In “The Long Game,” Republican U.S. senate majority leader Mitch McConnell slams the man he calls “Professor Obama” and needles fellow lawmakers, ABC News says in a new story. It hits bookstores next Tuesday.
McConnell told the Associated Press a year ago that he was writing the book. But he didn’t say how much he’d get paid. Now, his new financial disclosure report filed last week shows what publisher Penguin forked over: $325,000 — and that’s just to start. He’ll also receive royalty payments: 15% of sales at the retail price of hardcover editions; 7.5% to 10% of sales of paperbacks; and 25% of e-book sales.
This is McConnell’s biggest foray into book publishing. If sales go through the roof, he could earn a bigger advance next time. But as political books go, it’s a long road to match what Simon & Schuster paid Hillary Clinton in 2000 for her memoirs as first lady: a near-record $8 million. (And that’s not counting the rumored $14 million for her years as secretary of state.) In fact, McConnell’s pales alongside a list Boulevard compiled of other high-profile authors going back to 2001.
The 20-page disclosure report covering all of 2015 is full of details about McConnell’s finances and those of his wife, the economist Elaine Chao. Among them, Chao got paid five figures for speeches she gave to the Alliance for Public Awareness in Paris ($50,000), and the Real Estate Roundtable in Washington ($25,000). Chao was U.S. labor secretary in the George W. Bush Administration.
With Chao’s substantial family wealth included, McConnell ranked No. 11 among the senate’s wealthiest members as of 2014, the latest year available from the Center for Responsive Politics, a nonpartisan campaign finance watchdog group.