White House Gift Shop Goes Tits Up
"In another sign of the tough times in Washington these days, the White House Gift Shop, long run by a nonprofit group that helps uniformed Secret Service officers and their families, has gone broke. The Secret Service Uniformed Division Benefit Fund, which traces its roots to the 1940s and for years did business as the official White House Gift Shop, lists more than $600,000 in liabilities in a pending bankruptcy petition in Washington....."
The fund disclosed tens of thousands of dollars in assets consisting mostly of Christmas decorations, as well as such trinkets as magnets, puzzles and paperweights, many valued at just a few dollars each. The price of more than 140 Democratic and Republican mouse pads is listed as “???” in court records, while 10 unsold copies of the book “Adams’ Alligator” go for $8.48.
The fund’s most recently available annual report to the Internal Revenue Service lists $10,550 in expenses in 2011 for golf, soccer and hockey tournaments for employees, $5,330 for luncheons for new graduates and their families and $1,108 for flowers and fruit baskets for hospitalized members and for funerals.
Although the fund placed the value of ornaments at more than $50,000, the trustee said the decorations ultimately could fetch a best offer price of a little more than $5,600...."Little wonder a business that operates like the government, spending more than they take in, can stay solvent selling cheap Chinese made crap like bobble head dolls of Barack and Michelle and mouse pads with Joe Bidens picture on them. And who the hell would want an over price ornament with Michelle's ugly mug hanging from their Christmas Tree anyway. Guess they figured they'd eventually get a taxpayer bailout slipped into some democrat's spending bill.