Mike Pence is a terrible investor
Mike Pence is a terrible investor
In 1986 Pence inherited close to $1 million dollars from his father who had operated and sold several gas stations around Columbus, Indiana.
Pence let his frat brother Jay Steger invest the money. Jay picked two privately held companies that both went bankrupt, losing almost all of Mike Pence’s inheritance.
Mike Pence also had stock in Kiel Brothers Oil Company, which his brother Greg Pence operated.
But that company had a significant gas leak from broken tanks at their gas stations. Indiana fined them $9 million to pay for cleanup costs, and the company filed for bankruptcy.
Pence personally lost $700,000 in stock he held in the company.
But everything worked out ok for Pence, who has made several million dollars from public speaking fees since he left office and a seven figure book advance.
Today, Pence is worth $4 million dollars.
Mike Pence just announced he is running for President in 2024.