How Ex-Presidents and Prime Ministers Make their Money

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Getty Images

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.

When Abraham Lincoln Turned Down the Chance to Fill America With Elephants

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Getty Images

When a new president takes office, it’s normal to get showered with diplomatic greetings, gifts, and political overtures. But when Abraham Lincoln’s administration moved into the White House, they turned down what could have been the greatest gift of all: the chance to populate the United States with wild elephants.

In 1861, Lincoln received a pile of swag from King Somdetch Phra Paramendr Maha Mongkut of the country then known as Siam. You might know him better for his role in the hit musical The King and I, which fictionalized his relationship with English governess Anna Leonowens. What is true is that Mongkut was eager to “get to know” the West better—during his reign, he managed to open up and begin modernizing Siam.

The gesture wasn’t actually meant for Lincoln: In fact, Mongkut had sent the presents to “whomsoever the people have elected anew as chief ruler in place of President Buchanan.” He sent along a pile of lavish gifts, from a precious handmade sword to photos of himself and his daughter to two gigantic elephant tusks. But much more meaningful was the king’s offer to send along a generous stock of elephants that could be bred on American soil.

It’s no wonder Mongkut offered that gift: Pachyderms were not only native to what is now Thailand, but were also prized as important and valuable creatures. “It has occurred to us that, if on the continent of America there should be several pairs of young male and female elephants turned loose in forests,” the king wrote, “after a while they will increase till there be large herds as there are here on the continent of Asia until the inhabitants of America will be able to catch them and tame and use them as beasts of burden making them of benefit to the country.” Mongkut acknowledged that he hadn’t yet figured out how best to ship over some elephants, but that it sounded like a good idea to him.

In a master stroke of diplomacy, Lincoln’s administration disagreed. In Lincoln’s reply, which was penned by Secretary of State William Seward, he deftly informed Mongkut that his gifts belonged by rights to the American people and would be placed in the National Archives (where they remain to this day). As for the elephants, the administration deftly dodged the issue altogether.

"This Government would not hesitate to avail itself of so generous an offer if the object were one which could be made practically useful in the present condition of the United States,” wrote Lincoln via Seward. “Our political jurisdiction, however, does not reach a latitude so low as to favor the multiplication of the elephant, and steam on land, as well as on water, has been our best and most efficient agent of transportation in internal commerce.”

By refusing the elephants, Lincoln’s government managed to honor the far-away king without taking on a complicated burden. It was a move that acknowledged not only the king’s respectful gesture, but gave him a much-needed nod. Mongkut realized that in order to survive, Siam would need to engage in trade with the West—and that kindness would go much further than the fear displayed by some of his closest neighbors.

There’s no telling what would have happened if the Lincoln administration had said yes to Mongkut’s gift. Perhaps to this day, the United States would be a place where herds of wild elephants roamed free.

5 Facts About Larry the Cat, the UK’s Chief Mouser

Chris J Ratcliffe, Getty Images
Chris J Ratcliffe, Getty Images

In February 2011, then-Prime Minster David Cameron adopted a tabby cat from Battersea Dogs and Cats Home to help control 10 Downing Street’s rodent population. The shelter recommended Larry based on his "sociable, bold, and confident nature," and now, besides rat catching, Larry “spends his days greeting guests to the house, inspecting security defenses, and testing antique furniture for napping quality,” according to the 10 Downing Street website.

Since receiving the esteemed title of Chief Mouser to the Cabinet Office of United Kingdom of Great Britain and Northern Ireland—the first Downing Street cat to carry the title—he has outlasted Cameron and PM Theresa May, has had scuffles with his nemesis Palmerston (more on that later), and may have caused a security issue for Donald Trump.

It’s unclear if new PM Boris Johnson will keep Larry around or possibly replace him with a dog, which will probably not go over well with Palmerston and Gladstone, Chief Mouser of HM Treasury. Here are some things you might not know about the photogenic feline.

1. On his first day on the job, Larry scratched a journalist.

ITV News reporter Lucy Manning paid a visit to 10 Downing Street on Larry’s first day. Media attention was a new thing for Larry at the time, and he didn't immediately take to it. Instead, he lashed out and scratched Manning on the arm four times, then hid under a table and refused to come out.

2. Larry wasn't a natural mouser.

Larry the Cat wearing a collar with a bow on it and sitting on a green table.
James Glossop, WPA Pool/Getty Images

Though Larry supposedly had a "very strong predatory drive and high chase-drive and hunting instinct," according to a spokesperson, it wasn't until two months into his tenure that he started showing Downing Street's mice he meant business. As The Guardian reported in April 2011, Larry "preferred hanging out in the corridors of power to stalking in the grass" and the building's staff was forced to train the cat "by giving him a toy mouse to play with when he failed to catch any prey for two months." Finally, on Good Friday, “Larry appeared through a window from the Downing Street garden with a mouse in his mouth. He is believed to have dropped his swag at the feet of the prime minister's secretaries.” Larry continued his duties between daily cat naps.

3. Larry may or may not have caused problems for Donald Trump.

During Donald Trump’s June 2019 visit to 10 Downing Street, Larry—who is allowed outside—decided to hang out under Trump's limo (nicknamed "the Beast") to take shelter from the rain ... and reportedly wouldn't move. According to The Washington Post, "It wasn’t immediately clear whether Larry’s presence halted Trump’s movement ... Earlier, the cat appeared in a photo of Trump and Prime Minister Theresa May in front of 10 Downing Street." He did eventually mosey off (hopefully in search of mice).

4. Larry has a nemesis.

Palmerston, a black and white cat, sits outside a black and gold gate.
Leon Neal, Getty Images

In 2016, Palmerston—a black-and-white tuxedo cat named after 19th-century Prime Minister Lord Palmerston—was hired as the Foreign & Commonwealth Office's Chief Mouser. Like Larry, Palmerston was a rescue who came from Battersea Dogs and Cats Home. Soon after Palmerston moved in, the cats had a couple of rows, including a major one in August 2016, during which they "were at each other hammer and tongs," according to a photographer. Larry lost his collar in the fight and messed up Palmerton’s ear as they “literally [ripped] fur off each other.” The turf war was so bad that police had to step in, and Larry needed medical treatment. Thankfully, the two seem to have ceased the cat fighting.

5. Larry has a parody twitter account.

"Larry" has an active Twitter parody account, where he comically posts political articles and photos (and has even begun poking fun at his new Downing Street flatmate, Boris Johnson). Sometimes he provides educational information: “England is part of Great Britain (along with Wales and Scotland), which in turn is part of the United Kingdom (along with Northern Ireland).” Other times he just makes cat jokes (see above).

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