Mitt Romney Discloses Worth Up To $250 Million

Mitt Romney Discloses Worth Up To $250 Million

By Matea Gold|Tribune Washington Bureau| 06/02/ 2012 -14 hrs ago

WASHINGTON - “Republican presidential challenger Mitt Romney shed dozens of stocks and holdings in various foreign companies in the last 10 months, beefing up his cash reserves while maintaining an overall fortune as high as $250 million, according to personal financial disclosures he filed Friday.

The disclosure - required of presidential candidates - showed that the presumptive GOP nominee’s net worth has not changed greatly since last September’s financial disclosure, when he reported his assets were worth between $190 million and $250 million.

Most of the money held by Romney and his wife, Ann, is locked up in investments administered through two blind trusts established in 2003 after he was elected governor of Massachusetts. The trusts are stocked with debt securities, hedge fund investments and other complicated financial instruments - some of them based overseas - that date from his tenure running Bain Capital. Those Bain funds produced income between $720,000 and $6.3 million.

"They do not control the investment of these assets, which are under the control and overall management of a trustee," said Andrea Saul, a Romney campaign spokeswoman.

One of the biggest shifts in Romney’s portfolio in the last year was his divestment of dozens of stocks, boosting his cash reserves to at least $6.4 million.

Two separate investment fund managers decided independent of Romney to shed nearly all of his stocks, the filing states. Among those sold were his holdings in Coca-Cola, Proctor & Gamble and Apple. Romney held on to three U.S. stocks: at least $250,000 worth of shares in Ford Motor Co., at least $1,000 in Marriott Vacations Worldwide and at least $100,000 in Marriott International, where he served as a director from January 2009 to January 2011.

He dumped his extensive foreign stock holdings, which included Wal-Mart de Mexico - now the subject of U.S. inquiries into bribery allegations - as well as several publicly traded firms in China. Romney has been a harsh critic of China’s trade policies.

In several of his fund holdings, Romney provided no information on the underlying investments. His report said that his fund managers asked for that information, but were told it was "confidential and proprietary." That included Solamere Founders, a private equity fund run by his son Tagg Romney.

The campaign said a third trust for the Romney children, not listed in the disclosure, was worth $100 million.

The royalties for Romney’s 2010 book, "No Apology: The Case for American Greatness," dipped to between $50,000 and $100,000.

Last year, the royalties came in between $100,001 and $1 million. Romney has donated the profits to charity, according to the disclosures.

The filings do not allow for a precise calculation of Romney’s fortune.

In January, he pegged his net worth as "between $150 (million) and about $200 and some odd million" during an appearance on Univision. A recent analysis of his holdings by Forbes estimated his fortune to be worth $230 million.

Such wealth would make him among the richest occupants of the White House - a group that includes George Washington, whose net worth, adjusted to today’s dollars, may have been as much as $500 million because of his land holdings.

Romney’s riches have presented obstacles for him on the campaign trail, particularly in the GOP primaries, when rival Newt Gingrich cast him as out-of-touch with the average voter. Under pressure, Romney released his tax returns in January for the first time, providing a glimpse inside the complicated architecture of his far-flung holdings.

During the last two years, the Romneys paid about $3 million in federal taxes annually on an income of about $21 million, largely derived through capital gains and dividends, the returns showed.”

http://www.bostonherald.com/news/us...itt_romney_discloses_worth_up_to_250_million/
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So here is a married couple that are worth $250 million, paid on an income of $21 million and ended up paying 13.7 % on $21 million dollars out of his total holdings of $250 million dollars.

Now look at his stock that he dumped: Wal-Mart de Mexico...now under investigation for bribery complaints and several public trade items in China, which our government has.

Not included was a third trust for his children worth another $100Million. Nor was another private equity firm, Solamere Founders, run by his son Tagg and labeled as “confidential and proprietary” and worth was not given.

Also left out were his LDS Mormon Church investments in connection with Bain Capital. These would have to be investigated, along with son Tagg’s returns on Solamere Founders.

How wonderful is this that a wealthy person can state to the government that he cannot give an exact accounting of his wealth? Surely Mitt Romney, presented to the American public as a great businessman, is adept at asking questions of his attorneys, Goldman Sachs which sends out statements to their clients is one of the entities that hold his trusts, and no matter the kind of trusts they have, Mitt Romney and wife Ann are compelled to sign that their IRS returns are truthful...just as you and I are.

The sniff test is getting stronger.

 

And??? Is achieving wealth and success a bad thing?

Just another attempt from the left to stir up some class warfare.

 

Good for him. We need someone in office that understands how the economy works and is not confused internally about the American way.

 

Nice amount there.

 

Why, of course. We need idiots who have ZERO GRASP of economic issues to lead our nation...you know, community organizers, and such...


Why doesn't the Huffblows want to talk about JOBS, UNEMPLOYMENT and the ECONOMY?

 

Agent; If your trying to demeans his wealth, indicate he cheated somehow in acquiring it, what would you feel the value of Saving "Staples", was worth, the thousands of jobs and so on. Then thousands of investors, invested in Bain's, each receiving a return, many probably over 250M$ and no telling how many not so rich gained wealth or held their jobs. What's the value of an Olympic's success to US prestige or the economy, which also generated jobs. He has probably given that much or more to his Mormon Church, which no doubt has a "benevolence fund" helping thousands of people.

NOTE; no one, even you had or has paid 1 cent, for any of his activity and Solyndra alone cost us twice his worth.

 

That is fantastic news, sweetheart. It's nice to see we have a candidate with real success running for president.

I am very impressed with anyone who can amass that kind of wealth. And to think, in his spare time he was governor of Massachusetts and did so for zero salary.

And Obama has done what exactly?

 

Why is this guy running for president ?

 

What do actors know about the economy?

 

To replace the confused communist in charge now.

 

You're kidding ... right ?

 

Guess you have never read any of his biographies, have you.

 

It would be like reading a bio of Bernie Maddoff or Enron or Bush.

 

lol @ the jealous libs coming in to express their hatred of a successful person.

 

You were asking about replacing the confused communist in charge. I don't think Obama's bio would read like Maddoff.

 

some think he "needs" to be rewarded for his success with extra super sized tax cuts... I say being rich is reward enough, we can't afford to reward the rich with trillions in tax cuts on top of that, they don't need them and we can't afford to give them to them

 

LOL Not even. Ever seen Wall Street? He's Bud Fox.

 

Even though they pay most of the tax. Nothing like coveting other's wealth to make your day.

 

Then you should take your complaint directly to Barack Hussein Obama. He promised to sunset those Bush tax cuts for the rich when he campaigned. Once in office, he screwed you on that and many other promises.

 

Yep, the top 25% only pay about 90% of the taxes, and give who knows how many millions to charities each year, but hey, why not make 'em pay 100% of the taxes, right?

 

Why was Edwards and Mr. Heinz 57 varieties running for President? For prestige. To go down in the record books as being President. Why else?

 

Maybe you were under a rock, but the GOP were willing to shutdown the government if those weren't extended (and unemployment benefits were extended).

 

For the greater good ... but look what happened under Bush ... never again.

 

I certainly get that impression. It's all about him.

 

Maybe you were under a rock, but Barack Obama could have and should have stood by his principles and VETOED legislation he was so against. Instead, he signed it.

It's one of many promises he's broken, and you people are looking sillier and sillier blaming everyone for Obama's broken promises and failures as president.