Miss a day, miss a lot. Subscribe to The Defender's Top News of the Day. It's free.
Last night, our auditors at OpenTheBooks.com received Dr. Anthony Fauci’s FY2021 financial disclosures from the National Institutes of Health (NIH).
The documents contain a wealth of previously unknown information. For example, the Fauci household’s net worth now exceeds $12.6 million — up $5 million from 2019 through 2021.
In January 2022, U.S. Sen. Roger Marshall (R.-K.S.) forced open Fauci’s unredacted FY2019 and 2020 financial disclosures. The release followed a heated senate exchange between Fauci and Marshall that concluded with Fauci calling the senator a “moron.”
It was Fauci’s “code red moment” when America’s “top doctor” melted down on national television in the Senate hearing. (When Marshall cited “Forbes,” that was our research on Fauci’s financials published in my then-column at Forbes.)
It’s been a dogfight to open the books on the Fauci finances. For example, our organization has filed four federal lawsuits versus NIH to open the books.
Today, we post more of the financial disclosures that Fauci didn’t want you to see.
Here’s a summary of our findings from the latest document release:
- Net worth: The Fauci household disclosed net worth increased from $7.6 million (Jan. 1, 2019) to more than $12.6 million (Dec. 31, 2021).
- Top paid: Fauci continued to be the most highly compensated federal employee earning $456,000 in 2021 and $480,000 in 2022. Fauci out-earned the president, four-star generals and roughly 4.3 million other federal bureaucrats.
- Big awards: In 2021, Fauci augmented his government income with nearly $1 million in prizes from non-profit organizations across the world. For example, the Dan David Foundation, based in Israel, awarded $901,400 for “speaking truth to power” and “defending science” during the Trump administration.
During the ongoing pandemic year of 2021, the Fauci’s household income, perks and benefits and unrealized investment gains totaled $2,832,876 — including federal income and benefits of $903,497, outside royalties and travel perks totaling $919,205, and $910,174 in investment gains.
Here are the numbers as compiled by our auditors at OpenTheBooks.com, an organization I lead. This analysis uses information we previously unearthed plus the newly released disclosures.
Investment gains: $910,174
Disclosures show $910,174 in gains within the Fauci stock, bond and money market portfolio during 2021 — in 2020, the portfolio gained $794,369. The total value of Fauci’s investment account was $10,271,626 and his wife’s investments totaled another $2,405,887, as of Dec. 31, 2021.
These funds were held in a mix of trust, retirement and college education accounts. Fauci has an IRA worth $706,219 (up $67,700), a defined benefit brokerage account totaling $2,551,210 (up $147,688) and a revocable trust worth $7,014,197 (up $1,718,299).
His wife’s revocable trust is worth $2,269,225 (up $306,406) and an IRA totaling $136,662 (up $16,385).
The disclosures show that he’s invested in fairly broadly targeted mutual funds, with no reported holdings of individual stocks. The Faucis deposited an additional net $1,346,304 in savings during this period.
Fauci’s 2021 disclosures show that he continues with an ownership stake in a San Francisco restaurant, Jackson Fillmore, worth between $1,000 and $15,000: but received minimal income from the restaurant.
Gifts and awards: $919,205
In January 2021, Fauci received a $1 million prize for the prestigious Dan David Prize affiliated with Tel Aviv University for “speaking truth to power” and “defending science” during the Trump administration. Disclosures show that Fauci kept $901,400 of that prize with roughly 10% awarded to handpicked scholarship winners.
Fauci also collected awards of $12,500 from the Eliot Richardson Prize in Public Service on July 31, 2021, and the Abelson Prize from the American Association for the Advancement of Science on Feb. 8, 2021.
Two years ago, Fauci was named Federal Employee of the Year at the 2020 Samuel J. Heyman Service To America Medals awards program and he was paid $5,198 for the virtual star-studded event.
Federal employment compensation: $694,998
Fauci is the director of the National Institute of Allergies and Infectious Diseases and his wife Christine Grady is the chief bioethicist at the NIH.
Background: Fauci earned $456,028 in cash compensation during 2021 — up from 434,312 (2020).
Between 2010 and 2020, Fauci earned cash compensation of $3.7 million from his federal employer. Review Fauci’s 10-year salary history in my previous column published at Forbes.
Fauci’s wife, Christine Grady is the chief bioethicist at the NIH and made $238,970 in 2021, up from 234,284. Since 2015, Grady made roughly $1.6 million in cash compensation.
In 2022, Fauci received another base salary increase up to $480,000. While he outearns the president, Mrs. Fauci outearns the vice-president.
Fauci’s “code red moment” — U.S. Senator Marshall cited our research published at Forbes that Fauci was the top-paid federal employee and yet his financial disclosures weren’t available to the public. January 2022
Perks and pension benefits: $208,499 (estimated)
Federal employees have a lucrative amount of paid time off, subsidized healthcare, pension benefits and a myriad of other perquisites. For example, after just three years, a rank-and-file federal employee receives 44 days of paid time off. Fauci has held a federal job for 55+ years.
A good faith estimate of the taxpayer cost of those benefits is 30% multiplied by the salary amount for Fauci and his wife.
Golden parachute: Last month, Fauci announced his retirement and we estimated he’ll reap a $375,000 first-year pension — the highest in federal history. He’ll receive well over $1 million during his first three years of retirement.
This analysis assumes that Fauci will keep his promise to retire in December 2022. Last July, the doctor then said he would retire by January 2025. If he did, we estimated his retirement pension ($414,667) would exceed the president’s salary ($400,000).
Royalties and professional reimbursements: $100,000+
Disclosures show that Fauci edits the medical textbook, “Harrison’s Principles of Internal Medicine,” and serves on the board of the publisher, McGraw Hill. In 2021, Fauci received $100,000 as an editor of the publication.
Earlier this year, an NIH spokesperson confirmed that Fauci has an editorial board position with McGraw Hill that is approved by NIH.
Background: OpenTheBooks filed a Freedom of Information Act lawsuit to get a copy of all royalties paid to current and retired NIH scientists since 2005. When NIH ignored our lawful request, we sued in federal court (October 2021).
Judicial Watch, a public interest law firm, represented us. NIH is producing 3,000 pages of line-by-line royalty payments; however, the amount paid to each of the 2,250 individual scientists continues to be redacted.
Fauci — and other NIH leaders — received third-party paid royalties; however, the amounts are blanked out, redacted, so the dollars received are unknown.
Originally published on Adam Andrzejewski’s OpenTheBooks Substack page.