James Comey Net Worth: Above And Beyond Public Service Income
Embattled former FBI Director James Comey is a wealthy man. Much richer than what simple public service should be able to provide. Reliable estimates of James Comey’s net worth in 2017 top $11.0 million. I examine how he got there.
Unless you’ve been living under a rock, most people are aware of the public controversy surrounding James Comey.
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He publicly re-opened an investigation into Hillary Clinton’s server scandal, just days before the 2016 general election. This supremely irked Democrat supporters, who blamed Comey for swaying voter support towards Trump in what would become a very tight election.
He’s also irked Republicans by twice failing to indict Clinton, in what many consider obvious criminal neglect with regards to the handling of classified information. In fact, Comey himself said that Hillary Clinton was “extremely careless in their handling of very sensitive, highly classified information.” Yet, nothing was done. (Source: “Statement by FBI Director James B. Comey on the Investigation of Secretary Hillary Clinton’s Use of a Personal E-Mail System,” Federal Bureau of Investigation, July 5, 2016.)
Comey was deemed so compromised on all sides that Donald Trump did what had been done only once before—an FBI Director was fired.
The only other time an FBI Director was fired was in 1993, when then-president Bill Clinton ousted William Sessions after Sessions refused to voluntarily step down amid possible ethics violations. In the previous 85 years since the FBI’s inception, this unusual action had never been taken.
Now that Comey is out of public office, he can potentially make more income above what the public office allowed. We’ll investigate whether he’s taken advantage of that opportunity to date.
James Comey Net Worth in 2017
In a 2013 report filed just before his confirmation as new FBI Director under the Obama administration, Comey claimed a net worth of $11.0 million. This included joint control (along with his wife, Patrice Failor) of a robust $5.0-million portfolio consisting of large-cap names such as Exxon Mobil Corporation (NYSE:XOM), PepsiCo, Inc. (NYSE:PEP), Berkshire Hathaway Inc. (NYSE:BRK.A), and Verizon Communications Inc. (NYSE:VZ).
But that’s not the end of it. James Comey’s net worth has increased due to outside revenue streams.
According to a United State Senate Committee questionnaire for non-judicial nominees filed in June 2013, Comey expected to receive a lump sum payment of $163,000 on June 30, 2013 (upon confirmation), and $3,072,654 as part of his interest in a Bridgewater Associates LP profit sharing plan.
It was also disclosed that upon reaching the age of 55, in December 2015, Comey expected to receive a lump-sum pension payment from Lockheed Martin Corporation (NYSE:LMT) in the amount of $400,000. (Source: “Questionnaire For Non-Judicial Nominees – James Comey,” United States Senate Committee On The Judiciary, June 26, 2013.)
It only took James Comey two-and-a-half years as General Counsel at Bridgewater Associates to obtain that compensation.
As a Level II executive, James Comey’s salary would have been $187,000, according to the U.S. Office of Personnel Management.
How Rich Is the Former FBI Director?
Attempting to pin down Comey’s up-to-date wealth without further public disclosures is a little tricky. But it’s safe to say it’s probably increased substantially.
For one, Comey has banked at least three additional years in salaried compensation since 2013 for his public service. But far more significantly, Comey has cashed-in from the notoriety his position granted him.
In August 2017, Comey signed a $2.0-million book deal, which would grant MacMillan Publishers a tell-all account of his career in government and sunset years as FBI Director. The title of the book is reported to be A Higher Loyalty: Truth, Lies, and Leadership, so it’s evident the publishers will focus the salacious details in Comey’s dealings with Donald Trump. (Source: “James Comey, casualty of Trump’s ‘Russia thing’, signs $2m book deal,” The Guardian, August 3, 2017.)
There’s also the matter of Comey’s $5.0-million joint portfolio. That figure was disclosed in mid-2013, prior to a big chunk of the current rally in equity markets.
On August 30, 2013, just five days before Comey’s first day as FBI Director, the S&P 500 Index was at 1,632.97. Today, it sits at 2,587.84, or about 58.47% higher.
Assuming Comey retained most of all of his disclosed positions, his portfolio is probably worth at least 50% more over the last four years. This doesn’t include any dividends, re-investments, or additional purchases he could have made during that time.
All told, it wouldn’t be surprising if James Comey’s net worth right now is pushing $20.0 million, or somewhere in that ballpark.
What’s James Comey Doing Now?
James Comey has served in many different types of vocations. He’s been a law firm partner, District Attorney, Finance Director (HSBC Group PLC), General Counsel in private practice… Now he can add “professor” to his curriculum vitae.
In August 2017, a little over three months after his firing as FBI Director, Comey was hired by Howard University to serve as the Gwendolyn S. and Colbert I. King Endowed Chair in Public Policy for the 2017-2018 academic year. Comey will lead five lectures and serve as the Opening Convocation keynote speaker as part of his duties. (Source: “Howard University Hires Former FBI Director James Comey,” TIME, August 23, 2017.)
Interestingly enough, Comey chose to donate his $100,000 compensation to a scholarship fund dedicated to helping foster children attend university.
Bridgewater Associates Controversy
For a time, it didn’t seem like James Comey had any allies. Republicans and Democrats in Washington we’re both calling for his head, as was the general public. In fact, nearly 70% of US voters disapproved of the FBI Director in March 2017; highly usual for the leader of a national security organization. (Source: “James Comey: Nearly 70% of US voters disapprove of the FBI Director, finds poll,” Independent, March 22, 2017.)
After the inevitable firing came, many thought the human piñata known as James Comey would slink away in the night, slowly exiting from the public spotlight. They were right, save for a final controversy instigated by his former employer, Bridgewater Associates.
Just hours after James Comey was fired as FBI Director, Bridgewater CEO Ray Dalio defended his former colleague. He described Comey as a “man of high principles operating in a low-principles environment” and that he had “come to know and admire James Comey as a man of integrity and a hero.” (Source: Ray Dalio: Fired FBI Director James Comey is a ‘Hero’, Institutional Investor, May 10, 2017.)
Proclaimed support for an embattled former colleague is not unusual. But the controversy surrounded the choice of words Dalio chose to imbue on James Comey. Describing him as maintaining “high principles” and “a man of integrity and a hero” wouldn’t be high on most people’s list.
