Candidate Arnold could set Calif. wealth record ( 2003-08-11 13:26) (Agencies)
Action hero Arnold Schwarzenegger disclosed on
Sunday that whatever shortcomings he might have as potential governor of
California, personal wealth is not among them -- he made more than $50 million
in two years.
Actor Arnold Schwarzenegger and wife Maria
Shriver arrive to file his candidate papers for Governor of California, at
the Los Angeles Registrar's office in Norwalk, August 9, 2003.
[Reuters]
Schwarzenegger's tax returns, made public at a news conference, showed he
earned $31 million in 2000 and paid more than $10 million in state and federal
taxes. Income dipped slightly in 2001 to $26.1 million, with $9.3 million paid
in taxes.
He also made charitable donations of close to $5 million in those two years,
including $1.1 million to Proposition 49, the voter initiative that he
successfully backed which increases funding for after school programs.
Asked if the Austrian-born star would be the richest California governor yet,
campaign legal counsel Colleen McAndrews said his wealth far surpassed that of
past governors Jerry Brown, George Deukmejian and Pete Wilson and of incumbent
Gray Davis. "I don't think any of them have had substantial wealth," she said.
Most of Schwarzenegger's income came from the film business.
The "Terminator" actor owns stock in, among other companies, Starbucks,
PepsiCo, Coca Cola and Roto Rooter and has millions of dollars in municipal
bonds and real estate investments.
In his campaign appearances in the run-up to the unprecedented recall vote on
Oct. 7, the Austrian-born Republican has insisted he is so rich that he cannot
fall prey to special interests. If elected, his investments would be managed by
a trust.
Democratic Senator Dianne Feinstein of
California is seen in this undated publicity image. Feinstein, who stayed
out of California's extraordinary recall election, urged voters to reject
'this circus' and allow Gov. Gray Davis to keep his job. Sen. Dianne
Feinstein, California's senior senator, told NBC's 'Meet the Press' she
believed the unpopular Democratic governor could defeat the unprecedented
effort to remove him from office. [Reuters]
All 190-plus candidates seeking to replace Davis, a Democrat whose popularity
has plummeted due to the state's energy crisis two years ago and a burgeoning
budget deficit now, were required to file financial disclosure statements.
Other hopefuls like columnist Arianna Huffington, businessman Bill Simon and
porn publisher Larry Flynt cited investments or holdings in the millions.
Candidates for public office routinely make their tax returns public to show
voters they have nothing to hide. Simon was criticized for being reluctant to do
so when he ran and lost against Davis two years ago.
Schwarzenegger's qualifications for the California job were the hot topic of
Sunday talk shows.
Dianne Feinstein, California's senior senator, told NBC's "Meet the Press"
she believed Davis could still win the vote now less than two months away.
"I think the governor has a good opportunity to defeat this recall," said
Feinstein, herself a Democrat. "My view is that this recall should be defeated.
It's bad for California."
Former Republican Gov. Wilson, Davis's predecessor, said on CBS's "Face the
Nation" he thought Davis would be recalled and that Schwarzenegger would be
elected governor.
A Time/CNN poll released Saturday found Schwarzenegger would win 25 percent
of the vote if the election were held now, 10 points ahead of his closest
competitor, the Democratic lieutenant governor, Cruz Bustamante.
Former Democratic Gov. Brown, currently the mayor of Oakland, told CNN he
opposed recalling Davis.
Nonetheless, he said, "If Schwarzenegger has an answer to the (state's)
revenue crisis and he can get the damn criminals off the streets of Oakland,
hell, I may vote for him."
Some politicians have questioned Schwarzenegger's abilities due to his
ducking of detailed questions about key issues.
San Francisco Mayor Willie Brown, a Democrat, predicted tough times ahead.
"(Schwarzenegger's) not going to get a free ride," Brown told CBS. "He's not
going to be on the 'Jay Leno' show. He's going to have to go man-to-man with
Gray Davis."
