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Romney Worth $500 Million Plus, Times Says
NewsMax ^
| 3/11/07
| NewsMax
Posted on 03/11/2007 11:00:12 AM PDT by wagglebee
Former Massachusetts Gov. Mitt Romney is the richest man in the presidential race.
Presidential candidates are not required to disclose their net worth, and Romney has not. But analysts who track compensation in Romneys business field said it was likely to exceed $500 million, according to a report in Saturday's New York Times.
Romney built his fortune with the Boston-based Bain Capital, a venture and buyout firm. In 1984, Romney began investing Bains $40 million venture fund that eventually grew to billions. Romneys fund was the first investor in Staples, the office supplies store.
The Times also suggests that Romney has been using his personal wealth to woo conservative support for his presidential bid.
Examples include:
- Recently, a foundation controlled by Romney made contributions of $10,000 to $15,000 to each of three Massachusetts organizations associated with major national conservative groups: the anti-abortion Massachusetts Citizens for Life, Massachusetts Citizens for Limited Taxation, and the Christian conservative Massachusetts Family Institute.
- Romney and his supporters also contributed about $10,000 to a nonprofit group affiliated with the National Review.
- In the last couple of years, Romney contributed $35,000 to the Federalist Society, an influential network of conservative lawyers.
- In December 2005, Romney contributed $25,000 to the Heritage Foundation, a leading conservative research organization.
The Times report noted that coming on the eve of his presidential campaign, Romneys contributions might create the appearance of a conflict of interest for groups often asked to evaluate him.
For example, Romney critics have already zeroed in on a $15,000 donation to Massachusetts Citizens for Life arguing that he is trying to buy the groups support.
Additionally, Romney-watchers have pointed out that the contributions listed above are to groups to which he had never contributed before.
The paper noted that in 2002 Romney ran the most expensive race for governor in Massachusetts history -- spending about $6 million of his own money on a campaign that rang in at a hefty $9.4 million.
Meanwhile, Romney spokesman Kevin Madden said that Romneys donations simply demonstrated his convictions. "He has donated his time and his effort and whatever resources he can to help advance their causes, Madden said.
Public financial disclosure forms completed by presidential candidates do not reveal net worth. Madden added that the campaign had not yet decided whether to release Romneys tax returns.
TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: doublestandard; kerry2004; mittromney2008; partisanwitchhunt; perot1992; perot1994; romney2008
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To: SteveMcKing
Are you suggesting he bought KLo?
If he did she is doing one heck of a job for him!
:)
To: WOSG
don't see anything wrong with it at all.
I'm not saying it either - I said - if this article is to be believed - it doesn't look good. Is it worse or better than what anyone else does? Who knows - merely, commented on this article.
The Times report noted that coming on the eve of his presidential campaign, Romneys contributions might create the appearance of a conflict of interest for groups often asked to evaluate him. For example, Romney critics have already zeroed in on a $15,000 donation to Massachusetts Citizens for Life arguing that he is trying to buy the groups support. Additionally, Romney-watchers have pointed out that the contributions listed above are to groups to which he had never contributed befo...
To: wagglebee
This article just supports my opinion of him.
He is a complete phony.
Notice how all these donations have taken place in the last two years? After he decided to run?
He is gonna learn the hard way that most conservatives can't be bought.
At the CPAC event a few weeks ago he said that raising money is how you prove credibilty. WTF is that?
Credibility is proven by your record!
To: WOSG
Romney is the most successful 'self-made' candidate we've had in a long time. Of the "extremely wealthy" presidents we've had, nearly all inherited the bulk of their wealth. Of the truly wealthy, only two (Andrew Jackson and Herbert Hoover) could really be considered self-made.
24
posted on
03/11/2007 11:38:27 AM PDT
by
wagglebee
("We are ready for the greatest achievements in the history of freedom." -- President Bush, 1/20/05)
To: wagglebee
Sorry, Mitty.
You can't buy conservatism after all that sh!t you pulled in Massachusetts.
25
posted on
03/11/2007 11:49:44 AM PDT
by
zendari
To: wagglebee
Despite being positioned as a hit piece by the
Times, this is mostly good news for the Romney campaign.
Since money is power in the presidential race, I belive the clear message from the Romney campaign is, "In additional to all the funds Romney can raise, he's willing to tap into a personal fortuine in excess of $500 million. You can't win."
26
posted on
03/11/2007 12:01:39 PM PDT
by
Mr J
(All IMHO.)
To: Bluestateredman
The untold story was that Romney's firm ...
To be truthful, I would say that the firm thought of their own interest to make money and 'saving' jobs was an affect of the bottom line to do so. I'd hardly call him a savior that he bought the company just to save jobs.
They ran a full court press of critical ads in Mass.,and the sheeple fell for it hook, line, and sinker.
That's the problem! We knows this happens at the 11th hour. Too many voters are media driven. What is wrong with a business man taking over a company to make money? NOTHING! He's doing what he should be doing and would be laxed when the opportunity presented itself and he didn't take it.
