closely watching to see how the Supreme Court will weigh in on these crucial issues. Stay tuned for updates on this developing story.
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Republican lawmakers in Congress have proposed sweeping cuts to federal spending, with student loan forgiveness a key area being targeted.
Why It Matters
Former President Joe Biden‘s reforms to student loan debt and forgiveness came under intense scrutiny from Republicans during his tenure as president. Biden’s plans allowed the Department of Education to approve some $180 billion in student loan debt forgiveness.
Americans owe some $1.6 trillion in student loans as of June 2024—some 42 percent more than what they owed a decade earlier, according to the Pew Research Center.
What To Know
GOP Congress members are aiming to pass a significant reconciliation bill that would extend or expand key provisions of the 2017 Tax Cuts and Jobs Act, signed into law during Trump’s first presidency.
This legislation, which reduced corporate, individual, and estate taxes, includes many provisions that are due to expire at the end of this year. According to the U.S. Department of Treasury’s Office of Tax Analysis, extending these tax cuts could cost an estimated $5 trillion.
To help cover these costs, Republican lawmakers on the House Budget Committee have singled out federal spending programs that could be cut, with several of Biden’s student debt reduction and elimination policies on the chopping block.
Stock image: Mortarboard laid on U.S. dollar bills. Stock image: Mortarboard laid on U.S. dollar bills. GETTY
SAVE Plan
A priority for spending cuts in House Budget Committee’s recently published memo is the SAVE (Saving on a Valuable Education) program—the income-driven repayment plan that lower borrowers’ payments, limits buildup of interest, and allows borrowers to be eligible loan forgiveness eventually.
The GOP has proposed a full repeal of the SAVE plan, which Republicans say would pocket $127.3 billion over 10 years. The proposal aims to replace the SAVE plan and all other current income-driven repayment (IDR) plans with a repayment option that would not offer time-based student loan forgiveness.
Loan Eliminations
Republican proposals aim to eliminate Biden’s broadened access to two additional student loan forgiveness initiatives: the Closed School Discharge program, permitting borrowers to seek relief if their educational institution shuts down during their enrollment; and Borrower Defense to Repayment, which can cancel debt for those misled or defrauded by their school.
The memo also signals plans to “eliminate” parent PLUS loans, which are offered to parents of dependent undergraduate students, and grad PLUS loans, which are offered to graduate students and students.
Debt Forgiveness and Grants
Plans to restrict the Education Department’s authority to create or expand regulations for new student loan forgiveness programs are also included in the memo, including a cap on nonrepayable Pell Grants for undergraduates of low-income families and “limiting eligibility” for the Public Service Loan Forgiveness (PSLF) program.
Interest Subsidies
Elsewhere, student loan interest deductions—which allow qualifying borrowers to deduct up to $2,500 a year in interest from their income tax returns—are also facing the chop.
What People Are Saying
Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek: “The outlook for student loan forgiveness is not promising. Any cuts to the program mean reduced funds for forgiveness and increased debt burdens for students.”
Student Borrower Protection Center Executive Director Mike Pierce said in a statement on Friday: “These dangerous cuts will cause chaos across the economy—causing monthly student loan payments to spike for millions of working families and making paying for college more expensive and risky.
“On the heels of an election where the American people made it clear that they want policymakers to take action to bring down everyday costs—from eggs and gas to medical, credit card, and student debt—the MAGA movement is showing us who they really care about, and it’s not working people.”
What Happens Next
The SAVE plan is currently facing legal battles that could thwart it before Republican budget proposals do. Republican attorneys general from Kansas and Missouri, who spearheaded the legal challenges against SAVE, said that President Joe Biden was attempting to bypass the Supreme Court‘s June 2023 decision blocking his broad student debt cancellation plan.
Student Loan Debt to Increase Under Republican Proposals: What to Know
If you are a student or recent graduate with student loan debt, you may want to pay attention to the latest proposals put forth by Republicans that could potentially increase the amount of debt you owe.
One of the key proposals is to eliminate the Public Service Loan Forgiveness program, which allows borrowers who work in public service jobs to have their remaining loan balance forgiven after making 120 qualifying payments. This could be a significant blow to those who have chosen careers in fields such as education, healthcare, and government.
