Original Link: http://money.cnn.com/galleries/2007/moneymag/0712/gallery.candidates.moneymag/6.html
Where he got
Romney won a combo M.B.A. and law degree from Harvard and promptly
took himself to Wall Street, or at least the Boston version.
with the Boston Consulting Group and moved on to Bain & Co., another
consulting firm, where he became vice president in 1978.
Six years later
he founded Bain Capital, a private equity spin-off that at one time or another
had stakes in Bright Horizons, Domino's Pizza, Staples and The Sports Authority,
among others. Romney still receives income from Bain as a retired partner but no
longer has any say in operations.
Since 1999, when Romney entered public
life, taking over the troubled operations of the 2002 Salt Lake City Olympics,
and later as Governor of Massachusetts, he has donated his public service
salaries to charity.
He has said he would do the same with his
presidential earnings. He doesn't need the small change.
Romney and his wife Ann hold about 100 stocks, including Dell,
Disney and Target, as well as foreign issues including the Bank of Yokohama and
China Mobile, in two blind trusts.
About 43 percent of the Romney
portfolio is tied up in private equity investments through Bain Capital
Management. About $38 million is in Federal Home Loan Bank bonds that have
maturities stretching out to 2016.
Last year Romney's adviser sold
dozens of stocks, some of which he believed would be politically sensitive.
Among them: gaming companies such as Bally and Harrah's, and companies
that do business with Iran, including European oil producers Eni SpA and Total.
The sales explain Romney's ultrahigh 2006 income.
How he could do
Romney is the candidate with the most riding on the estate-tax
debate. Hugh Smith and Stewart Welch of the Welch Group say that unless Congress
changes laws, Romney's estate could owe at least $90 million as of 2011.
They suggest various ways to cut that bill, including giving all the
money to the family foundation after Mitt and Ann both die.
bite out of the problem: They could give $24,000 tax-free to each of their
grandchildren, soon to number 12, every year.