Romney estimates wealth in millions

Romney estimates wealth in millions

	Published : Fri, 11 May 2007 23:00 By : Agencies Print this Story

WASHINGTON (AP) - Republican presidential candidate Mitt Romney, who made his fortune as a management consultant, is expected to report financial assets between $190 million and $250 million, an adviser said Friday.

Aides to the former Massachusetts governor said his assets have been held in a blind trust that he and his wife set up when he took office in 2002. The adviser who provided the estimate of his assets cautioned that the number is based on 2005 and 2006 financial activity and could amount to a bigger total once the disclosure report is filed later this year.

The adviser spoke on condition of anonymity because the totals have not been officially released. The deadline for filing financial disclosures is Tuesday but Romney obtained an extension on Friday.

Romney also has a blind trust for his children and grandchildren that is estimated to hold assets between $70 million and $100 million, the adviser said. Those assets do not benefit Romney or his wife and are not required to be reported in federal financial disclosures.

Romney has five sons, five daughters-in-law and 10 grandchildren.

In 1984, Romney founded Bain Capital, an investment company that helped finance Staples, Domino's Pizza and Brookstone. He then became interim CEO at Bain and Co., the consulting firm where he had worked in the early 1980s. He was credited with pulling Bain and Co., out of financial straits.

Romney, 60, also was CEO of the Salt Lake Organizing Committee for the 2002 Winter Olympics.

In the 2008 race, Romney surprised the Republican field by raising more than $20 million for his campaign in the first three months of the year, outpacing GOP front-runners Rudy Giuliani, the former New York City mayor, and Arizona Sen. John McCain.

The estimated total is the first glimpse of Romney's wealth since he has been a public official. Aides said his holdings are complicated, spread across partnerships, investment funds and hedge funds. One adviser said obtaining the underlying assets of the hedge fund alone is a pretty arduous task.

Romney received permission Friday from the Federal Election Commission to delay the official filing of his financial disclosure documents for 45 days beyond Tuesday's. Candidates are entitled to obtain two extensions of up to 45 days each beyond Tuesday's deadline.

Romney communications director Matt Rhoades said the trustee for Romney's blind trust and 'advisers are working diligently to complete the voluminous and complex process and we'll comply with the law.'