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White House financial disclosures gin up hype over Steve Bannon’s assets

April 1, 2017 | | Print Article

Of all the White House financial disclosure forms released on Friday by Trump administration members, Steve Bannon’s assets seemed to gin up the most hype by the opposition.

President Donald Trump’s chief strategist earned between $1.3 and 2.3 million last year, it was revealed.

While critics looked to find anything to blow out of proportion or fan into a controversy, many applauded the sound business decisions that led the president’s senior adviser to earn his millions.

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Bannon’s net worth of about $10.7 million includes the value of his consulting firms and film companies as well as rental property.

Bannon earned $191,000 from Breitbart News, where he served as chairman until becoming Trump’s campaign chief last August. Some of his investment income appeared to flow through Bannon Strategic Advisors Inc., his own privately held consulting firm valued at $5 million to $25 million according to the disclosure form.

More fodder was provided by the $125,333 he received from Cambridge Analytica, a data firm that worked for the Trump campaign and where Bannon served as vice president. The company is funded by Robert Mercer who was a major contributor to Trump’s presidential campaign.

One of Cambridge’s clients in 2016 was former GOP presidential candidate, Texas Sen. Ted Cruz.

According to Politico’s Shane Goldmacher, an unnamed Cruz adviser told him this was not welcome news.

That information also raised some eyebrows as well as questions.

Bannon’s financial disclosure revealed that he intends to sell some of his assets, including his stake in Cambridge Analytica, worth anywhere from $1 million and $5 million, and his production company, Glittering Steel, which had paid him $167,500 in fees.

Bannon Film Industries, valued at $1 million to $5 million, was also included on the report as well as bank accounts valued at as much as $2.25 million. Rental property and three different bank accounts holding from $1.1 million to $2.25 million in cash were also listed.

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The 63 year-old earned between $50,000 and $100,000 last year in royalties from television shows like “Seinfeld,” in which he owns a stake. But the financial form disclosed that Bannon will dissolve some of his production companies, including Victory Film Group and Victory Film Project.

He will also be “going dormant” at Breitbart News and Bannon Strategic Advisors, and will only receive a “passive income.”

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Frieda Powers
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