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

February 21, 2008 in 2008, analysis, campaign finance, conservatism, election 2008, GOP, mitt romney, republicans, rhetoric, romney, stupidity, the dark soul of Mitt Romney, triumph of unreason
Tags: AP, associated press, Boston Globe, boston.com, desperation, foolishness, globe staff, idiocy, Jim Kuhnhenn, ROI

“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.

Advertisement