In the upcoming election for California's next senator, the financial situations of the candidates tell a compelling story. With the late Sen. Dianne Feinstein known for her substantial wealth, the scrutiny now shifts to her successors. Adam B. Schiff, a Democrat, and Steve Garvey, a Republican, present two very different financial pictures as they vie for this critical position.
Adam B. Schiff, 64, has dedicated his career to public service following his graduation from Harvard Law School. He has held several significant roles in government, including serving as a law clerk for a U.S. District Court judge and working in the U.S. attorney’s office in Los Angeles. He has been a member of the House of Representatives since 2001, advocating for various issues and gaining national attention for his work in impeachment proceedings.
On the other hand, 75-year-old Steve Garvey is a well-known figure from the world of sports, having played first base for the Los Angeles Dodgers and the San Diego Padres. After retiring from baseball in 1987, Garvey transitioned into business, taking on roles as a paid spokesperson for numerous companies. However, financial disclosures reveal that despite his image as a successful businessman, he is burdened with significant debt, raising questions about his financial acumen as a candidate.
Table of Contents
- Schiff’s Staid Investments
- Garvey’s Scant Assets
- Hundreds of Thousands of Dollars of Debt
- Spokesman for a Company with ‘Ponzi Scheme’ Ties
- Pitchman for Weight-Loss Drugs and Reverse-Mortgages
Schiff’s Staid Investments
Adam B. Schiff earns $174,000 annually as a member of Congress. In 2022, he reported an additional income of between $43,310 and $134,000, primarily from capital gains, stock dividends, and book royalties. His investment portfolio, valued between $1 million and $2.37 million, consists of various mutual funds and shares in Apple, showcasing a cautious investment strategy.
Schiff's financial stability is further illustrated by his real estate holdings, which include mortgages on a condo in Burbank and a house in Potomac, Maryland. Despite being in a good position compared to some of his colleagues, his wealth is modest when compared to California's richest representatives, like Nancy Pelosi and Darrell Issa.
Garvey’s Scant Assets
Steve Garvey's financial situation is notably different. In his latest disclosure, he reported earning $75,174 last year, supplemented by $66,295 from various speaking engagements. However, he and his wife possess very little in terms of liquid assets, with less than $30,000 in their checking accounts and only minor investments, such as shares of Nvidia worth under $15,000.
Garvey's financial disclosures do not fully reveal the extent of his wealth, as they omit details about his residence in Palm Desert. The property has a complicated ownership history, suggesting that he may not own it outright, raising further questions about his financial standing.
Hundreds of Thousands of Dollars of Debt
Both candidates display contrasting financial challenges. Garvey is reportedly hundreds of thousands of dollars in debt, with liabilities dating back to the 1990s. This includes significant legal expenses and taxes owed to the IRS, which he has described as a “financial disaster.” His struggles to manage this debt, including multiple lawsuits for unpaid bills, have made headlines.
Garvey's debt situation raises concerns about his ability to manage finances, particularly as he seeks a position that requires financial oversight and responsibility. His past experiences with creditors and tax liens could impact public perception as he campaigns for the Senate.
Spokesman for a Company with ‘Ponzi Scheme’ Ties
In the mid-2000s, Garvey served as a spokesperson for a mortgage company that later faced scrutiny for operating a Ponzi scheme. While he claims no wrongdoing, the association has tainted his reputation and raised questions about his judgment in financial matters.
This incident, along with his significant debt, may influence voters' trust in Garvey's candidacy. The connection to a fraudulent scheme could overshadow his campaign messages, drawing attention to his financial history rather than his political aspirations.
Pitchman for Weight-Loss Drugs and Reverse-Mortgages
Garvey's career as a spokesperson extends beyond mortgages; he previously endorsed a controversial weight-loss product that contained banned substances. This venture led to a lawsuit from the Federal Trade Commission, although he was ultimately not held liable. His marketing tactics have left a mixed legacy, making it challenging for him to pivot his public image in a new political context.
Now, he finds himself promoting reverse mortgages, an industry that often attracts skepticism. Garvey's celebrity status may still lend him some credibility, but the shadows of his past endorsements create a complex narrative as he attempts to appeal to voters.
