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Mitt's Money

January 31, 2008 7:49 PM

ABC News' John Berman, Ursula Fahy and Matt Stuart Report: Former Gov. Mitt Romney is his own biggest fan, at least if you judge by how much he has given his campaign.

In the fourth quarter of 2007, Romney loaned his campaign $18 million dollars, double the amount he raised from other donors during that period. This is according to his campaign’s latest filing to the Federal Election Commission, which the Romney campaign released in the dark of night, at 9:45pm, most likely waiting to avoid many television and print media deadlines.

In the filing, the Romney campaign announced it had taken in $90 million in 2007. However, a full $35 million of that, was given by Romney himself.

Romney, who has a fortune estimated at $250 million (or at least he did before the start of this campaign) has joked about his investment in his candidacy.

During his concession speech in Florida on Tuesday night, he told the crowd they seemed like family. However, he said, “don't expect to be part of the inheritance ... not sure there is gonna be much left after this."

The $35 million does not take into account any spending in January, which was likely a very expensive month for the Romney campaign and the Romney family. He spent more money on advertisements than all his opponents combined in Iowa, New Hampshire, Michigan and Florida, and much of that spending was in January, which is not covered in the latest F.E.C. filing. On Thursday, the Romney campaign announced a new “7-figure” ad buy, believed to be between $2 and $3 million on Super Tuesday states.

Romney reported having roughly $2.4 million in the bank as of December 31, 2007. He has been holding fundraisers periodically throughout the last month, but the furious pace of the campaign and most recent ad purchases means he has almost surely given his campaign several million more dollars in the last month.

January 31, 2008 in Political Radar | Permalink | Share | User Comments (38)

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Some "businessman". A corporate raider who made his millions buying distressed companies, laying off thousands of workers, and selling the scraps. Now he's his own biggest contributor because NOBODY ELSE will give him any money. Those clips of him trashing Reagan and supporting abortion and gay marriage aren't going away either. What a fool.

Posted by: wilder5121 | Feb 1, 2008 2:47:35 AM

I would be able to look at Romney more objectively were it not for the huge personal investment. Plus his monumental shifts on so many issues. It makes one wonder what his motivation is for seeking higher office>

Posted by: George | Feb 1, 2008 3:55:35 AM

When you have to self fund your campaign over 100 million dollars. You haven't got the will of the people. I don't care what he says. I guess that makes Bloomberg qualified for President too.

Posted by: fraud '08 | Feb 1, 2008 4:17:59 AM

I refuse to vote for either media-annointed candidate, McCain or Romney. My vote goes to Huckabee.

Posted by: Ben | Feb 1, 2008 4:20:57 AM

We have our choice, do we want our politicans to pay their own way or do we want the corporate giants to own our public officals?

Posted by: Scott Haner | Feb 1, 2008 4:33:04 AM

Since Gov Romney had no name recognition to start with, the MSM against him, Gov Huckabee taking cheap shots at him for being a Mormon, I think he has come along way considering the odds against him. Thank goodness he could rely on his own money. McCain an Huckabee have obviously formed a pack to work together to defeat Gov Romney. But McCain will stab ole Huck in the back at the first chance he gets after he wins the nomination. The MSM, CNN, MSNBC have all but crowned him the winner. He will lose big time, unless, he were to put Gov Romney on the ticket, but he hates Gov Romney to much. Look for Crist or Perry as VP and Graham as the Attorney General.

Posted by: homjett | Feb 1, 2008 4:42:00 AM

So what? He spent some of his own money on his campaign. Big deal! As homjett points out, he had little name recognition to begin with and great prejudice agains him in some sectors. Who wouldn't do the same if they had a desire to serve and the resources to help get there. Anyone who says he wouldn't do that is a hypocrite.

Posted by: ComeOn | Feb 1, 2008 4:51:41 AM

If it weren't for McCain-Feingold, Romney wouldn't need to rely on his personal fortune so much. There are many who have contributed, and many who would contribute much more.

Posted by: ComeOn | Feb 1, 2008 4:54:06 AM

A vote for McCain or Huckabee is a vote for Hilary or Obama.

Republicans would rather sacrifice the next 4 years to the Democrats than have someone from their own party to blame when the economy fails. Romney is the only candidate qualified and proven to be able to fix our economy.

Posted by: Go Romney! | Feb 1, 2008 5:11:46 AM

McCain sounded like an idiot on the CNN debate. Romney appears to be our only hope for getting some of the spending under control.

A lot of us were pro-choice in the early years of the feminist movement, but science made it possible to see that a fetus was more than just a bunch of cells.

Not everyone thought Reagan was God. he may have had some sound economic policies, but his rhetoric nearly got us into nuclear war with Russia

Posted by: Pat | Feb 1, 2008 5:23:21 AM

Are you ready for a McCain BUSH Ticket? As in Jeb Bush?
Body: About 7 months ago, I spent several hours (stranded) at the Washington, DC airport and on the same flight from DC to Los Angeles being chatted up by McCain's' campaign manager who would not stop boasting what a great legacy the Bush family has to leave the American People. And! He boasted what a great President Jeb Bush would make for this Country.

