Mr. Mitt Romney, now basically the de facto GOP candidate for the November 2012 Presidential election, has now released his Public Financial Disclosure Report for all of 2011 to the Federal Election Commission, dated June 1, 2012. For the purposes of this posting, I'll pick out a few of the interesting points since we already know that Mr. Romney is well ensconced in the .01 percent.
Here is the first page of the Disclosure that shows Mr. Romney's income and a valuation of some of his assets (and those of his wife as well):
Like many of his wealthy counterparts (and, for that matter, most of us), Mr. Romney carries a reasonable balance in his bank account, in this case, his Bank of America cash account. In that account, his balance ranges between $250,001 and $500,000, basically the average price of two American homes. We all know that interest rates on bank cash accounts really suck right now but Mr. Romney managed to haul in between $1,001 and $2,500 in interest, a number that is close to what many Americans have as a total balance in their chequing accounts! On top of this, he has a rather comfortable bank deposit at Goldman Sachs (who else?), ranging between $5,000,001 and $25,000,000 which appears to be his largest, single asset line item. I guess this is his "just in case I see something that I just have to buy right now" money.
As a former director of Marriott, Mr. Romney received annual stock retainers for 2009 and 2010 totalling $260,389.74, an annual rate of nearly two and a half times the average American household income. On top of that, he received speaker's fees from four speeches at such wide-ranging establishments and events as Emory University ($11,475) and the International Franchise Association meeting in Las Vegas ($68,000); the speaker's fees for the four events totalled $189,975 for an average of $47,493.75 per event.
Here are a sampling of the eight pages that show exactly what assets Mr. Romney and his wife own:
Mr. Romney is rather heavily invested in Federal Home Loan Bank bonds (FHLB), holding between $14.5 million and $62 million in FHLB bonds of varying maturities. Other investments of interest are his holdings in European bonds, particularly from the countries of Sweden and Norway, two of the more stable nations in the European stable. He owns between $200,000 and $500,000 in bonds from both nations, all maturing before 2016. He also owns a similar quantity of bonds issued by both Canada and Australia.
Lastly, let's take a look at what Mr. Romney has been selling over the year that was 2011 because it's always interesting to see where their heads are:
He sold between $566,600 and $1.918 million worth of stock in 66 different companies ranging from Canadian National Railway to Volkswagen. This is actually a relatively small part of his overall portfolio given that this new Disclosure values his net worth at between $190 million and $250 million. Not bad for an avowed capitalist, is it?