Opinion: This just in: Mitt is rich
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Mitt Romney has been sparing no expense in his run for the White House; so far, he’s funneled about $9 million of his own money to his own campaign. Not to worry, he can easily afford it --- the Republican is worth as much as $250 million, with holdings spread among scores of investments, according to his new financial disclosure statement.
Largely because of the complexity of his finances (a problem we can only fantasize about), Romney failed to meet a May 15 deadline for filing the document and obtained two 45-day extensions. But he and his staff finally got it done and it shows he’s worth between $190 million and $250 million (candidates report their assets and liabilities within ranges, rather than having to provide precise numbers).
Upon becoming governor of Massachusetts in 2003, Romney placed his holdings in a blind trust. The federal government, however, required a listing. The Times’ Dan Morain, who will have a detailed story on the report on our website later today and in Tuesday’s print editions, says it revealed that Romney has numerous off-shore holdings.
R. Bradford Malt, a lawyer who supervises the Romney trust and oversees all investment decisions, said at a news conference that the off-shore investments were not made to reduce income taxes. ‘There is none of that,” Malt said.
Romney disclosed that he has one checking account that contains between $5 million and $25 million (that’s one way to keep from overdrawing). He holds stock in such U.S. firms as ...
Citigroup, Cisco Systems, Google, Wal-Mart and Walt Disney. He also has invested in such foreign firms as Allied Irish Banks, Bank of Yokohama, Canadian Natural Resources, China Mobile and China Petroleum and Chemical.
Romney has pitched himself as the choice for social conservatives; he recently aired a much-commented-upon ad in which he expressed his concern about the culture that surrounds today’s children. That apparently doesn’t include gambling --- his report shows he sold gambling stocks in Ameristar Casinos, Inc., and MGM Mirage (he gained as much as $1 million in the latter sale).
Romney’s aides would not say whether the former Massachusetts governor would release his tax returns, a step that has become traditional among candidates for high office. Nor would they say how much he paid in taxes last year.
As the campaign intensifies --- and should Romney close in on the GOP nomination --- it’s hard to see how he can maintain this stance. Dan Morain has the news story here and in Tuesday’s print editions.
-- Don Frederick