Consider the source - his opponent - a government worker all his life who hasn't contributed anything to his own making, IMO, took away. He has no background to prove he is capable of making an honest buck to support himself. He is, merely, riding the coattails of his family fortune and on the backs of the citizens of Mass for $upport.
To: Mr J
*from the Romney campaign to other candidates
28
posted on
03/11/2007 12:02:40 PM PDT
by
Mr J
(All IMHO.)
To: JRochelle
I agree, he started pandering a few years ago with his wallet. He is a complete phony. Only people who are easily fooled would buy his "Conversion"
29
posted on
03/11/2007 12:09:32 PM PDT
by
Afronaut
(Supporting Republican Liberals is the Undeniable End to Freedom)
To: wagglebee
RICHE$T Speaker of the House in History!
Funny how the LameStream Media doesn't shove the inspect probe up this Democrat who hates unions working in her wine fields.
30
posted on
03/11/2007 12:16:27 PM PDT
by
Recovering_Democrat
(I am SO glad to no longer be associated with the party of Dependence on Government!)
To: wagglebee
This ignores the money that Romney inherited from his ridiculously wealthy Daddy. Romney's a billionaire.
31
posted on
03/11/2007 12:18:56 PM PDT
by
Alter Kaker
(Gravitation is a theory, not a fact. It should be approached with an open mind...)
To: Terpin
You mean he didn't inherit his wealth? Don't you just hate people who earn millions through their own hard work? Who wants someone like that in the White House? Actually, Romney did inherit his wealth. He invested it wisely, but Romney's Daddy was the fabulously wealthy long-time CEO of a Fortune 500 company.
32
posted on
03/11/2007 12:23:11 PM PDT
by
Alter Kaker
(Gravitation is a theory, not a fact. It should be approached with an open mind...)
To: wagglebee
Mitt Romney is the GOP's answer to John Kerry. Liberal flip-flopping billionaires from Massachusetts both... thanks but no thanks.
33
posted on
03/11/2007 12:25:19 PM PDT
by
Alter Kaker
(Gravitation is a theory, not a fact. It should be approached with an open mind...)
To: presently no screen name; wagglebee
Let's not forget that sordid event before he entered politics when Romney personally contributed $1 million to the 2002 Salt Lake Winter Olympics, and donated his three years of CEO salary ($275,000 per annum) to charity while turning a $379 million deficit for the Olympic Games into a $100 million profit. The man is power mad I tell you! He'll do anything to buy influence. </sarcasm>
34
posted on
03/11/2007 12:35:26 PM PDT
by
Unmarked Package
(<<<< Click to learn more about the conservative record of Governor Mitt Romney)
To: Alter Kaker
Gue$$ it is even unforgiveable for a Republican to be $elf made too!
35
posted on
03/11/2007 12:42:46 PM PDT
by
restornu
("Try to Lead by Example, Not by Trampling on Another!")
To: wagglebee
I welcome attacks like that by the media. better to defend good solid american values against silly charges than to defend immorality based on true charges.
To: restornu
Mitt Romney isn't a self-made man. Romney's Daddy was a self-made man. Mitt's just the son of a fabulously successful industrialist -- he picked his Daddy wisely.
37
posted on
03/11/2007 12:49:59 PM PDT
by
Alter Kaker
(Gravitation is a theory, not a fact. It should be approached with an open mind...)
To: Alter Kaker; restornu
"During the 14 years Romney headed Bain Capital, the firms average annual internal rate of return on realized investments was a staggering 113 percent. At that growth rate, a hypothetical $1,000 investment would grow to $39.6 million before fees. Few, if any, venture capital firms have ever matched Bain Capitals performance under Mitt Romney."
(Mister PowerPoint Goes to Washington, Matthew Rees, December 01, 2006) Oh yeah, this guy Romney is really just a slacker born into wealth.
In truth, Mitt Romney is one of the most brilliant executive managers and venture capitalists in this country in the last 50 years. Now, why would the American people want a brilliant manager in the White House who has successfully managed and optimized budgets of billions of dollars many times in the past?
38
posted on
03/11/2007 1:07:25 PM PDT
by
Unmarked Package
(<<<< Click to learn more about the conservative record of Governor Mitt Romney)
To: everyone
It's pretty clear that Romney is an opportunist. But no serious organization endorses a candidate just because he gave them a fairly small amount of money. This isn't bribery, just contributions as a form of recognition that conservative groups are important. I see it as pretty benign.
What bothers me is that, if the NYT story is to be believed, Romney, although very rich, never gave to conservative causes until the last couple of years. That's something I don't like at all.
To: Unmarked Package; Alter Kaker; restornu
Now, why would the American people want a brilliant manager in the White House who has successfully managed and optimized budgets of billions of dollars many times in the past? This is the same logic put forward by Ross Perot back in 1992 and 1996 and nobody bought it then either because it's a meaningless argument.
Harry Truman was a total failure as a businessman and is regarded by both Republicans and Democrats as one of the best presidents of the 20th Century.
40
posted on
03/11/2007 1:12:56 PM PDT
by
wagglebee
("We are ready for the greatest achievements in the history of freedom." -- President Bush, 1/20/05)
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