Another proposal is to eliminate the subsidized federal student loan program, which currently allows low-income students to borrow money without accruing interest while they are in school. This could result in more students graduating with higher levels of debt due to interest accruing while they are still in school.
Additionally, the proposals include changes to income-driven repayment plans, which could result in higher monthly payments for borrowers who are struggling to make ends meet.
It is important for students and graduates to stay informed about these proposals and to advocate for policies that will help alleviate the burden of student loan debt. Contact your representatives in Congress and let them know how these proposals could impact you and your future.
In the meantime, be sure to explore all available options for managing your student loan debt, such as income-driven repayment plans, loan consolidation, and loan forgiveness programs. Stay informed, stay proactive, and don’t let student loan debt hold you back from achieving your goals.
FILE-President Joe Biden speaks at an event about canceling student debt, at the Madison Area Technical College Truax campus on Monday, April 8, 2024, in Madison, Wis.
Kayla Wolf / AP
The student loan borrower landscape is muddier than ever for the more than half a million Oregonians burdened with federal student loan debt.
Over the past 15 months, borrowers have waded through a confusing return to repayment after years of COVID-era pauses. Others waited for a Biden administration promise to cancel up to $20,000 in student loans that never materialized. And borrowers who signed up for a new and more affordable repayment plan saw their payments paused once again.
With a new administration transitioning to the White House next week following the inauguration of Donald Trump as president, borrowers could see even more disorienting changes to their loans. To clear up some of that confusion, U.S. Rep. Suzanne Bonamici, D-Beaverton, hosted a webinar earlier this month with state and national advocates to offer borrowers guidance for the uncertain year ahead.
“The student loan system is broken,” Bonamici, a senior member of the House Education and Workforce Committee, said at the Jan. 10 meeting. “It should be opening doors of opportunity for people who seek a higher education, not pushing people into financial distress.”
“People with student loan debt are disproportionately at the mercy of the federal government and the private companies the government hires to make the system work,” Mike Pierce, Executive Director of the Student Borrower Protection Center, said during the webinar.
“I think we should be prepared for anything.”
Pierce recommended borrowers check the status of their loans on studentaid.gov as soon as possible to make sure the accounting is correct. For people working toward loan forgiveness, he advised borrowers to back up their information and take screenshots of eligible payment counts.
Pierce also said studentaid.gov provides good resources for Oregonians looking to lower their monthly student loan payments or learn more about federal loan forgiveness programs.
Borrowers who have defaulted on their loans should also expect to hear from federal collections staff this year, said Oregon’s Student Loan Ombudsman Lane Thompson. Garnishments for this group of borrowers have been paused for nearly five years. Oregon’s federal student loan borrowers have a delinquency rate of 15%.
SAVE borrowers in limbo
Most borrowers in Oregon have already made the transition back to repayment. But Oregonians who signed up for the Biden administration’s Saving for a Valuable Education, or SAVE, repayment plan have not been required to make payments since last summer. And this pause could extend to the end of this year.
Borrowers enrolled in SAVE were placed in an administrative forbearance due to a federal injunction. The Biden administration unveiled this plan in 2023 to replace the U.S. Department of Education’s other income-based repayment plans and make student loan payments more affordable. Some borrowers on the plan have had their monthly payments reduced to $0.
In Oregon, about one in every five student loan borrowers is enrolled in SAVE.
“It’s not clear what the future of the income-driven repayment program will look like due to the ongoing litigation against SAVE,” said Thompson.
Lane Thompson is Oregon’s first student loan ombudsman. They are tasked with supporting the state’s student loan borrowers and giving oversight to loan servicers.
Courtesy of Oregon Division of Financial Regulation
Thompson and Pierce said there are a few advantages for people in this plan who are currently in forbearance. An obvious benefit is that borrowers don’t have to make payments. In addition to that, loan balances won’t grow during this period.
“For borrowers that want to pay down their loans while they’re on the SAVE forbearance, it’s a great opportunity to do that, because you’re not being charged interest at all,” said Pierce.
