Ohio GOP gov. candidate Kasich reports $590k in ‘08 Lehman income, no post-collapse bonuses

Ohio gov hopeful Kasich reports $590k from Lehman

COLUMBUS, Ohio — Ohio gubernatorial candidate John Kasich made nearly $590,000 in salary and bonuses as a Lehman Brothers managing director in 2008 before the banking giant collapsed later that year, according to tax filings his campaign made public Friday.

However, Kasich did not collect any bonus or “golden parachute” from Lehman after its collapse, according to a 2009 financial disclosure his campaign will file Monday. Campaign spokesman Scott Milburn said the filing disproves speculation by the Ohio Democratic Party that the former congressman made millions when Lehman went under.

Kasich’s 2008 tax return and an advance copy of the 2009 financial disclosure statement due Monday from political candidates were made available to The Associated Press.

Overall, Kasich earned nearly $1.4 million in 2008, just under $1.2 million of which was taxable. That included $265,000 as a Fox News commentator, $165,718 in speaking fees, $19,777 earned by his wife, Karen, and $61,538 from Schottenstein Property Group, his current employer.

The $587,175 he made from Lehman included a $182,692 salary and a $432,200 bonus from his performance in 2007, which was paid on Jan. 1, 2008. He also made $28,028 during the year from Barclays Capital, Lehman’s successor.

The implosion of Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history precipitated the financial meltdown that plunged the economy into the most severe recession since the 1930s.

Ohio Democrats have emphasized Kasich’s ties to the collapsed company and its role in the state’s abysmal economic condition. In turn, Kasich has blamed the economic policies of the Democratic administration of Gov. Ted Strickland. Strickland took office in 2006, and is seeking a second term.

“I’m grateful that I’ve been blessed with good opportunities and the ability to turn them into success for my family and myself,” Kasich said Friday of his financial disclosures. “I hope every son of a postman can do as well, but I fear those odds are slim unless we can undo the damage that Ted Strickland has done to our economy and get Ohio back on track.”

The Strickland campaign said Kasich was insulting voters’ intelligence by refusing to release tax returns for his entire seven-year Lehman tenure.

“Given that Congressman Kasich was making millions of dollars on Wall Street while the destructive trade deals he supported in Congress were outsourcing tens of thousands of jobs from Ohio, I can’t say we are surprised,” said campaign spokeswoman Lis Smith.

During his 2006 bid for governor, Strickland, then a congressman, released his tax returns for 2000 to 2006. They revealed he and his wife Frances averaged combined annual income of $154,451 during the period. Strickland reported returning more than $44,000 in congressional raises and government-provided health care to the federal government during those years.

He has refused statutory pay increases since he took office and continues to cover the cost of his own health care, Smith said.

Neither Strickland nor Kasich has yet released his 2009 tax return.