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Question for accountants re: Newt's Tiffany credit line

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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-13-11 12:21 PM
Original message
Question for accountants re: Newt's Tiffany credit line

Newt's credit line at Tiffany's comes up from time to time, and I guess the assumption is that he purchased some big ticket items, but I've never seen that assertion supported.

I'm curious about the following...

Are there contexts in which one would want to state a credit line, even if there are no charges against it, as a liability?

I know virtually nothing about accounting, and I would imagine that his finances are complex, and that he has ex-wives and other dependents in his wake.

So what I'd like to know is whether there is some reason why it would be desirable for him to have an open credit line of X million dollars, even if it was never used for any actual purpose other than as an accounting offset against assets.
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louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-13-11 12:49 PM
Response to Original message
1. Why Tiffany's, though?
Not Mastercard?
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-13-11 02:00 PM
Response to Reply #1
2. Friendly relationship

If I wanted a paper liability of an $X credit line, I would contact someone with whom I have a relationship in which such things can be arranged.
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