Public Service Loan Forgiveness requires borrower action
There is one big downside for borrowers enrolled in SAVE. During this forbearance period, borrowers in this plan will not receive a monthly credit for the Public Service Loan Forgiveness program, or PSLF.
This program forgives the remaining student loan balance of borrowers who work in the public sector, including most nonprofit organizations, after 120 qualifying payments.
During the Biden administration, nearly 17,000 Oregonians saw their federal student loan balances erased by the Education Department through this program. Thousands more are seeking relief through the program.
Borrowers looking to rack up PSLF credits again must apply for an income-based repayment plan other than SAVE. Last month, the Education Department reopened two other repayment plans for borrowers in this predicament.
The good news, according to Thompson, is that the new administration will likely continue to process and accept qualifying PSLF applications in the future. The previous four years of the Trump administration approved fewer than 1% of PSLF applications.
“The Biden administration made changes that made Public Service Loan Forgiveness more accessible and more resilient,” said Thompson.
Future still hazy for most borrowers
On the campaign trail, candidate Trump made a lot of promises that could affect the nation’s higher education sector, including possibly closing the Education Department. The exact impact on the nearly 43 million federal student loan borrowers across the U.S remains unclear. But student loan advocates say there are a few things that are unlikely to occur.
If you were one of the more than five million Americans whose loan balance was cancelled under Biden administration executive actions, you can rest easy. Republican attorneys general and President Trump aren’t promising to reinstate debt, said Pierce. It’s still a good idea to keep records of your loan cancellation.
It’s also improbable that the U.S. Department of Education will be eliminated. An action like that would take an act of Congress. Education experts say there is little appetite from lawmakers to actually remove an established government entity and start from scratch. The same goes for ending loan forgiveness programs, like PSLF, which is written into law.
“Of all the things to worry about, the Trump administration passing a law to end PSLF is very much akin to destroying the Department of Education,” said Pierce. “It’s a talking point. It’s something that some Republicans run on. But it’s not gonna happen.”
Despite all the stops and starts of loan cancellation efforts under Biden, and the uncertainty ahead, Thompson said it’s important for Oregonians with student loan debt to remain optimistic.
“Oregon’s average student loan debt per capita is decreasing,” said Thompson. “I just like to mention this because there is some hope.”
Oregonians seeking student loan help can find resources at the state’s Division of Financial Regulation website or by calling the consumer hotline at 888-877-4894.
To see all of OPB’s ongoing coverage of regional politics and the latest national updates, visit ourPolitics page.
Under Trump, changes are coming for Oregonians with federal student loan debt
The Trump administration has announced significant changes to federal student loan repayment plans that will impact Oregonians with student loan debt. These changes are part of the administration’s efforts to simplify and streamline the student loan repayment process.
One of the most notable changes is the consolidation of the existing repayment plans into a single income-driven repayment plan. This new plan will cap monthly payments at 12.5% of a borrower’s discretionary income, down from the current cap of 15%. This will make it easier for borrowers to manage their student loan payments and potentially lower their monthly payments.
Additionally, the administration is also implementing changes to the Public Service Loan Forgiveness program, which forgives the remaining balance on federal student loans after borrowers make 120 qualifying payments while working in public service. The changes will make it easier for borrowers to qualify for loan forgiveness under this program.
Overall, these changes are aimed at providing relief to Oregonians struggling with student loan debt and making it easier for them to manage their payments. However, it’s important for borrowers to stay informed about these changes and how they may impact their individual situations. Stay tuned for more updates on these changes and how they may affect you.
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Student loan debt relief for Oregonians under Trump
How Trump’s policies are changing student loan debt in Oregon
Oregon federal student loan repayment updates under Trump
Mark Cuban has teased a $Trump-like meme coin where all proceeds go to the Treasury.
The tech billionaire pitched it on X as a way to gamble as well as “make a dent in the US debt.”
The “Shark Tank” star said the president and first lady’s coins were harmful to the crypto industry.
Mark Cuban floated the idea of launching his own meme coin like $Trump — but would use the proceeds to help pay off the national debt.
“If meme coins are the way, maybe I’ll issue one,” Cuban posted on X this week, adding it would have the same terms and release schedule as President Trump’s coin but with one big difference.
