Locke ... and loaded
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Back in his bachelor-legislator days, Gary Locke was known as a frugal, no-frills guy who fixed his own cars, re-roofed his house, and helped friends with plumbing and electrical work. Mona Lee, the very classy woman he married before becoming a two-term governor, spruced the guy up, and when they left office after eight years, in 2005, Locke got his real taste of the good life in the private sector.
Now we're seeing just how good -- and how big a pay cut he'll take as he joins the Obama Cabinet as secretary of commerce.
According to financial disclosure forms scoured by AP's Sharon Theimer, we see that Locke's income topped $1 million during the past year. This included the $500,000-plus he drew as rainmaker and international trade expert for the blue-chip Seattle law firm Davis Wright Tremaine. It also included a bundle from Safeco and other corporate boards, and from his state pension ($121k, from his long tenure in the state House, King County Executive and the governor's mansion).
That was a huge step-up from the rather modest gubernatorial salary (his successor is now earning $167k and it will be frozen for another two years). Locke, the son of Chinese immigrants, will earn under $197k in the cabinet. His confirmation sailed through the Senate Commerce Committee on Thursday.
It's true that Locke's stock (What? No barrel??) will be higher than ever when he adds this new luster to his resume. After serving in the cabinet, he can return to Seattle and be a million-a-year man or enter high finance and trade circles in NYC and DC and earn far more. Pretty sweet.
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Secretary of State
Steve Hobbs
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