In court documents filed in 2002 and 2003, West did not deny burning money on affairs, at least one of which produced a child. (He acknowledged he had an 18-month-old daughter at the time.) And in his 2009 memoir, Brother West: Living and Loving Out Loud, West confirms some of the less-salacious details. But when asked in November to respond to claims he'd "hid or wasted" close to a million dollars, at least some of which went to support extramarital affairs, West offered via email that "The allegations were too ridiculous to attend to–then and now, my brother!" He did not respond to a follow-up inquiry that detailed his ex-wife's specific allegations.
His latest act of financial recklessness: Running for president. West is on sabbatical from Union Theological Seminary now, which allows him to continue collecting a paycheck. But the sabbatical will end next year, likely before his campaign does, so West expects to have to transition to an unpaid leave of absence. Maybe a presidential run will help him sell more books, but West seems skeptical: "It's not as if reading is an integral habit of our precious fellow citizens these days," he says.
His campaign has been sloppy too. The Federal Election Commission kicked back his initial registration as a candidate because he neglected to sign it. West's financial disclosure, a standard form that all presidential candidates are required to submit, was remarkably barren, with no mention of his tax debts and no details about who has been paying him to give speeches. It's hard to imagine federal ethics officials certifying the document without significant edits (which might explain why, almost four months after he first filed the document, the government still hasn't released a certified version).
All told, West's current net worth appears to be close to zero. He has about $225,000 of equity in his home in Princeton, New Jersey, which he co-owns with the university. And his retirement savings fund is worth $280,000. That equity outweighs his $465,000 in outstanding tax liens, but only by $40,000, leaving West little breathing room if other debts pop up.
Why Cornel West Is Broke
Divorce filings reveal allegations of a “secret life” and help explain why the presidential candidate, who has earned millions of dollars, has hardly anything left.
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