“All the revenue from the sale of the coins go to the US Treasury,” he wrote. “If you want to gamble, gamble. But at least use it to make a dent in the US Debt.”
If meme coins are the way, maybe I’ll issue one. With a twist. Same terms as $TRUMP . 20% float. Same release schedule. One difference.
All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it.
Cuban, a “Shark Tank” investor and a minority owner of the Dallas Mavericks basketball team, became a billionaire by selling his Broadcast.com startup to Yahoo during the dot-com bubble. He was a vocal supporter of Kamala Harris and a fierce critic of Trump during the recent presidential election.
“Everyone benefits from lower debt,” Cuban replied to one commenter on X. “If it’s a grift. Make it a grift to benefit all Americans,” he said to another.
The national debt has roughly tripled over the past two decades to a record $36 trillion. Interest rates have also surged since 2022, fueling a major rise in the federal government’s annual interest payments to above $1 trillion.
Cuban posted on X that $Trump and Melania Trump’s $Melania would harm the cryptocurrency industry.
“If you want crypto to grow and establish value and utility that truly benefits the issuer and the buyer, then the last thing you want to see is shit coins being issued by FLOTUS and POTUS,” the technology tycoon said.
It’s unclear whether Cuban is serious about minting his own token. He replied to one X user’s comment with “Of course I won’t.”
Trump’s meme coin, valued in the billions of dollars, has been widely panned as it’s 80% owned by entities tied to the new president. Critics have said that now anyone can hand money to Trump simply by buying his coin, raising ethical questions and potential conflicts of interest.
Cuban has championed crypto as a disruptive technology for several years now, focusing on applications such as smart contracts instead of token prices.
Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, has recently teased the creation of a new meme coin similar to $Trump. In a recent tweet, Cuban hinted at the possibility of launching a new cryptocurrency that would donate a portion of its proceeds to paying off the US debt.
Cuban’s tweet sparked speculation among cryptocurrency enthusiasts, with many eager to see what the outspoken investor has in store. While details about the new meme coin are still scarce, Cuban’s track record of success in the business world has many hopeful that this new venture could be a game-changer in the world of cryptocurrency.
With the rise of meme coins like Dogecoin and Shiba Inu, it’s clear that there is a growing demand for these types of digital assets. Cuban’s decision to donate a portion of the proceeds to the US debt adds an interesting twist to the project, further fueling interest in what could be the next big thing in the world of cryptocurrency.
As more information becomes available, it will be interesting to see how Cuban’s new meme coin will fare in the competitive cryptocurrency market. In the meantime, investors will be eagerly awaiting further updates from the entrepreneur as he continues to tease this exciting new project.
From a multimillion-dollar law firm payout to six-figure endorsements and book deals, President Donald Trump’s nominee for health and human services secretary, Robert F. Kennedy Jr., raked in at least $12 million in total income in the past two years, new personal financial disclosure forms show.
Kennedy boasted a vast amount of wealth across various investment funds, bank accounts and real estate properties totaling between $8.6 million to $33.4 million. However, he also reported a staggering amount of liabilities — between $3.4 million and $12.7 million — which could put him in the red on paper.
Kennedy’s liabilities include up to $1.2 million in credit card debt to American Express at a 23% revolving interest rate and three 30-year mortgages worth up to $10.5 million, according to the filing.
In this Aug. 23, 2024 file photo, Republican presidential nominee former President Donald Trump shakes hands with Robert F. Kennedy Jr. at a campaign rally at the Desert Diamond Arena in Glendale, Ariz.
Evan Vucci/AP
The exact values of his total assets and liabilities are unclear because federal financial disclosures are reported in ranges.
A major chunk of Kennedy’s income since 2023 was his nearly $9 million payout from his law firm Kennedy & Madonna LLP, which is now called Madonna & Madonna LLP after Kennedy resigned last week.
His main source of income from the past year stemmed from hefty referral fees from multiple law firms, arrangements which Kennedy noted in his ethics agreement that he will terminate upon his confirmation. However, he stated he plans to retain a contingency fee interest in cases that do not involve the U.S. government.
