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How Ex-Presidents and Prime Ministers Make their Money

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Upon taking up residency in the White House, a president also assumes a tidy salary of $400,000 a year, plus extra cash for expenses. That's certainly not the kind of change you'd find under most couch cushions, but it's not such a princely sum that the president will be set for life when leaving office. While many leaders are either independently rich enough or old enough that they just retire after leaving office, others are desperate to make a buck or a pound. So how do ex-presidents and other former world leaders support themselves as they while away the autumn of their years?

The Very Broke Harry Truman:

When Truman's presidency ended in 1953, he headed home to Independence, Missouri, but there was a nagging problem: he didn't have any money.  His business interests from prior to his political life hadn't generated any sort of savings for him, and he thought that taken a corporate position or endorsing products would cheapen the presidency. His only income was a $112-a-month army pension, so he did what former presidents now do without thinking:  he sold his memoirs. Truman received a $670,000 deal for the two-volume memoirs, but after taxes and paying his assistants, he only netted a few thousand dollars on the project. Things got so dire that Congress passed the Former Presidents Act in 1958, which gave retired commanders in chief pensions of $25,000 a year.  At least his health insurance was eventually covered; when Lyndon Johnson signed Medicare into law in 1965, he presented President Truman and his wife, Bess, with the first two Medicare cards.

Jimmy Carter:

Carter famously rose to the presidency from humble roots as a Georgia peanut farmer, but when he assumed office he placed his business and farming issues in a blind trust to avoid any potential conflicts of interest. It was a noble act, but it didn't play out so well for Carter; when he resumed control of his assets, he was a million dollars in debt. He needed dough, so he started writing. And writing. Although he's known for his work with Habitat for Humanity and his willingness to go on global diplomatic missions, Carter is a shockingly prolific author of over 20 books. Some of his tomes are standard memoirs and political texts, but Carter's also penned children's books, a volume of poetry, a historical novel, and Bible-study guides.

Bill Clinton:

Bill Clinton pulls in $250,000 to give a speech, which has been a fairly lucrative racket for him. A 2007 report in the British newspaper The Independent estimated Clinton's earnings from speeches alone at somewhere in the neighborhood of $40 million since he left office six years earlier. Clinton also sold his memoir My Life to Knopf for $15 million, and he serves as an advisor for the private equity firm Yucaipa Companies, a post that has pulled in at least $12.6 million. When the Clintons released their tax data in April 2008 as part of Hillary's campaign disclosures, they showed income of $109 million since leaving the White House.

Margaret Thatcher:

Although declining health has slowed her down lately, Thatcher was fairly busy after stepping down as Prime Minister in 1990. She remained in the House of Commons until 1992. She received the title Baroness Thatcher that year, which got her a spot in the House of Lords. Thatcher also penned a two-volume memoir, The Path to Power and The Downing Street Years, which hit the New York Times' best-seller lists in 1993 and 1994. On top of that, she served as Chancellor of the College of William and Mary from 1993 to 2000 and penned the international relations text Statecraft:  Strategies for a Changing World in 2002. All of this work must have left Thatcher pretty set; after all, she has given Cambridge two million pounds to endow a chair in her name.

John Major:

Thatcher's successor as Prime Minister has had a decidedly more low-key life since leaving the post in 1997. As an avid cricket fan, he served as the president of the Surrey County Cricket Club from 2000 to 2001 and has been on the Committee of the Marylebone Cricket Club since 2005. He also joined the private equity firm the Carlyle Group's European Advisory Board in 1998 and supposedly rakes in 25,000 pounds for each speech he gives on the lecture circuit.

Tony Blair:

Like Bill Clinton, Blair got a book advance that ensured he wouldn't have to hit up any of his friends for a pound or two from time to time. In October 2007 the New York Times reported that Random House purchased Blair's memoir for a staggering $9 million. Or rather, they purchased the rights to the memoir once it's written; despite receiving the gigantic advance, Blair's spokesman admitted that the former Prime Minister hadn't gotten a chance to "put pen to paper" when he signed the deal. On top of the sweet advance, Blair's also pulling in cash as an advisor on climate change for Zurich Insurance and as a senior advisor for JPMorgan, both of which have been reported as six-figure-a-year jobs. He's also making 500,000 pounds for a series of speeches and will teach a course on faith and globalization at Yale this year.

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10 Facts About Gerald Ford
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Former president Gerald Ford (1913-2006) had the unenviable task of following a disgraced Richard Nixon, the first man to resign from the presidency, in the wake of the Watergate scandal. During his relatively short 895 days as president, Ford had to attempt to restore American confidence in the Oval Office. For more on our 38th president, take a look at some of the more unusual facts about his early years, his political feats, and why he once considered being a co-president with Ronald Reagan.

1. HE WASN’T BORN GERALD FORD.

Ford was born Leslie Lynch King Junior, son to Leslie Lynch King and Dorothy King, on July 14, 1913 in Omaha, Nebraska. After his parents got a divorce, his mother remarried a paint salesman named Gerald Rudolff Ford. After his mother remarried, the future president was referred to as “Junior King Ford.” According to his autobiography, around the age of 12, Ford found out that Ford Sr. wasn’t his biological father. But the fact didn’t sink in until 1930, when King visited him. Ford recalled their conversation as “superficial.” His birth-father handed him $25 and disappeared. The future President legally changed his name to Gerald Ford in 1935.

