Romney Worth $500 Million Plus, Times Says

From the NewsMax.com Staff

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Sunday, March 11, 2007 9:45 a.m. EDT

Romney Worth $500 Million Plus, Times Says

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Former Massachusetts Gov. Mitt Romney is the richest man in the presidential race.

Presidential candidates are not required to disclose their net worth, and Romney has not. But analysts who track compensation in Romney’s business field said it was likely to exceed $500 million, according to a report in Saturday's New York Times.

Romney built his fortune with the Boston-based Bain Capital, a venture and buyout firm. In 1984, Romney began investing Bain’s $40 million venture fund that eventually grew to billions. Romney’s fund was the first investor in Staples, the office supplies store.

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The Times also suggests that Romney has been using his personal wealth to woo conservative support for his presidential bid.

Examples include:

Recently, a foundation controlled by Romney made contributions of $10,000 to $15,000 to each of three Massachusetts organizations associated with major national conservative groups: the anti-abortion Massachusetts Citizens for Life, Massachusetts Citizens for Limited Taxation, and the Christian conservative Massachusetts Family Institute.

Romney and his supporters also contributed about $10,000 to a nonprofit group affiliated with the National Review.

In the last couple of years, Romney contributed $35,000 to the Federalist Society, an influential network of conservative lawyers.

In December 2005, Romney contributed $25,000 to the Heritage Foundation, a leading conservative research organization.

The Times report noted that coming on the eve of his presidential campaign, Romney’s contributions might create the appearance of a conflict of interest for groups often asked to evaluate him.

For example, Romney critics have already zeroed in on a $15,000 donation to Massachusetts Citizens for Life — arguing that he is trying to buy the group’s support.

Additionally, Romney-watchers have pointed out that the contributions listed above are to groups to which he had never contributed before.

The paper noted that in 2002 Romney ran the most expensive race for governor in Massachusetts history -- spending about $6 million of his own money on a campaign that rang in at a hefty $9.4 million.

Meanwhile, Romney spokesman Kevin Madden said that Romney’s donations simply demonstrated his convictions. "He has donated his time and his effort and whatever resources he can to help advance their causes,” Madden said.

Public financial disclosure forms completed by presidential candidates do not reveal net worth. Madden added that the campaign had not yet decided whether to release Romney’s tax returns.

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