Mitt Romney Discloses that He’s Worth a Quarter-Billion
Republican Presidential candidate Mitt Romney revealed his financial status to the public in a recent disclosure. According to sources, Romney is worth as much as $250 million. This dwarfs the financial standing of President Obama, who is worth between $2.6 million and $8.3 million.
Most of Romney’s wealth is locked up in investments that are managed by blind trusts. The trusts were formed in 2003 when he became Governor of Massachusetts. He earned between $720,000 and $6.3 million during his time with Bain Capital.
“They do not control the investment of these assets, which are under the control and overall management of a trustee,” said Andrea Saul, a Romney campaign spokeswoman.
One of the major financial shifts for Romney this year was the divestment of his stock portfolio, building his cash reserves to $6.4 million. Romney sold his holdings in Coca-Cola, Proctor & Gamble and Apple. He dropped many of his foreign holdings, including those in Wal-Mart de Mexico, which is in the middle of bribery allegations. He also divested from China, to give him room to continue criticizing the trade policies of the country without the appearance of a conflict of interest.
The campaign also disclosed that there is a third trust established for the Romney children, which is reportedly worth $100 million.
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