I can only speculate that since George Sr and Barbara Bush have been such close friends over the past several decades, that McCain will repay that friendship and loyalty by calling on Jeb Bush to run as his Vice President.

Ever wonder why other Governors have endorsed McCain but Jeb Bush has been eerily silent during the primaries about who he is endorsing? It's because both Jeb and John know that Republicans will NOT vote for McCain if they know that a Bush will be the running mate.

Chime in folks and get the conversation out there before Super Tuesday!

Posted by: Cat_Shui | Feb 1, 2008 5:37:26 AM

Romney's got my vote. The number one thing that matters to me is ECONOMY, he's clearly the only one that has a proven track record on that issue.

Posted by: lionsfan2008 | Feb 1, 2008 5:47:27 AM

Mitt Romney looks like the only adult in the race. Does any one trust McCranky to do the will of the people after his amnesty bill? Huckabey is of course doing his work to be McCranky's VP. If Huckabey was out of the race Romney would take all of these contests.

Posted by: disambiguated | Feb 1, 2008 5:47:35 AM

Maybe Rommney can become a moderate again,then he might get more voters interested in him. Most Americans are moderates.Rightwingers are becoming extinct,we are sick of their middle ages mentality. No more war mongering Presidents ever!

Posted by: AJ | Feb 1, 2008 6:04:39 AM

Assuming Mitt is the self-made millionare he appears to be, what sort of lunacy inspired him to dump so much of his personal fortune into a long-shot presidential bid? Even if he were the odds-on favorite aka Bilderberg darlings McCain or Clinton, what sort of return on his investment does he possibly hope to make out of becoming president? Does this strike anyone else as a little vainglorious for a devout Christian? It's one thing to blow millions of other people's money on such an attempt, but his own? Sounds like his millions would have been much better applied toward projects with more tangible returns and benefits for his fellow citizens.

Posted by: h5mind | Feb 1, 2008 6:48:44 AM

If anybody is dumb enough to vote for these turkeys they deserve what they get. McCain=War with Iran, and taxes to combat "global warming." Huckabee=More war and letting violent criminals out of prison to take what they learned back out onto the streets. And Romney will suck up to the corporate sector, maintain the war, and do nothing while what's left of the economy implodes. His idea as a manager was to fire everybody, cut off the overhead and get cheap labor and infasructure overseas; While giving themselves tax breaks so they don't have to reinvest their profits back into the USA. He's a corporate profit taker. So he's not a job creator, he's a job destroyer, check his record. Your seeing what isn't there. The only reason the conservatives are backing Mitt is because he OWNS their stations. Hannity, Limbaugh, Gibson, Medved, O'Reilly syndicated by Clear Channell which was just bought by Romney's investment firm. Do you really expect them to not endorse THEIR BOSS!!! Besides that, and him spending three times on advertising as his opponents. What TRUE support does he have???

Posted by: fraud '08 | Feb 1, 2008 6:52:20 AM

Romney spent his own money because he believes in what he's doing. The fact that he's spent millions of his own money shows his passion for what he believes. And, spending all that money, he's creating jobs for many in the advertising and media, and helping them put food on their tables. He's a good man, a smart man, a man of integrity. I'm voting for him because he stands for what makes this country great.

Posted by: ComeOn | Feb 1, 2008 7:16:08 AM

He didn't create Limbaugh, Hannity, Boortz or Gibson's jobs. They had them before him. He just bought their voice and made them mouthpeices for his campaign. He didn't "create" anything. He bribed them. Was Forbes, Rockefeller, or DuPont qualified because they had money??? No, and neither is Mitt!

Posted by: fraud '08 | Feb 1, 2008 7:23:48 AM

Romney is the only candidate prepared to fix our economy!

His record for proof:

In 1990, Romney was CEO of Bain & Company, which was facing financial collapse. As CEO, within a year, he had led Bain & Company through a highly successful turnaround and returned the firm to profitability without layoffs or partner defections.

Romney served as president and CEO of the 2002 Olympic Winter Games held in Salt Lake City. Before he was called in, the event was running $379 million short of its revenue benchmarks. The Games ended up clearing a profit of $100 million.

In 2003, Romney was sworn in as Governor of Massachusetts--- Upon entering office, Romney faced a projected $3 billion deficit, but by 2006 the state had a $700 million surplus and was able to cut taxes.


Romney graduated from a joint Juris Doctor/Master of Business Administration program coordinated between Harvard Law School and Harvard Business School. He graduated *** laude from the law school and was named a Baker Scholar for graduating in the top five percent of his business school class.

Romney knows how to help our economy!

Posted by: Go Romney! | Feb 1, 2008 7:34:31 AM

Just because a man has money doesn't disqualify him either. The guy is bright, productive, and has a proven track record turning around failing businesses. This is a good thing! He can turn around a failing economy, too. Let's give him the chance!

Posted by: ComeOn | Feb 1, 2008 7:36:48 AM

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