February 21, 2008
MittWatch: Romney's Worst Investment?
Elections are expensive this year, and it turns out that former Massachusetts governor and former presidential aspirant Mitt Romney paid a pretty penny for each delegate he received before dropping out of the race.
Foon Rhee reports that Romney put in $42.3 million of his own money into his presidential campaign. As of last October, he had already put in $17.5 million, suggesting that he made a massive money push in the last days.
While running for president might be the worst investment Romney's ever made (unless someone picks him to run as VP), don't cry too much for him. His net worth was once estimated as somewhere between $190 million and $250 million, and he has a golden touch for just about everything except the presidential race. He can also feel a sense of schadenfreude now that his former arch-nemesis, John McCain, is battling rumors of "proximity" to a lobbyist (via Jessica Van Sack).
Image mashup by Caroline Roberts.
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Again, you guys are projecting. Just because you imagine what fabulous wealth would afford YOU, doesn't mean that Romney has the same motivations. The guy made bazillions. If he wants to throw it away, that's his right as an American. That he may actually want to contribute something is gravy. Tell me again how many people are bitching about Bill Clinton's multi-million annual take on "speeches" and hedge funds? (He of the tax-deductible clothing donations). I'll wager schadenfreude is best observed in your mirror.
I've been thinking abut wealthy people ''buying'' elections. There's an upside to it. If you can afford to fund your own campaign for the WH, doesn't it make you immune to the influence of wealthy donors or fundraisers who expect favors for contributions?
Also, can you use contibutions to your own campaign as a tax deduction? I do not know.