2. HE WAS A SEXY MALE MODEL.

A young Gerald Ford poses while wearing his football uniform
Michigan University/Getty Images

Ford was always on the lookout for ways to earn money to make his way through law school—so when he was asked to pose for a Look magazine photo spread with girlfriend and model Phyllis Brown in 1940, he did it. The 26-year-old Ford cavorted in the snow with Brown as part of a layout on winter vacationing.

3. HE HAD AN ODD WEDDING.

After attending Yale and entering law practice in Michigan, Ford became interested in politics. He won a seat in the House of Representatives in 1948, a post he would occupy for the next 25 years. That same year, Ford married Elizabeth “Betty” Bloomer, a former dancer and model. Ford later recalled that he was so busy campaigning that he arrived only minutes before the ceremony with mud still on his shoes. The wedding had been delayed until just before the 1948 House election because Ford was concerned conservative voters might take issue with marrying an ex-dancer who had already been divorced.

4. PARDONING NIXON EARNED HIM A TON OF GRIEF.

Gerald Fold waves while standing next to Richard Nixon
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When Ford took office in August 1974, the American public looked on to see how he would adjudicate the fate of the man he was replacing. Nixon, who resigned rather than face impeachment, could have been up on federal criminal charges. But Ford opted to grant him a full pardon, reasoning that a prolonged trial and punishment wouldn’t allow the country to move past the controversy. Immediately, his White House Press Secretary, J.F. TerHorst, left his job after determining that he could not “in good conscience support [Ford’s] decision to pardon former President Nixon.”

5. HE TOOK BEING A COMEDIC TARGET IN STRIDE.

Despite his background as an athlete—he played football at Michigan—Ford had the misfortune of being caught on camera when he suffered an occasional lapse into klutziness. He once tripped down the stairs while de-boarding Air Force One; while skiing, a chair lift hit his back. The footage inspired Chevy Chase’s portrayal of Ford as a klutz on Saturday Night Live, which Ford took in stride. Sensing the American public wanted someone less like the studious, humorless Nixon, he appeared on SNL and once pulled up a tablecloth next to Chase during a formal dinner in 1975. “The portrayal of me as an oafish ex-jock made for good copy,” Ford wrote. “It was also funny.”

6. HE DIDN’T SPEAK THE MOST GOOD.

Gerald Ford makes a public appearance
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In addition to Ford’s clumsiness, satirists had a lot to dine out on when it came to some of Ford’s Yogi Berra-esque tongue slips. Americans, he once said, were possessed of a strong “work ethnic,” while “sickle-cell Armenia” was a disease for which he offered sympathy.

7. HE ONCE LOCKED HIMSELF OUT OF THE WHITE HOUSE.

Ford, a dog lover, adopted a golden retriever the family named Liberty after he had already taken office. (Calling a breeder in Minneapolis, the White House photographer and friend of Ford’s, David Kennerly, told the kennel’s owner he was acting on behalf of a middle-aged couple that “live in a white house with a big yard.”) One night, the trainer was absent, and Liberty approached Ford at 3 a.m. to be let out. After doing her business on the south lawn, she and Ford tried to get back inside. When no one sent the elevator back down, Ford decided to take the stairs. The door to the second floor swung only one way: He got out, but couldn’t get back in. Eventually, the Secret Service was alerted to his absence and let him inside.

8. HE WAS THE TARGET OF TWO ASSASSINATION ATTEMPTS IN THE SAME MONTH.

Gerald Ford stands in front of an American flag while delivering a speech
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Had it been up to two different women, Ford wouldn’t have lived to the ripe age of 93. On September 5, 1975, a disciple of Charles Manson’s named Lynette “Squeaky” Fromme pulled out a .45 pistol during Ford’s visit to Sacramento, California in the hopes of winning Manson’s approval. She was unable to fire a shot before the Secret Service apprehended her. In San Francisco 17 days later, Ford’s life was again threatened by a woman named Sara Jane Moore, a left-wing activist prone to mood swings. Moore was able to fire, though the bullet didn’t land anywhere near Ford. Both women were charged with attempted murder and stood trial. Fromme was sentenced to life and was released in 2009. Moore was also sentenced to life but got paroled in 2007.

9. HE CONSIDERED A CO-PRESIDENCY WITH REAGAN.

A former president has never gone on to become a running mate for a presidential candidate, but Ford thought about it. In 1980, as Ronald Reagan was preparing for a Republican nomination, his team thought Midwesterner Ford would be appealing to voters who felt distanced by Reagan’s West Coast presence. Ford, however, chafed at the diminished powers of a vice-president and instead asked that Reagan’s campaign consider a “co-presidency” ticket that would give him greater influence in office. The idea was floated, but Reagan was ultimately unwilling to cede so much influence to Ford. He ran—and won—with George H.W. Bush instead.

