Whenever you want to find out who is behind major corruption in our country, all you've got to do is follow the money trail and see where it leads you.
Apparently, former President Barack Obama received $65 million for a book deal after giving a publishing company $350 million.
It seems pretty clear to me that all Obama did was use our tax dollars to pay himself $65 million by funneling it through Pearson Publishing and their subsidiary and then back to himself.
Michael Coudrey tweeted,
Obama gave Pearson Publishing a government contract worth $350 million for their work to create the Common Core text for his administrations education initiative. A subsidiary of that same publisher gave Obama roughly $65 million for his book deal after he left office.
Obama gave Pearson Publishing a government contract worth $350 million for their work to create the Common Core text for his administrations education initiative.
A subsidiary of that same publisher gave Obama roughly $65 million for his book deal after he left office.
— Michael Coudrey (@MichaelCoudrey) December 26, 2019
Vox tried to explain how giving Obama $65 million was money that could be easily recouped through sales of his new book. But is that true?
According to Vox,
… here’s a very rough, extremely simplified idea of how a publisher calculates how much to pay an author and still make money.
Imagine you’re an acquiring editor who wants to publish a new book. Based on the sales history of other, similar books, you feel confident that you can sell 10,000 copies of the new book. You figure you can set the price at $20, and you’re offering the author royalties of 10 percent of the book’s list price, so the author will receive $2 for every book sold.
That means it’s safe for you to offer the author an advance of $20,000 when you acquire the book. The author receives that money upfront, and nothing else until the book has sold more than 10,000 copies, at which point the author has “earned out.” The remaining $18 for every book sold are split between the publisher and the distributors to cover their own costs and contribute to their profit margin.
For the Obamas to earn out their $65 million advance, they will most likely need to sell at least several million copies all together. And in an industry where selling 100,000 copies of a title is enough to make it a respectable bestseller, that’s not chump change. For comparison’s sake, the third-best-selling book of 2014 sold 573,000 copies.