New Spin: Why Isn't Romney Wealthier?
The Washington Post yesterday printed a piece from William Cohan that begins:
Mitt Romney is indisputably a very rich man. And if he is elected president on Nov. 6, he will become one of the wealthiest people ever to hold the office.
But exactly how wealthy is Romney? The figure that gets tossed around is $250 million in net worth — meaning the total value of his assets, financial and others, minus any debts.
It’s a big number, but frankly, it seems low. Given the industry in which he made his fortune (private equity), the era when he made it (the 1980s and 1990s) and the wealth of his peers in that business (mostly billionaires), Romney should be worth a good bit more than that.
Why isn’t he?
Hey, if the "Mitt Romney is too rich" meme isn't working, why not try the "Mitt Romney isn't wealthy enough" one?
I admire Cohan for his originality. His op-ed, however, is insane.
- Comment (24)
- · Quote
- · UnfollowFollow (7)
- Pages:
- 1
- 2
Comments:
Aug '11
Re: New Spin: Why Isn't Romney Wealthier?
I will file this one in the "I've just about read everything file" alongside the "You can't win for losing" file.
The file cabinet is very full.
Apr '11
Re: New Spin: Why Isn't Romney Wealthier?
Ace's take on this is perfect:
I think we should all rise from our seats and applaud the Washington Post for this.
"There is hackery, there is partisanship, and then there is...this.
This is resplendent.
Congratulations, Washington Post.
You are now officially beyond mockery."
May '10
Re: New Spin: Why Isn't Romney Wealthier?
If his tax return in 2011 is any indication, it appears he has given a lot of money away. His net worth may be a fraction of the wealth he actually created.
Mar '11
Re: New Spin: Why Isn't Romney Wealthier?
@billy, I saw it there too.
Let's see...one can have too much money to be President, and one can have too little...
Throw us a lifeline here, Mr. Cohan. What's the over/under?
Oct '10
Re: New Spin: Why Isn't Romney Wealthier?
Of course, this won't stop the WashPo being given pride of place at every GOP press conference. It won't stop conservative commentators wanting to appear on its (dead tree or electronic) pages. It won't stop Peter and Rob citing it repeatedly.
Jun '12
Re: New Spin: Why Isn't Romney Wealthier?
Maybe it's also because Romney at Bain Capital decided to reinvest more of the profits than take them home in his wallet.
Maybe it's also because he took time off from Bain to turn around the SLC Olympics, and then run for Governor of MA, and so on and so forth.
Re: New Spin: Why Isn't Romney Wealthier?
ConservativeWanderer: Maybe it's also because Romney at Bain Capital decided to reinvest more of the profits than take them home in his wallet.
Maybe it's also because he took time off from Bain to turn around the SLC Olympics, and then run for Governor of MA, and so on and so forth. · 26 minutes ago
The latter is the key. Had Romney remained at Bain a few more years, he would have quadrupled his money, but he quite and sold the company in order to bail out the Olympics.
Jun '10
Re: New Spin: Why Isn't Romney Wealthier?
I guess if liberals can criticize Tim Tebow for not having enough notches on his bedpost--last count: zero--they can also criticize Mitt Romney for not milking every last dollar out of his business deals. In both cases, it says more about the critics. No?
May '10
Re: New Spin: Why Isn't Romney Wealthier?
The stretch between now and November
will surely be one to remember
too clever by half
the Left's blizzard of chaff
will fail to rekindle O's ember
They're going to be in full "Just make stuff up" mode. They'll be saying everything and anything. Any connection to logic, facts, or reality will be purely coincidental.
Jul '10
Re: New Spin: Why Isn't Romney Wealthier?
Hay, Cohan...
I heard Romney will start a new tradition with His inauguration. He'll be sworn in with His left hand on a stack of cash.
Apr '11
Re: New Spin: Why Isn't Romney Wealthier?
Exactly. It's easy to miss obvious and well documented answers when your questions are based on a cartoonish caricature.
Jun '12
Re: New Spin: Why Isn't Romney Wealthier?
Paul A. Rahe
ConservativeWanderer: Maybe it's also because Romney at Bain Capital decided to reinvest more of the profits than take them home in his wallet.
Maybe it's also because he took time off from Bain to turn around the SLC Olympics, and then run for Governor of MA, and so on and so forth. · 26 minutes ago
The latter is the key. Had Romney remained at Bain a few more years, he would have quadrupled his money, but he quite and sold the company in order to bail out the Olympics. · 1 hour ago
Thank you for your kind words, Professor.
Do I get an A on this assignment? ;)
Dec '11
Re: New Spin: Why Isn't Romney Wealthier?
I've long been aware of the economic illiteracy of the MSM and this is why I read the WSJ and IBD only for any financial insight. Romney oversaw businesses that unlike the bond market and Silicon Valley, dealt with relatively high overheads and inventory levels plus a far greater breadth and depth of product; businesses that were far more challenging to succeed in for the long haul.
This article is an attempt to compare Romney with businessmen such as Jon Corzine and George Soros. Argghhh...
Aug '11
Re: New Spin: Why Isn't Romney Wealthier?
Mollie Hemingway, Ed.:
I admire Cohan for his originality. His op-ed, however, is insane.
"Whom the gods would destroy they first make mad."
Jun '10
Re: New Spin: Why Isn't Romney Wealthier?
Mollie Hemingway, Ed.:
I admire Cohan for his originality. His op-ed, however, is insane. · · 3 hours ago
Insane and inane.
Jan '11
Re: New Spin: Why Isn't Romney Wealthier?
This is a case of a creating a fiction, then becoming suspicious when reality doesn't match your expectations based on the fiction.
Cohan is accusing Romney (gasp, take a deep breath) of not being the most successful pirate. Of course, the accusation only works if you first create the fiction that anyone who ever worked in private equity is really a pirate, and so he should have billions laying about. The fact that he only has hundreds of millions, well, that's suspicious, isn't it?
Romney's not living up to the pirate image. That's suspicious.
Nov '10
Re: New Spin: Why Isn't Romney Wealthier?
KC Mulville: Cohan is accusing Romney (gasp, take a deep breath) of not being the most successful pirate. Of course, the accusation only works if you first create the fiction that anyone who ever worked in private equity is really a pirate, and so he should have billions laying about. The fact that he only has hundreds of millions, well, that's suspicious, isn't it?
Romney's not living up to the pirate image. That's suspicious. · 3 minutes ago
In other words, the answer is "Romney's too honest to bleed his pet projects dry like the individuals EThompson mentioned." Hardly an indictment.
Jun '12
Re: New Spin: Why Isn't Romney Wealthier?
Umbra Fractus
In other words, the answer is "Romney's too honest to bleed his pet projects dry like the individuals EThompson mentioned." Hardly an indictment. · 0 minutes ago
To a lefty it is.
See also Corzine, Jon.
Sep '10
Re: New Spin: Why Isn't Romney Wealthier?
Next week:
Why Bain Capital was really a Bernie Madoff style Ponzi scheme. Congressional committee investigates. Bill Clinton says questions must be answered.
Nov '10
Re: New Spin: Why Isn't Romney Wealthier?
I know, Romney's incompetent!
Heck, if O had landed that job, he'd be a billionaire! Or me! If only I'd landed that job! Bum luck.