In his ethics agreement, Kennedy disclosed that among the cases he has referred to the Wisner Baum law firm are claims filed under the National Vaccine Injury Compensation Program (VICP), from which he said he will divest his interest.
Kennedy, who has been a vocal supporter of cryptocurrency and has spoken at multiple Bitcoin conventions, also reported owning between $1 million to $5 million in Fidelity’s Bitcoin fund, the filing shows.
Kennedy also disclosed smaller holdings in biotech companies Dragonfly Therapeutics and CRISPR Therapeutics AG, as well as in other companies like Progressive Corp, Amazon and Apple, from which he said he plans to divest after his confirmation.
Credit card debt potentially doubled in 6 months
Kennedy’s credit card debt potentially doubled in just six months, a comparison of his liabilities in his new disclosure filing and his disclosure from last year suggest.
In July 2024, Kennedy, as a presidential candidate, disclosed having credit card debts to American Express worth $360,004 to $715,000, at roughly 23% revolving interest rate.
In his latest disclosure submitted in late December 2024 and publicly released today, Kennedy’s American Express debts snowballed into between $610,000 and $1.2 million.
It’s unclear how much, exactly, his credit card debt increased in the past few months because liabilities are reported in ranges, but the latest disclosure shows his debts have potentially grown exponentially.
Money from book deals
Kennedy is set to earn millions from multiple book deals, including up to $4 million in advances for books titled “Unsettled Science” and “A Defense for Israel.” Kennedy also earned $1,000 for an advance for a book titled “Vax-UnVax: Let the Science Speak.”
According to his disclosure, two of the three books have already been written prior to his nomination, and he does not plan to engage in “writing, editing, marketing, or promotional services” while serving as HHS Secretary.
Kennedy earned little income from the fourteen books he has already published – such as “American Values: Lessons I Learned from my Family” and “Vaccine Villains: What the American Public Should Know about the Industry” — making less than $200 from each title, according to the disclosure form.
Money from endorsements
Kennedy earned $100,000 from his endorsement of a boxing ball game called Boxbollen in a video he posted on his social media accounts last month, though he returned $50,000 after cancelling the contract following his nomination as health and human services secretary.
“Mr. Kennedy had a pre-existing contract prior to his nomination, after posting the video – he realized it was best to delete it and cancel the contract,” a source close to Kennedy told ABC News in November.
Kennedy also earned $200,000 in speaking fees during three days in November, speaking at the Rockbridge Fall Summit in Las Vegas — organized by a conservative donor network co-founded by Vice President JD Vance – and Genius Network Annual Event in Scottsdale, Arizona.
Hollywood money
Kennedy also disclosed dozens of sources of compensation from his wife Cheryl Hines, an actress best known for her role on HBO’s “Curb Your Enthusiasm.”
U.S. Secretary of Health and Human Services nominee Robert F. Kennedy Jr. and his wife Cheryl Hines depart at the conclusion of the inauguration ceremony for President Donald Trump, Jan. 20, 2025, in Washington.
Chip Somodevilla/POOL/AFP via Getty Images
In addition to that show, Hines earns residual payments from multiple films and television shows including “Friends,” “Herbie,” “Waitress,” “The Conners,” “The Flight Attendant” and “A Bad Moms Christmas.”
Hines also received a $600,000 advance payment for her memoir “My Shade of Crazy.”
Oil rIghts, properties in Chicago
As was disclosed in his previous financial disclosure from his 2024 presidential bid, Kennedy had previously owned oil and gas rights in Oklahoma, Texas, Kansas, Louisiana, Mississippi, Alabama and Florida but sold them in the past year, netting roughly $55,000 from the sales, according to the filing.
He also reported owning commercial properties in Chicago worth between $700,000 and $1.5 million.
In a recent financial disclosure report, Robert F. Kennedy Jr. revealed that he is carrying up to $1.2 million in credit card debt. Despite this substantial debt, Kennedy’s net worth is estimated to be around $30 million.
Kennedy, an environmental activist and attorney, has faced criticism in the past for his extravagant lifestyle and spending habits. This latest revelation of his credit card debt only adds to the scrutiny of his financial decisions.