10. HE PLAYED HIMSELF ON DYNASTY.

Gerald Ford stands next to wife Betty during a public appearance
Lucy Nicholson, AFP/Getty Images

It’s rare that former presidents accept acting roles on primetime soaps, even when playing themselves. Ford was willing to buck that trend in 1983 when he appeared on Dynasty, the ABC series about the wealthy Carrington family of Denver, Colorado. The series was shooting a scene at a real charity ball in Denver in 1983 when producers spotted Ford and his wife, Betty, among those in attendance. They pitched him a scene in which he would briefly greet actors John Forsythe and Linda Evans. After being promised Betty would be on camera as well, Ford agreed. Both were paid scale: $330.

9 Fascinating Facts About John Quincy Adams

Today marks the 251st birthday of John Quincy Adams, sixth President of the United States (and son of our second POTUS, John Adams). Born on July 11, 1767 in a part of Braintree, Massachusetts that is now known as Quincy, the younger Adams was a pretty interesting guy. From his penchant for skinny-dipping to his beloved pet alligator, here are some things you might not have known about the skilled statesman.

1. HE WAS ELECTED PRESIDENT DESPITE LOSING BOTH THE POPULAR AND ELECTORAL VOTES.

The election of 1824, which saw John Quincy Adams face off against Andrew Jackson, is the only presidential election that had to be decided by the U.S. House of Representatives, as neither candidate won the majority of electoral votes. Despite losing both the popular and electoral vote, Adams was named president by the House.

2. HE LOVED MORNING CARDIO.

When it comes to personal fitness, early birds have an edge. Studies have shown that morning workouts can curb your appetite, prevent weight gain, and even help you get a good night’s sleep later on. Nobody understood the virtues of morning exercise better than Adams. As America’s foreign minister to Russia, Adams would wake up at five, have a cold bath, and read a few chapters from his German-language Bible. Then came a six-mile walk, followed by breakfast. 

3. HE WAS AN AVID SKINNY-DIPPER.

As president, Adams got his exercise by taking a daily dip in the Potomac … naked. Every morning at 5:00 a.m., he would walk to the river, strip down, and go for a swim. Sadly, the most famous swimming anecdote likely never happened. The story is that when Adams refused an interview with reporter Anne Royall, she hiked down to the river while he was swimming, gathered his clothes, and sat on them until he agreed to talk. But modern historians tend to agree that this story was a later invention. That’s not to say, however, that Adams never talked about Royall. In his diaries he wrote “[Royall] continues to make herself noxious to many persons; treating all with a familiarity which often passes for impudence, insulting those who treat her with incivility, and then lampooning them in her books.”

4. HE ENJOYED A GOOD GAME OF POOL.

Adams installed a billiards table in the White House shortly after becoming president. The new addition quickly became a subject of controversy when Adams accidentally presented the government with the $61 tab (in reality he had paid for it himself). Nonetheless, political enemies charged that the pool table symbolized Adams’s aristocratic taste and promoted gambling.

5. HE WAS AN AMAZING ORATOR, BUT TERRIBLE AT SMALL TALK.

Although Adams was nicknamed “Old Man Eloquent” for his unparalleled public speaking ability, he was terrible at small talk. Aware of his own social awkwardness, Adams once wrote in his diary, “I went out this evening in search of conversation, an art of which I never had an adequate idea. Long as I have lived in the world, I never have thought of conversation as a school in which something was to be learned. I never knew how to make, to control, or to change it.”

6. HE KEPT A PET ALLIGATOR IN A BATHTUB AT THE WHITE HOUSE.

Adams had a pet alligator, which was gifted to him by the Marquis de Lafayette. He kept it in a tub in the East Room of the White House for a few months, supposedly claiming that he enjoyed watching “the spectacle of guests fleeing from the room in terror.”

7. WHEN IT CAME TO POLITICS, HE PLAYED DIRTY.

The presidential election of 1828—when incumbent John Quincy Adams got crushed by longtime rival Andrew Jackson—is famous for the mudslinging tactics employed by both sides. Adams’s side said Jackson was too dumb to be president, claiming that he spelled Europe “Urope.” They also hurled insults at Jackson’s wife, calling her a “dirty black wench” for getting together with Jackson before divorcing her first husband. Jackson’s side retorted by calling Adams a pimp, claiming that he had once procured an American girl for sexual services for the czar while serving as an ambassador to Russia.

8. HE’S RESPONSIBLE FOR ACQUIRING FLORIDA.

Next time you find yourself soaking up some rays in the Sunshine State, take a moment to thank Adams. As Secretary of State, Adams negotiated the Adams-Onís Treaty, which allowed the U.S. to acquire Florida and set a new boundary between the U.S. and New Spain. That’s right: Walt Disney World might not have been built if it weren’t for the sixth president.

9. HE KIND OF HATED BEING PRESIDENT. 

Adams once reportedly stated, “The four most miserable years of my life were my four years in the presidency.” But even if he hated being commander-in-chief, Adams couldn’t bear to be out of the political loop for too long. After finishing his term as president, Adams served 17 more years in the House of Representatives, where he campaigned against further extension of slavery. In fact, he died shortly after suffering a stroke on the House floor.

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