The National Review is looking into leading progressive Democrat Elizabeth Warren’s background, and what they found is surprising – the leading progressive voice on industry regulation made a killing doing what she condemns – flipping houses.
Here’s the story:
The home’s new owner: Elizabeth Warren, today a Massachusetts senator who has built a political career on denouncing the sort of banking titans and financial sophisticates who make a buck off the little guy. Five months after purchasing Veo Vessels’ old home [for $30,000], Warren flipped the property, selling it for $115,000 more than she’d paid, according to Oklahoma County Property Assessor records.
Warren rose to political prominence in the wake of the 2008 financial crisis as a crusader against big banks and a dispenser of common-sense economic advice. She campaigned for the creation of the Consumer Financial Protection Bureau, intended to shield people from the predations of the mortgage and credit-card industries, among others. In her 2006 book All Your Worth, co-authored with her daughter, Amelia, Warren lists as a top myth the idea that “you can make big money buying houses and flipping them quickly.” She has made a career out of telling people how to behave in financially responsible ways, and out of creating laws that will make it illegal for them to do otherwise. Five months after purchasing Veo Vessels’ old home, Warren flipped the property, selling it for $115,000 more than she’d paid.
But Warren bought and sold at least five properties for profit at a different time in her life, before the cratering economy and a political career made her a star. Her life story has been the subject of much interest, and her 2014 memoir, A Fighting Chance, chronicled her rise from humble beginnings in small-town Oklahoma and her struggle to make ends meet. It didn’t much mention, though, the early 1990s, years when her children were teenagers and she was once again happily married. These are years when she wasn’t yet the multimillionaire she is today, and, she has said, she was voting Republican.