Saturday 13 August 2011

Mitt Romney earned more than $362,000 in speaking fees

Mitt Romney is worth between $190 million and $250 million, according to a financial disclosure report released on Friday.

As is common with politicians, Romney has put his holdings in a blind trust to prevent any conflict of interest. Brad Malt of the law firm Ropes & Gray handles his account, according to a Romney spokeswoman.

The updated numbers make clear that Romney, who made his fortune in finance, successfully weathered the 2008 crisis. He disclosed a similar range on his wealth during his last presidential run four years. The former Massachusetts governor spent $45 million of his own money during that campaign, but has elected to finance his 2012 effort with donor cash alone so far.
Romney, a former Massachussets governor, reported earnings from nine speeches between Feb. 26, 2010 and Feb. 20 of this year, when he collected a $42,500 check from Barclays Bank for an appearance in Washington, D.C. Barclays received $8.5 billion from the government's bailout of insurance giant AIG during the 2008 economic crisis, records show.

Others who paid Romney to speak include the International Franchise Association ($68,000 on Feb. 16, 2011); Goldentree Asset Management of New York ($68,000 on Nov. 4, 2010) and HP Healthcare Services ($32,831.25 on May 25, 2010.)

He also earned $113,880.73 for serving on the board of the Marriott International hotel chain, a post he held from January 2009 until January 2011.

In a statement, Romney's campaign said his assets are valued between $190 million and $250 million. Candidates are only required to report their assets in broad ranges.

Romney's report lists more than a dozen pages of financing holdings, which are managed by blind trusts or held in individual retirement accounts, according to the documents his campaign filed with the Federal Election Commission. He owns securities in a slew of companies, including McDonalds, Microsoft, Apple and General Electric, but reported having no say over the purchase or sale of these assets since Jan. 1. 2003.

Romney said he donated royalties from his 2010 book, "No Apology: The Case for American Greatness," to six charities. He earned between from $100,001 and $1 million in book royalties, according to the Federal Election Commission filing.

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