Tagg Romney Followed Mitt’s Advice: “Borrow Money…from Your Parents; Start a Business.”Posted: May 1, 2012
The New York Times has an interesting story about Solamere Capital, a private equity firm founded by Mitt Romney’s son Tagg (short for Taggart) shortly after his dad’s last campaign for POTUS ended in 2008.
About a month after Mitt Romney ended his bid for the Republican presidential nomination in February 2008, his eldest son, Tagg, and Spencer Zwick, the campaign’s top fund-raiser, met with a beef company executive who had been a major campaign donor over dinner at the posh Torrey Pines resort in San Diego….
Neither had experience in private equity. But what the close friends did have was the Romney name and a Rolodex of deep-pocketed potential investors who had backed Mr. Romney’s presidential run — more than enough to start them down that familiar path from politics to profit.
I’m sure you recall Mitt Romney’s advice to community college students at a recent campaign appearance in Ohio.
WESTERVILLE, Ohio — Republican presidential candidate Mitt Romney offered a group of college students this advice on Friday: If you want to start a business, borrow money from your parents.
Romney, a wealthy former investment banker who has struggled to soften his image as a member of America’s super elite, was discussing ways of achieving the American dream at Otterbein University. He said, “We’ve always encouraged young people: Take a shot, go for it. Take a risk. Get the education. Borrow money if you have to from your parents. Start a business.”
Well, Mitt knows whereof he speaks! He kicked in $10 million to help Tagg and some friends start up Solamere. On top of that, he gave his eldest son access to his superrich campaign donors. What a guy.
The small firm, including Tagg Romney, 42, Mr. Zwick, 32, and a third partner they brought in, Eric Scheuermann, 47, the only one with a private equity background, is in line to collect at least $16.8 million in fees over the first six years of the fund, according to a filing with the Securities and Exchange Commission. The firm has earned a 20 percent return since 2010, despite having invested only about half of its money so far.
And guess what? Solamere’s employee roster is practically a who’s who of Romney campaign personnel:
While Solamere has not operated exactly as a subsidiary of the Romney campaign, it has seemed that way at times. The firm shared its first address with the Romney campaign headquarters in Boston. Later, the company was located in the same building as Mr. Romney’s leadership PAC, Free and Strong America, before moving to trendy Newbury Street in Boston.
Please go read the whole article. If Mitt Romney is elected POTUS this time, will he be the leader of the American people or will the U.S. government simply become a wholly owned subsidiary of Romney family enterprises?