In case you didn't know already, Romney is so rich he could literally buy entire endangered species to eat with his breakfast and still have plenty of cash on hand to build a tower to heaven... and get there. From the AP:
Romney and his wife, Ann, hold assets worth between $190 million and $250 million, his advisers said. The campaign released details of his wealth Monday in a personal financial disclosure report filed with the Federal Election Commission and the U.S. Office of Government Ethics. The value of assets in federal financial reports are listed in ranges, making a precise figure impossible to discern.
Romney reported that he and his wife have joint interest checking accounts with Bank of America of between $5 million and $25 million and a money market account between $1 million and $5 million. Both also have Individual Retirement Accounts. But the bulk of their money is in two blind trusts, which Malt said are divided evenly between husband and wife.
He waited to report his assets until just two days after the Iowa straw poll, which he won. So are we going to have to put up with pundits telling us he's the dude we can all have a beer with because he's just an ordinary guy?
I guess it's not just a question of whether people can identify with him, but also of him not really being able to represent most Americans, since most Americans aren't anywhere near as rich as he is. Especially considering that most of the money is in stocks, well, would he be all that motivated to tax people who make the bulk of their incomes off dividends and capital gains at the same rate that people who work at Walmart are taxed? Considering that playing the stock market has become the biggest tax loophole around and has only been worsened with the Bush administration, I'm going to guess that we're going to see more tax cuts for the wealthy here.
Speaking of conflicts of interest, here are a few companies in which he owns stock:
He specifically singled out blind trust investments with the Italian-based Eni SpA and the French Total, oil companies that have done business in Iran. Each was sold for between $15,000 and $50,000.[...]
Forced to open his blind trust, the Romneys — and the world — discovered precisely which stocks, bonds and mutual funds they own.
Among them: $2.5 million to $8 million in AB Svensk Exportkredit, a Swedish export credit corporation; and $1 million to $5 million in Eksportfinans ASA, a Norwegian financing corporation, and $100,000 to $250,000 in Russian energy giant Gazprom. Ann Romney's trust reported various Goldman Sachs investments of more than $1 million (spousal assets can be reported in less precise figures). Romney's trust has $3.5 million to $16 million in Goldman Sachs investments.
I know it's a blind trust, but he had to open it now so he knows what's in it. More importantly, anyone could have guessed that finance firms and energy companies would be right there in his portfolio.
I know he's not the first rich president, although it would be really cool to have someone there who actually understood what it was like to go without health care, what the minimum wage really feels like, or even what it's like to send your kids to public schools (not that there's anything wrong with that).
But that's the way our political system works - it's built around the idea of rewarding greed and then we all act surprised when these folks who get into power only think of themselves. If only there were a way to divorce money and politics....
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And that's net of his 10% tithing to the Mormon Temple.
KipEsquire | August 14, 2007 12:09 PM
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How is it greedy to give 10% of your income to a church? Hiw wife nearly died a few years ago, I think he knows from that there is much more to life than money. I think he loves his family like any other american. Speculate all you want. If you dont know him personally.
Nate | August 14, 2007 12:46 PM
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It's ironic that the same people who say "don't judge" when it comes to rich people being rich are very, very comfortable judging poor people when it comes to being poor. Well, not so much "ironic" as it is "telling".
Kip~ I thought the libertarians would eat me alive for a post like this! Oh, well, I love such ambiguity and surprise. And you keep a good blog, btw.
Alex Blaze | August 14, 2007 1:10 PM
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Oh, PUH-LEEEZE! Feeleth sorry not for this Stepford husband and his rich, still not dead wife. Dick Cheney has some kind of life-threatening condition that they claim is a "heart condition" when we all know President Cheney HAS NO HEART. And Hitler had only one ball. Now THAT'S truly tragic.
Up to 25 mil in a CHECKING account? Is his ATM card made out of solid gold like dem Mormon tablets. Am I making fun of religion? Ya bet your foreskin I am. Think of it: with that much money his whole family can probably buys their Magic Jesus Underwear from Dior. I'd be happy to measure the inseam of a couple of his sons. Ya know, the five sons who won't go fight in the war their daddy wants to keep other Americans' sons and daugters dying in. Just like Cheney and Bush fils wouldn't go to 'Nam. But, hey, Big Daddy's donated a WHOLE $25,000 to various military support groups. What's that come to, like 1 minute of interest on his checking account?
First choice? Maybe Josh who, three children or not, sets off my Gaydar. After assuring a perfect fit [First (I'll) go up one side, (I'll) move it over, (I) go up the other side, (I) move it back, and then (I) do the rear.], we could watch one of our [according to his myspace page] mutually-favorite shows together, which I fear he too identifies with: "Lost."
Maybe Matt. Married, of course, too, but no kids yet to get hurt when papa leaves mama for ME. Nice Jeremiah Johnson beard. Are we thinking "chest hair" here? And he's going to be A DOCTOR! Turn your head and cough.
Craig has a few too many teeth [a luv biter?] but I'm not the first to suggest he looks like he's good for a roll in the gay. Of course, anyone who lists among their heroes both Martin Luther King AND Ronald Reagan has some, uh, reality perception issues.
And I am willing to give them all lessons in how to be poor.
Leland Frances | August 14, 2007 7:46 PM
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