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:
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.
Thanks for clarification.
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