The once high-flying health care think tank that Republican presidential hopeful Newt Gingrich started nearly a decade ago has filed for bankruptcy, its fortunes sinking rapidly last year as its compelling leader turned his energies to the political campaign trail.
The Center for Health Transformation had promoted private-sector solutions to Americas skyrocketing health care costs, and it also became a source of significant cash for Gingrich and his wife, Callista.
The Post reported that the center took in $37 million in donations, primarily from big pharmaceutical and health care corporations, in its eight years in business.
The center had advertised Newt Gingrich as its primary asset, and dues-paying companies such as Astra Zeneca and Blue Cross Blue Shield were offered direct access to the former House speaker and his strategic advice.
But when Gingrich announced his plans to run for president last summer, he sold his ownership interest in the group and had to give up his role as chief fundraiser for the center.
There are very few people capable of successfully leading such an organization, Rick Tyler, leader of a pro-Gingrich political action committee, said in an email. Its unfortunate, but not surprising, that without Newt Gingrichs leadership, the organization failed.