The big question: What will this mean for Tiffany & Co.?
Tough times for historians of housing:
In a Chapter 7 filing in the U.S. Bankruptcy Court, Northern District of Georgia, The Gingrich Group LLC, doing business as the Center for Health Transformation, filed for bankruptcy Wednesday.
The vast majority of Gingrich's net worth is tied up in the Gingrich Group. Gingrich is worth overall between $7.1 million and $31 million, according to his financial disclosure. He lists a promissory note from Gingrich Group as being worth between $5 million and $25 million. Gingrich was chairman of the group until May of last year, when he announced he was running for president.
Gingrich, however, is still doing fine:
Gingrich pulled in $2.5 million - the main source of his income -- from January 2010 to August 2011 from sister organizations Gingrich Productions and Gingrich Communications.
And I'm sure once he officially leaves the campaign trail, Newt will have no problems whatsoever finding plenty of companies willing use his services to buy influence in Washington, D.C.