Final report: Romney spent $42.3 million of his own dough
I know that this is trying to be spun negatively, but what a class act. He dropped out when it was time, he was willing to put his money where his mouth was. He took a chance on himself, just like others did. I think that this is a positive story. Great Job Mitt. We’ll see you again soon!
Maybe you remember — it seems like less than three weeks ago — former Massachusetts Gov. Mitt Romney was flying back and forth across the country in a last-minute bid to score well in the Super Tuesday Republican primary voting.
And he started visiting reporters in the back of his campaign plane and ruminating and we wrote here: Is Mitt Romney pondering The End?
And, sure enough, after a disappointing showing that Tuesday, he quit. And soon after, he endorsed Sen. John McCain. But while Romney was talking to reporters before that Tuesday, someone asked him how much of his own personal fortune he was willing to invest in the campaign. And Romney said that he and his wife of 38 years, Ann, had indeed set a limit. But he wouldn’t say what it was.
Now, we know.
The limit was $42.3 million.
That works out to about $150,000 of his own money for every convention delegate Romney won. But then he also spent another …
$55.7 million of other people’s money on his campaign too. A total of $98 million.
Those are some of the figures that The Times’ Dan Morain has mined from the latest campaign finance reports filed with the Federal Election Commission. Other interesting financial tidbits:
The GOP candidate with the most cash in hand at the end of January was good old Ron Paul, the 72-year-old House member with the libertarian leanings and the devoted followers who’ve given so generously and left him with $6 million cash — and not a penny of debt.
Spurred by another $6 million in donations in 2008, Paul has reactivated his presidential campaign.
Sen. McCain had $5.2 million cash on hand at the end of January, but, oops, $5.5 million in debts. And stubborn not-so-old Mike Huckabee, who keeps hanging around way behind McCain in delegates but way ahead in quips, had less than $1 million in cash.
Do you remember some guy named John Edwards, a well-coiffed fellow who used to be a senator and a Democratic presidential candidate? He’d spent $41.78 million on his campaign through the end of January before quitting. He raised $38.9 million and got a bank loan of nearly $9 million at an interest rate of prime-plus-5%.
At the end of last month he had $7 million cash on hand, but debt of a little more than $9 million.
No wonder Edwards was so opposed to foreclosures.
– Andrew Malcolm
Photo: Jonathan Ernst / Getty Images
February 22nd, 2008 at 9:17 pm
I thing Governor Romney and all of us who contributed knew it would be an uphill battle but worth the effort. For the future! Go Mitt! - P
February 22nd, 2008 at 10:12 pm
I was happy to donate to Romney’s campaign, and I’ll be happy if I get the opportunity to donate again.
February 22nd, 2008 at 11:13 pm
That’s because enough people didn’t believe in him to donate
The majority of the money he raised came from the Morin people.
February 22nd, 2008 at 11:14 pm
Amen,
Wise mananagement= being blessed with more. Mitt and Ann will be blessed for their actions; the money I donated, left me with satisfaction of donating to the greater good, and having my voice heard. If I get the opportunity I will do it again.
February 22nd, 2008 at 11:59 pm
The picture of Mitt and Ann is telling. They are OK. they walk back into a happy and fulfilling life. No one can feel sorry for them–only sorry for America. It is hard to see them walk away. If there is any justice in life, Mitt Romney will find the bargains in the current stock market and make back all of his money. It is certainly my hope. What gracious people.
February 23rd, 2008 at 12:27 am
My donation to Mitt’s campaign was my first ever. I’d do it again and hope to have the chance to. If he goes back into the private sector, he’ll have plenty of opportunities to make good money. But for our country’s sake, I hope we see him as POTUS in 2012!
February 23rd, 2008 at 12:27 am
We’re fortunate that Mitt, Ann, and family love our country so much that they gave so generously of themselves and their money to try to serve our country on the presidential level. It was invigorating and exciting while they were in the race, wasn’t it?!
I hope they quickly recoup their losses and do what’s best for themselves. They are the creme de la creme! By 2012, our country will really need them. I woudn’t blame the Romneys if they decided not to run, because campaigning for public office in the United States of America is unjust, unholy, and corrupt.
February 23rd, 2008 at 2:20 am
Even though he ended up leaving, it was money well spent. I donated a lot myself and if I had to do it all over again I think I would have given More, but I will in 2012 because he’ll certainly need it then.
I don’t think we’ll be seeing Mike Huckabee again as he’s become seriously marginalized not just by the media but by the RNC and they’re not about to support this guy in 2012 no way, they’ll take the man who exited gracefully and supported the nominee, Mitt Romney did just that.
February 23rd, 2008 at 4:24 am
Thank you Mitt , Ann and family. Your courage, integrity, and genuine humility will not be in vain. Looking at that picture, made me cry ,you are so missed. I have no doubts you will be back. I pray I am still here to see it. If not here then from the other side ; ) God bless…….
With love,
Elizabeth
Utah
February 23rd, 2008 at 5:09 am
My husband and I were proud to donate to Mitt’s campaign, we did so with high hopes, I certainly would not blame him if he did not come back in 1012, but I pray he will. What a class act and a beautiful family. God bless you all.
February 23rd, 2008 at 11:10 am
God bless Mitt and his family…there’s a wonderful article by Mitt on beliefnet.com about his father…explaining that it’s not about winning, but about doing what you’re supposed to do…
http://www.beliefnet.com/story/7/story_761_1.html
Alex
February 23rd, 2008 at 3:15 pm
Money Money Money….its an investment infrastructure and people building which will pay off down the road when he runs again. He had to overcome alot to get to where he is now. Name recognition, religion and a terrific guy name Huckabee who has little common sense and decency.
February 23rd, 2008 at 3:28 pm
Just like Reagan had to withdraw the first time he ran for pres, so did Mitt. He nay get the chance in 2012, if it is the right atmosphere, we shall see. As far as Huckabee, even if he runs again, his actions have demoted him to a “marginal candidate”, who becomes a irritant for those in the race with him. He should have bowed out with grace, then he would have been taken seriously, when the next chance occurs. Even if McCain were to implode, you really gotta know that the repub hierarchy would not think of him seriously as the standard bearer. He refuses to “pay his dues”. That is reserved for people like Mitt. He will have the organization and the funds in place to hit the ground running.
February 23rd, 2008 at 6:11 pm
I have voted in politics for well over 35+ years and have NEVER donated to a campaign until Mitt. Just an observation…both on the Dem and Rep side the MSM decided in the very beginning who would get coverage and who would not. There were some candidates that would have been acceptable BUT the media wanted nothing to do with them. Mitt had his own money which he had to use to BUY his name recognition. Everyone knew who Rudy, McCain, Hillary and Edwards were and the press has been all to willing to give Huck and Obama all positive coverage. Had the press given equal POSITIVE coverage to ALL candidates we would have a completly different story on both sides. Look at all the religious bigoted press reports dished out to him, the press hates Mitt cause he took so long to go away, where Tancredo, Biden, Richardson, Hunter and all the others that no one even knew who they were, went away quietly. I appreciate someone who is willing to support themselves while asking others to help also. I didn’t think a person is supposed to be ashamed of working hard, making money and then using that money for a good cause. WAKE UP AMERICA!!! If there is ever another candidate that has the experience, values, and ability to work hard for America I will gladly donate and vote for that person. Until that point I will just have to sit home and wish that people would have done their homework on Mitt sooner. Mitt 2012…sigh….I hope so….