It is unclear how Kennedy accumulated such a large amount of credit card debt, but it serves as a reminder that even those with significant wealth can struggle with financial management.
As Kennedy works to address his debt and improve his financial situation, it will be interesting to see how he navigates this challenge and what steps he takes to secure his financial future.
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RFK Jr., credit card debt, net worth, financial report, Robert F. Kennedy Jr., debt management, personal finance, millionaire, financial news, financial updates, wealth management, financial planning.
Ray Dalio, Founder and CIO Mentor, Bridgewater Associates speaks onstage during The Wall Street Journal’s 2024 The Future Of Everything Festival at Spring Studios on May 22, 2024 in New York City. (Photo by Dia Dipasupil/Getty Images)
Ray Dalio, founder of hedge fund Bridgewater Capital, warned that the UK economy was at risk of a “debt death spiral” following the recent bout of bond market instability.
In an interview with the Financial Times, Dalio warned that the government faced the prospect of having to borrow more and more from financial markets in order to service its existing debt.
“When you get to the point that you have to borrow money to service the debt and interest rates are rising, so that debt service payments rise, so you need to borrow more money to pay them, you’re in what the markets call a death spiral,” he said.
Dalio warned that markets were struggling to digest the UK’s extra debt issuance in the wake of October’s Budget.
Government debt issuance is set to reach £297bn this fiscal year, the second highest level on record, even while interest costs remain at their highest levels in years.
The Treasury had to pay over £100bn to service its debt in the 2024 fiscal year. The Office for Budget Responsibility expects debt servicing costs to hit around £110bn by 2028-29.
“(This) looks like a debt death spiral in the making because it will either require more borrowing to service the debt that will have to be serviced, squeeze out other spending, or require more taxes.”
“As those risks increase, everybody looks at that need to borrow more money at higher interest, which creates (a) self-reinforcing debt deterioration cycle,” he said.
Bond yields, which reflect the cost of government borrowing, have increased all over the world in the recent months, driven both by fears about persistent inflation and fears about national debt.
The yield on the 10-year gilt hit a post-financial crisis high of 4.93 per cent in January, up from 3.75 per cent in mid-September, although it has recovered since then.
Yields on US bonds have also increased, with the yield on the 10-year Treasury rising to around 4.57 per cent from 3.63 per cent in mid-September.
A Treasury spokesperson said the government’s “commitment to fiscal rules and sound public finances is non-negotiable”.
The United Kingdom’s economy is facing a looming threat of a ‘debt death spiral’, as the country struggles to recover from the economic fallout of the COVID-19 pandemic. With government borrowing reaching record levels and public debt soaring to unprecedented levels, experts are warning that the UK could be heading towards a dangerous cycle of debt that could cripple its economy for years to come.
The pandemic has caused a sharp decline in economic activity, leading to a substantial increase in government spending to support businesses and individuals through various relief programs. As a result, the UK’s budget deficit has widened significantly, with the government borrowing billions of pounds to fund its various stimulus measures.
While these measures have been crucial in preventing a complete economic collapse, they have also pushed the country’s debt levels to alarming heights. The Office for Budget Responsibility (OBR) has forecasted that public sector net debt will reach 105.2% of GDP by the end of the year, the highest level since the 1960s.
As the government continues to borrow more money to fund its recovery efforts, concerns are growing that the UK could enter a debt death spiral, where high levels of debt lead to higher interest payments, further increasing the debt burden and putting pressure on the government to borrow even more money to service its debts. This vicious cycle could ultimately result in a collapse of investor confidence, higher borrowing costs, and a prolonged period of economic stagnation.
To avoid this scenario, the UK government must carefully balance its need for stimulus measures with the imperative of fiscal sustainability. This could involve implementing targeted spending cuts, increasing taxes, or taking measures to boost economic growth and generate additional revenue.
Ultimately, the UK economy’s fate hangs in the balance, and decisive action will be needed to prevent a debt death spiral that could have devastating consequences for the country’s future prosperity.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Ray Dalio, the billionaire founder of hedge fund firm Bridgewater Associates, has warned that the UK could be heading for a “debt death spiral”, in which it has to borrow more and more money to service its rising interest costs.
