Globe Staff: Romney put in at least $42.3 million of his own money, a big chunk of the $97 million he spent on the campaign

WASHINGTON (AP) — A campaign fundraising report shows Republican presidential dropout Mitt Romney lent himself $7 million last month. That means Romney spent more than $42 million of his personal fortune on his failed campaign,” writes Jim Kuhnhenn in an Associated Press transmission titled Romney Lent His Campaign $7M in January

The former venture capitalist and Massachusetts governor finished January with nearly $9 million in the bank. But more than $3 million of those funds must be returned to donors because they were earmarked for the general election [...]

[...] “Before abandoning his bid to become president, Mitt Romney put in at least $42.3 million of his own money, a big chunk of the $97 million he spent on the campaign,” writes the entire staff of the Boston Globe in an article titled Romney spent $42.3m of own money; McCain reports raising $49m

His campaign reported to the Federal Election Commission yesterday that he loaned his campaign $6.95 million during January to reach that total.

The former Massachusetts governor’s total self-financing puts him ahead of Steve Forbes, the publisher who spent $38 million on his unsuccessful run for the GOP nomination in 1996, but shy of the $63.5 million that H. Ross Perot spent on his 1992 third-party presidential campaign.

Romney’s total loan also equates to about $167,000 for each of the 253 delegates he won before suspending his campaign. By suspending his bid, Romney, who made an estimated $250 million as a venture capitalist, can keep raising money to possibly pay himself back.

Romney also reported raising $9.7 million last month, bringing his campaign total to $63.6 million.

That total is appreciably more than that raised by John McCain, the presumptive Republican nominee whom Romney endorsed last week. McCain received contributions totaling about $49 million and borrowed nearly $4 million more by the end of last month.

During January, McCain raised $11.7 million and borrowed $950,000, his campaign reported to the FEC. After he emerged as the front-runner, he raised nearly twice as much in January than during the previous three months combined [...]

Conclusion: Romney dominated the field with his own money and his fund raising prowess. Yet he still failed. More evidence of Romney’s preposterously low ROI for his every campaign dollar.

yours &c.
dr. g.d.

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