(Mike Maharrey, Money Metals News Service) At least he accepted bribes that would retain their value.
On July 16, a jury convicted Senator Bob Menendez (D-N.J.) on 16 counts, including wire fraud, bribery, and extortion.
According to the indictment, the senator and his wife took bribes, including 13 gold bars, from New Jersey businessmen with Egyptian ties.
According to court documents, the Sen. and Mrs. Menendez accepted the gold, along with cash and an automobile from three prominent Egyptian businessmen in exchange for the senator’s influence. Menendez also allegedly provided “sensitive U.S. Government information and took other steps that secretly aided the Government of Egypt,” as part of the bribery scheme.
According to the indictment, a June 2022 raid at the couple’s New Jersey home found “over $480,000 in cash – much of it stuffed into envelopes and hidden in clothing, closets, and a safe.” Police also found two 1-kg gold bars along with 11 1-ounce gold bars.
At the time of the indictment, U.S. Attorney Damian Williams said Menendez and his wife wielded “power and influence to protect and enrich the businessmen and benefit the government of Egypt.”
After the conviction, Williams said, “This case has always been about shocking levels of corruption. Hundreds of thousands of dollars of bribes, including gold, cash, and a Mercedes-Benz. This wasn’t politics as usual; this was politics for profit.”
Menendez continues to maintain his innocence, saying he was “deeply disappointed” in the jury’s decision.
“I have never violated my oath. I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent,” he said.
Menendez’s attorney claimed the cash and gold weren’t bribes but gifts to the couple in “lean times.” In his closing arguments, he asserted, “His actions were lawful, normal, and good for the country.”
Gold: A Solid Bribe
If you’re going to accept a bribe (and you shouldn’t) getting it in gold is the way to go.
According to the indictment, “Multiple gold bars provided by Daibes (one of the Egyptian businessmen) were found during the court-authorized June 2022 search of the couple’s home.” It also says the senator performed a web search for “how much is one kilo of gold worth.”
At the time of the indictment in June 2022, the spot price of gold averaged around $1,800 an ounce. Menendez received just over 81 ounces of gold in the bribery scheme. At the June 2022 price, it was worth over $145,800.
Here’s the kicker – gold holds its value and even appreciates over time. Unlike the $480,000 in cash Menendez received, the gold is worth a lot more today than it was then.
Today, those gold bars are worth $200,475. That’s a 37.5 percent increase!
Meanwhile, the $480,000 in 2022 cash is only worth $452,755 today thanks to price inflation.
During the Republican Convention, Rep. Matt Gaetz (R-Fla.) quipped, “Inflation has gotten so bad, you can no longer bribe Democrat senators with cash alone. You have to use gold bars just so the bribes hold value.”
Gaetz has a point. If you’re going to take a bribe (don’t), get it in gold.
There are some other advantages of getting bribed in gold instead of dollars. It effectively packs a lot of dollars into a very small space. It’s easy to store and transport. It’s virtually impossible to destroy. Gold is also liquid. Menendez wouldn’t have had any problem selling his gold bars — if he had not gotten nailed by authorities.
One word of caution: if you accept gold as a bribe (don’t) you should make sure the gold is real. There are a lot of shady people out there, and let’s be honest, if someone is offering you a bribe, they’re probably shady. So, you want to be careful so you don’t get scammed.
Let me be clear: you really shouldn’t take bribes. But if you do (don’t), get it in gold. It will maintain its value over time even in this crazy world of inflation!
Mike Maharrey is a journalist and market analyst for MoneyMetals.com with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
 on 16 counts, including wire fraud, bribery, and extortion. According to the indictment, the senator and his wife took bribes, including 13 gold bars, from New Jersey businessmen with Egyptian ties.){kind=link}