Sonia Sotomayor Is Not a Saver

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Via Greg Mankiw, here's an interesting little tidbit about new Supreme Court nominee Sonia Sotomayor's personal finances that was in the Washington Post a couple of weeks ago:

Sotomayor, an avid Yankees fan, lives modestly, reporting virtually no assets despite her $179,500 yearly salary. On her financial disclosure report for 2007, she said her only financial holdings were a Citibank checking and savings account, worth $50,000 to $115,000 combined. During the previous four years, the money in the accounts at some points was listed as low as $30,000.

Mankiw says his "grandmother would have been shocked and appalled to see someone who makes so much save so little." And I don't really want to offend anyone's grandmother. But if your career aspirations involve being appointed by the president of the United States to a position that requires the advice and consent of the Senate, doesn't it make sense not to own assets?


My sense is that nothing derails a confirmation quite like a set of complicated personal finances, except maybe hiring an illegal immigrant. I'm sure simple finances will pay off for Sotomayor, assuming there isn't a giant tax problem lurking somewhere.

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Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.
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