US presidential hopeful Romney reveals wealth

Republican presidential hopeful Mitt Romney, who made part of his fortune as co-founder of a private equity firm, and his wife have personal financial assets worth as much as $264 million, according to disclosure documents filed Friday.


The records suggest that Romney may have seen a small, but limited, drop in wealth during one of the nation’s worst economic downturns, with a maximum asset value about 8 percent lower than what he reported during his first White House bid in 2007.


The numbers underscore an issue that poses both a benefit and a challenge for the former Massachusetts governor, who points to his business experience as evidence of his ability to lead the country.


But Romney, who grew up in a wealthy family before expanding his fortunes at the Bain Capital equity firm, also has struggled to portray himself as a candidate in touch with the lives of regular voters.


At an Iowa appearance this week, Romney sparred with hecklers urging him to raise corporate taxes by responding: “Corporations are people, my friend.” GOP challenger Tim Pawlenty also made light of Romney’s wealth during a Thursday night debate in a quip about mowing his lawn.


Romney is far richer than most, if not all, of his presidential rivals. President Obama and first lady Michelle Obama reported assets between $2.8 million and $11.8 million in 2010. The only other candidate who might exceed Romney in personal wealth, former Utah governor Jon Huntsman Jr., has yet to file a disclosure.


In addition to his sprawling investments, Romney was paid more than $374,000 for nine speeches in 2010 and 2011, including a speech at Clark Consulting in Half Moon Bay, Calif., for $66,000 and two appearances worth $68,000 each for Goldentree Asset Management and the International Franchise Association.


His most recent reported speech, for Barclay’s Bank in Washington, made him $42,500 in February, as he was preparing for the start of his presidential campaign, the records show.


Romney also owns horses worth up to $500,000 through a limited-liability company; one of them won a prize of less than $201, the report shows.


The financial disclosures — which are expressed in broad ranges rather than precise numbers — suggest that Romney could be worth as little as $85 million or as much as $264 million. His campaign said that “a more accurate range” is between $190 million to $250 million.


Campaign officials said the holdings of Romney and his wife, Ann, are managed in a blind trust administered by an attorney at Ropes & Gray in Boston, a firm long tied to the Republican candidate and his inner circle. “They do not control the investment of these assets,” said campaign spokeswoman Gail Gitcho.


His financial disclosure form was filed on Friday, a day before Republicans in Iowa hold a straw poll, a nonbinding mock election that tests the strength of campaigns and traditionally winnows out some losers from the presidential field.


"Governor and Mrs. Romney's assets are managed on a blind basis," said Gail Gitcho, communications director for his campaign team. "They do not control the investment of these assets. They are under the control and overall management of a trustee."


Romney's investments are in areas including consumer staples, energy, financial, health care, industrial companies, information technology and communications, his office said.


Romney raised more than $18 million in the second quarter for his presidential nomination bid. Still, Obama and the Democratic National Committee raised about $86 million in the same period.


Romney had a heated exchange with hecklers in Iowa on Thursday over whether the wealthy should pay more into the government-run Social Security retirement program and he rejected a shouted suggestion that corporations should pay higher taxes.


"Everything corporations earn ultimately goes to people. Where do you think it goes?" he responded.

Axelrod Says He'd Fire Anyone Who Calls Romney 'Weird'

One of Tim Pawlenty’s laugh lines last night was a gibe at Mitt Romney’s personal wealth; after declaring that he’d mow the lawn of any American who could identify President Barack Obama’s plan for entitlements reform, Pawlenty said that offer was limited to one acre of lawn for Romney.

I was just having some fun with that, pulling Mitt’s chain a little bit,” Pawlenty said.

But a more serious underlying point, Pawlenty said, is that voters want to know about the backgrounds of the presidential candidates and to whom they can relate.

“I think if people are running for president, want to be president, the electorate wants to know who are you, where do you come from,” Pawlenty said. “I don’t suggest that my life story is better or worse than anybody else’s. It’s just different.”

Pawlenty mentioned that his father was a truck driver and his mother died when he was young, and mentioned that he “got lucky, got a job at a grocery store, worked in a union position” and worked his way through college.

“Those are the kinds of things people want to know because if you’re president, they’re gonna want to know, who is this person and does your life story kind of line up with theirs?” Pawlenty said.

Circling back to Romney, Pawlenty continued: “In Mitt’s case, he’s got an incredibly successful background and I think we should applaud it and celebrate it”

Axelrod’s declaration came after an article earlier this week by Politico, in which anonymous aides and advisors from Obama’s reelection campaign were quoted as saying they were ready to launch a “ferocious personal attack” on Romney. One source was quoted as saying that there is a “weirdness factor” about Romney.

But this morning Axelrod pushed back on the report, telling host Joe Scarborough when asked if he’d go as far as to fire staffers who used the word “weird” in reference to Romney that he would.

“I would if someone used words like weird I would certainly do that, yes,” said Axelrod. “I thought that was totally inappropriate.”

“All of it is garbage,” he added.

And on ABC’s “Good Morning America,” Axelrod suggested that reporters should stop relying on these unnamed sources.

“Anyone who purports to be a source of the Obama campaign who makes those remarks who made those kind of comments should be removed from those reporters rolodexes,” said Axelrod.