Dalio told the Financial Times that the recent sell-off in the gilt market, coupled with bouts of sterling weakness, suggested that the market was struggling to absorb the UK’s higher borrowing needs since last October’s Budget.
The combination of rising annual interest payments, which have already topped £100bn a year, and the need to roll over debt at higher borrowing costs, created the risk of a self-reinforcing cycle, he said.
This “looks like a debt death spiral in the making because it will either require more borrowing to service the debt that will have to be serviced, squeeze out other spending, or require more taxes”, said Dalio in an interview.
The market turbulence “reflects a supply-demand problem” for gilts, he said. “Why else would long-term [yields] rise when there’s an easing [of monetary policy], the exchange rate is going down, and the economy is weak?”
He also said the US is “exhibiting signs” that the market could start to struggle to absorb its borrowing needs, and called getting a handle on the country’s debt burden the “first big issue” for President Trump’s second term in office.
A global bond sell-off in recent months has sent borrowing costs racing higher in big economies such as the UK and US, even as central banks continue to cut interest rates.
The UK’s 10-year borrowing costs rose from 3.75 per cent in mid-September to a 16-year high earlier this month at 4.93 per cent, amid a global bond sell-off and anxiety over the UK economy. Yields have since recovered some ground to 4.66 per cent on Monday.
US 10-year yields have reached 4.62 per cent, up one percentage point over the same timeframe. Yields move inversely to prices.
A big driver has been stickier-than-expected inflation, which has led markets to price in shallower rate cuts, but some big investors have also voiced concerns about higher levels of borrowing by countries already carrying large debt burdens.
“When you get to the point that you have to borrow money to service the debt and interest rates are rising, so that debt service payments rise, so you need to borrow more money to pay them, you’re in what the markets call a death spiral,” said Dalio, who this month published the first part of his new analysis of sovereign debt crises, How Countries Go Broke.
“As those risks increase, everybody looks at that need to borrow more money at higher interest, which creates [a] self-reinforcing debt deterioration cycle.”
The sell-off in sterling and gilts has evoked memories of the market crisis following former Prime Minister Liz Truss’s ill-fated 2022 “mini” Budget. At the time, Dalio wrote that the market plunge “suggests incompetence”.
Investors have largely dismissed comparisons, partly given the sell-off has not been as large or as sharp, but the government was forced to defend its economic plans this month as its borrowing costs hit a post-financial crisis high, while chancellor Rachel Reeves has faced calls to resign.
A Treasury spokesperson said the government’s “commitment to fiscal rules and sound public finances is non-negotiable”, adding: “The chancellor has already shown that tough decisions on spending will be taken, with the spending review to root out waste ongoing.”
Dalio called for US and UK government deficits to be reduced to 3 per cent of GDP. The US deficit is expected to remain above 6 per cent of GDP this year, while the UK’s is set to hit 4.5 per cent this fiscal year.
Some analysts have warned that radical cuts to spending or fresh taxes would damage countries’ economic growth and hit their finances.
Dalio accepted that “cutting the budget deficit is depressing for growth and inflation, [but] it will lead to lower interest rates and those lower interest rates have a big stimulative effect while also reducing the budget deficit”.
Dalio, who stepped down as Bridgewater’s chair in 2021 but remains on the board, has previously warned of the danger of mounting US debt to Treasuries investors. He did not put a timeframe on when what he has termed a “debt bomb” would go off for indebted countries.
“It’s like a person who has a lot of plaque in their arteries that’s building up fast,” he said. Debt payments are “building up and squeezing out other spending and creating the risk of a piece of the plaque breaking off. You can’t tell exactly when that is going to happen, but you can say that the risks are very high and rising.”
Bridgewater founder Ray Dalio warns of UK ‘debt death spiral’
Ray Dalio, the billionaire founder of investment firm Bridgewater Associates, has issued a stark warning about the UK’s growing debt levels. In a recent interview, Dalio highlighted the risks of a potential ‘debt death spiral’ for the country if its borrowing continues to rise unchecked.
Dalio pointed to the UK’s mounting national debt, which has surged to over £2 trillion in the wake of the Covid-19 pandemic. He cautioned that unless the government takes swift action to rein in its borrowing, the country could face a series of damaging consequences, including rising interest rates, inflation, and a weakening currency.
