New details about Romney's wealth confirm F. Scott Fitzgerald's quip about the rich
As everybody knows, Mitt Romney is a very wealthy man.
Net worth somewhere around a quarter billion dollars, not counting the $100 million trust set up for his five sons. Offshore investments. A beach house in聽La Jolla, Calif., a town house in聽Belmont, Mass., and a summer compound on the shores of聽Lake Winnipesaukee听颈苍听New Hampshire.
Photos of the Romney clan riding jet skis and a large power boat on vacation in New Hampshire this week led Boston Globe columnist Joan Vennochi to wonder if this was Mr. Romney鈥檚 鈥�John Kerry moment鈥� or perhaps proof of F. Scott Fitzgerald鈥檚 famous line about the rich: 鈥淭hey are different from you and me.鈥�
搁贰颁翱惭惭贰狈顿贰顿:听Top 10 richest US presidents
In Senator Kerry鈥檚 case, it was the photo of him wind-surfing in 2004 when he was the Democratic challenger to former president George W. Bush 鈥� an image Republicans quickly used to show that Kerry鈥檚 wealth allowed him to live an elite life-style 鈥� 鈥渄ifferent from you and me.鈥�
(Romney and Kerry are both tall, wealthy, patrician-looking Ivy Leaguers from Massachusetts. In President Obama鈥檚 debate prep, Kerry will act the role of Romney.)
It鈥檚 a ticklish political situation for Romney, or at least has the potential to be. He wouldn鈥檛 be the richest man ever to run for the White House (that would be Ross Perot back in 1992 and 1996). But if elected, he would be the wealthiest president ever, according to the detailed reporting of Forbes Magazine鈥檚 鈥渨ealth team.鈥�
Back during the Republican primaries and debates, it took some needling by Newt Gingrich and others to get Romney to release his tax returns for just two years (far fewer than the 23 years he provided Sen. John McCain in 2008 when Romney was being considered as McCain鈥檚 running mate). Meanwhile, thanks to the reporting of Forbes and others, the specifics of Romney鈥檚 wealth are known in greater detail.
Among them: $52 million in Bain & Company 补苍诲听Bain Capital聽funds, $23 million in mutual funds and exchange-traded funds (ETFs), $36 million worth of聽Federal Home Loan Banks consolidated obligations, an estimated $10 million of structured notes from聽Goldman Sachs 补苍诲听BNP Paribas, and a personal loan of $400,000 to the Romneys鈥� horse trainer.
This week, more details were revealed.
鈥淔or nearly 15 years, Republican presidential candidate Mitt Romney's financial portfolio has included an offshore company that remained invisible to voters as his political star rose,鈥� the Associated Press reported.
鈥淏ased in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romney's state or federal financial reports,鈥� according to the AP. 鈥淭he company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign.鈥�
There have been no suggestions that the Romneys鈥� sheltering some of their wealth in Bermuda and the Cayman Islands breaks US tax law.
"Everything on the filings is reported as required," campaign spokeswoman Andrea Saul said in a statement. "If OGE [the US Office of Government Ethics] has an issue with any filings, they would let us know."聽
Not surprisingly, liberal organizations, such as the Think Progress political blog, are jumping up and down demanding more answers. That鈥檚 to be expected from Romney鈥檚 political opponents.
But as Vanity Fair observed in its own long investigative piece on Romney鈥檚 off-shore investments, 鈥淕iven his reticence to discuss his wealth, it鈥檚 only natural to wonder how he got it, how he invests it, and if he pays all his taxes on it.鈥�
As the TV political scenes focused on the Romney鈥檚 $8 million summer place, Obama couldn鈥檛 help mentioning that his family vacations growing up featured Greyhound bus travel and the swimming pools at Holiday Inn motels. Realizing the importance of leisure time imagery, however, especially given millions of Americans鈥� economic worries, he did cancel this summer鈥檚 Obama family vacation at the resort island of Martha鈥檚 Vineyard.
搁贰颁翱惭惭贰狈顿贰顿:听Top 10 richest US presidents
