Does Miers's Financial Situation Compute?

[spindrifter]

An AP article printed in the 10-4-05 Seattle Times discloses that Miers has holdings of between $220,000 and $595,000. The breakdown includes small stock holdings, a money-market fund, several mutual funds and a vacant lot in Dallas and was filed in May for 2004. The article notes she is single, childless and was "in private practice for 28 years representing blue-chip clients. But she has taken primary financial responsibility for the care of her elderly and ailing mother, who is in a skilled-nursing facility...." The holdings apparently do not include the value of her house in Dallas or condo in Va.
This seems awfully odd. Wouldn't she have had lots of "financial advisors" recommending that she save part of her partners' draw at the law firm over that 28 years? Wouldn't she think to put aside a regular amount each year to take care of herself, since she does not have a spouse or children, should she become disabled in her old age? If she had invested even a couple of thousand dollars a year in an IRA during the past many years that IRA's have existed, shouldn't her assets be well over what is reported? It seems odd that she has so little in the way of reported assets given that she has had a track record of employment at a firm that probably pays partners a very hefty amount each year, and she has probably been making at least $100K a year while working for the WH and probably has some sort of retirement money from that employment.

[elperromagico]

1. Two words: Crack cocaine.

It's the only possibility.

[speedoo]

2. No, it does not compute.

I assume the care of her mother is very costly, but we don't know how long she has taken "primary responsibility" whatever that means.

And I would assume that she has had access to the best financial and tax planners to help her maximize her wealth despite the burden of her mother's care.

Someone in her position should have many millions in assets.

[TheFarseer]

3. She probably has the same spending habits

as house republicans

[TomInTib]

4. I read that her mother has cost a ton....

Miers and her brother are evidently ponying up on this.
Life-support and long-term "skilled-nursing" will ruin anyone without sufficient insurance.

Let's give her a break on this one.

[hang a left]

5. She could have money or holdings offshore??????

[onenote]

6. Here's a link to her disclosure statement -- and a couple of thoughts

If I'm reading it correctly, a couple of things jump out:
First,her "holdings" of between 220K and590K are basically cash (money market, treasury notes). That's a lot of cash. I can't figure where the disclosure statement lists property holdings (other than holdings that are investment/income producing). So if she has a house in Dallas and another condo (which I think I read somewhere), its not clear to me where the value of that is listed.

What I don't know is whether her disclosure statement would list assets/holdings that are in 'trust'. Wouldn't shock me if she has some sort of professional corporation or trust that holds a lot of her $$ from when she was in private practice.

The one thing that I'm totally not buying is that she owns a piece of property in Dallas worth under 15K. It would have to be a shit piece of property in the freaking slums to be worth that little I suspect.

http://www.politicalmoneyline.com/docs/MiersCY2004.pdf

onenote

[spindrifter]

7. The disclosure statement is pretty bare

but it looks like the OGE form does not ask for any information about blind trusts. It excludes one's residence(s) unless rented out.
HM Investments is a puzzle. No idea what O & G Interests means, unless oil and gas. Thanks for the link to the disclosure form itself.