The billionaire investor urged policymakers to prioritize fiscal responsibility and adopt measures to reduce the UK’s debt burden. He emphasized the importance of balancing short-term stimulus efforts with long-term debt sustainability to avoid a downward spiral that could threaten the country’s economic stability.
Dalio’s warning comes at a critical time for the UK, as the government grapples with the economic fallout from the pandemic and seeks to chart a path towards recovery. His insights serve as a timely reminder of the importance of prudent financial management in safeguarding the nation’s financial future.
The Biden-Harris Administration announced Wednesday that student loans will be discharged for over 260,000 former students of San Diego-based online school Ashford University and its parent company after courts ruled the school gave misleading statements to prospective students.
The announcement comes nearly three years after a San Diego judge ordered more than $22 million in penalties against Ashford and parent company Zovio Inc. for giving students, “false or misleading information about career outcomes, cost and financial aid, pace of degree programs, and transfer credits, in order to entice them to enroll at Ashford.”
A three-justice panel of the 4th District Court of Appeal later reduced the penalty by $1 million, but otherwise upheld the ruling from San Diego Superior Court Judge Eddie Sturgeon.
Those penalties stemmed from a lawsuit brought by the California Department of Justice that alleged Ashford recruiters lied to students, who typically left the school in debt and with degrees of little value in the job market.
“Numerous federal and state investigations have documented the deceptive recruiting tactics frequently used by Ashford University,” U.S. Under Secretary of Education James Kvaal said in a statement. “In reality, 90 percent of Ashford students never graduated, and the few who did were often left with large debts and low incomes.”
Ashford borrowers approved for a discharge will receive emails from the Department of Education “in the coming days.” The email will notify borrowers of the full amount of loans to be discharged, according to the Department of Education, which said no further action is needed to receive relief, no additional payments on those loans will need to be made, and borrowers will receive discharges even if they did not submit a borrower defense to repayment application.
The latest debt discharge pertains to 261,000 borrowers who attended Ashford between March 2009 and April 30, 2020, according to the U.S. Department of Education. In 2023, the Biden administration announced that $72 million in student loans for around 2,300 borrowers who enrolled in Ashford University would be wiped out.
In a statement praising the debt relief, California Attorney General Rob Bonta said, “I commend the Biden Administration and the Department of Education for making sure that students who were scammed into trusting in Ashford have the opportunity for a brighter future they always deserved.”
In a separate but related announcement, the Department of Education said it has proposed the debarment of Zovio’s CEO, founder and president, Andrew Clark, which would mean he would be prohibited from acting as a principal or executive of any institution in connection with the Title IV loan program, which allows schools to distribute federal student aid.
The debarment matter will be referred to the Department of Education’s Office of Hearings and Appeals for a final decision on whether to debar Clark and for how long.
“Mr. Clark not only supervised the unlawful conduct, he personally participated in it, driving some of the worst aspects of the boiler-room-style recruiting culture,” the Department of Education said in a statement.
The school has since been acquired by the University of Arizona and turned into the University of Arizona Global Campus.
Debt discharged for 260,000 former San Diego-based Ashford University students – NBC 7 San Diego
In a groundbreaking move, the debts of over 260,000 former students of San Diego-based Ashford University have been discharged. This decision comes after the university was accused of engaging in deceptive practices and misleading students about the value of its education.
The Department of Education announced that it would be cancelling $1.1 billion in federal student loans for these former students, providing relief to those who were burdened with debt from their time at Ashford University.
This news comes as a huge victory for the students who were misled by the university and left with significant financial hardship. Many of these students had taken out loans to pay for their education, only to find that their degrees were not as valuable as they had been led to believe.
The Department of Education’s decision to discharge this debt is a step in the right direction towards holding for-profit colleges accountable for their actions. It serves as a reminder that students deserve transparency and honesty when making decisions about their education.
For the former students of Ashford University, this debt discharge is a welcome relief and a chance to move forward without the burden of student loans hanging over their heads. This decision will undoubtedly have a positive impact on their financial futures and provide them with the fresh start they deserve.
