News that doesn't receive the necessary attention.

Sunday, March 6, 2016

Romney refused to spend any of his own money on his 2012 pres. campaign v Obama. Reuters: 'More Republicans may start to ask how committed he is to winning the race if he won’t put his own money on the line.' 9/25/2012. Trailing in polls in key battleground states in the stretch, Romney took time off the trail to fundraise

Sept. 25, 2012 article: "More Republicans may start to ask how committed he (Romney) is to winning the race if he won’t put his own money on the line."...Polls in late Sept. 2012 showed Romney" trailing in key battleground states"...Romney "strategist Ed Gillespie bemoaned the time Romney must spend fundraising."...Romney "has fretted publicly that "spending his own funds would be "akin to a nightmare.""

9/25/2012, Why doesn’t Mitt Romney contribute to his own campaign?Reuters, Michael Waldman

"Lately, Mitt Romney has been so consumed with fundraising that his aides have had to defend his absence from the stump. Like his foe, the Republican nominee is in the midst of a frenzied financial arms race. But one hugely wealthy individual has not yet been persuaded to part with much cash to support the Republican cause: Mitt Romney himself....

Romney, for whatever reason, has failed to use his personal wealth to pay his campaign’s bills. His refusal to self-finance is one of the mysteries of this campaign.

After all, if Romney were to help fund his own bid, he would have ample company. In 1976, the U.S. Supreme Court ruled that it would violate the First Amendment to limit what candidates can spend on their own behalf. Ever since, wealthy office-seekers commonly have ponied up. John Kerry lent more than $6 million to fund his Iowa caucus drive in 2003. Hillary Clinton lent her campaign over $11 million four years later. Steve Forbes gave his 1996 campaign $32 million, and spent nearly $37 million four years after that. Ross Perot spent $63 million to finish strongly in 1992, back when that was real money.

In fact, four years ago [2008] the former governor gave his own campaign nearly $45 million. He even donated a Winnebago trailer.  “I’m not beholden to any particular group for getting me into this race or for getting me elected,” ABC News quoted him as saying. “My family, that’s the only one I’m really beholden to — they’re the ones who let their inheritance slip away, dollar by dollar.”

The Romney boys can sleep easy: Their dad’s assets are worth nearly $250 million, according to financial disclosure forms. But he has put only $150,000 into this year’s run, through a joint gift with his wife Ann to a Republican committee last spring.

Romney’s campaign surely could use the money. His summer fundraising was less robust than it appeared, since much of it was committed to party committees not controlled by him. His campaign borrowed $20 million as a “bridge” loan to keep ads on the air before the general election began. Even the super PACs have less on hand now than seemed likely just a few months ago. His strategist Ed Gillespie bemoaned the time Romney must spend fundraising. I don’t think anybody considers Utah to be on the target state list, but it was an important event for us,” he said of a recent fundraiser held in Salt Lake City, according to BuzzFeed....

For his part, he (Romney) has fretted publicly that spending his own funds would be “akin to a nightmare.”...

Also, his money may not be easy to access. We know that much of it is tied up in offshore accounts and complex tax-driven trusts....

A large gift could open him to the charge he is trying to buy the presidency. That seems unlikely, though....

Individuals and corporations can give unlimited sums to super PACs so long as they pretend not to coordinate with candidates....Billionaires such as Sheldon Adelson now sponsor candidates as if they were racehorses. Mitt Romney might find himself just as surprised as anyone at how his own campaign seems less flush than it seemed just a few weeks ago, with initiative and power flowing to the purportedly independent groups that now constitute a de facto Republican Party....

To be clear, pity is not in order. Romney and the Republicans have plenty of money. But his reluctance must rankle some donors who are being asked to give substantial sums. As the campaign lunges toward the finish, more Republicans may start to ask how committed he is to winning the race if he won’t put his own money on the line." 
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Sept. 24, 2012: Trailing in polls in key battleground states in the stretch, Romney nevertheless took time off the trail to fundraise. Romney strategist Ed Gillespie "went on to bemoan the time they’ve had to spend in non-swing states, rather than stumping in places like Virginia, Ohio, and Florida." (All of which Romney lost).

9/24/2012, "The Romney Campaign Is Sick Of Fundraising," BuzzFeed, McKay Coppins. "But they still need cash!"

"In a conference call with reporters Monday morning, senior Romney adviser Ed Gillespie was asked why Mitt Romney doesn’t spend more time holding public campaign events. His response was unusually blunt: They need more money. 

“He has been doing a lot of events, but a lot of them have been fundraising events,” Gillsepie said.....

He went on to bemoan the time they’ve had to spend in non-swing states, rather than stumping in places like Virginia, Ohio, and Florida

“I don’t think anybody considers Utah to be on the target state list, but it was an important event for us,” Gillespie said of a recent fundraiser held in Salt Lake City. He said they hoped to soon have enough money in their campaign coffers to carry them through November 6th....

Gillespie’s comments, coupled with Romney’s defense of his light campaign schedule in a gaggle with reporters Sunday, could be read as an effort to telegraph a need for more money from reluctant donors. Recent reports have suggested that Romney’s campaign may be in a weaker financial position than some thought. And with polls showing the Republican trailing in key battleground states, some wealthy donors may be weighing their likely return on investment as they hesitate to write checks.

Meanwhile, Romney has blamed the need for more fundraising on President Obama’s decision to ditch the federal campaign finance system in 2008."

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