When Mitt Says to Borrow From Your Parents, He’s Talking $10 Million

Campaigning in front of college students, Mitt told them to borrow from their parents to get an education or start a business.  It didn’t seem to occur to Mitt that some of their parents may have lost their homes or jobs or both, or might be helping care for their own elderly parents, or might be trying to scrape a couple of nickels together for their retirement.

It turns out, according to a front-page story in today’s NYT,* that Mitt puts his money where his mouth is.  When Mitt’s son Tagg wanted to start a private equity firm after Mitt’s last presidential campaign, even though Tagg had no private equity experience, Mitt gave him $10 million to help start Solamere Capital.

Actually, Ann Romney’s blind trust gave Tagg $10 million.  And here’s the really amazing part — “Brad Malt, a Boston lawyer who administers the trust, said he invested in Solamere without consulting Mr. Romney.”

Anybody believe that?  Me either.

The article focuses on the interlocking relationships between Mitt’s campaign/leadership PAC and the fund.  The fund sought a minimum of $10 million from very rich people who had backed Mitt’s 2008 run and were giving to his PAC.  Basically they used Mitt’s Rolodex to raise money. The same guy, Spencer Zwick, who was raising money for the PAC, was Tagg’s business partner and was raising money for Solamere — maybe in the same phone call!

And guess who was the main speaker at Solamere’s first investor conference?  Why Mittens himself, who also gave Solamere “strategic advice.”

The whole article is absolutely nauseating, but everyone should read it. It offers a glimpse into how the world of the 1% works.

All together now — “There’s nothing surer, the rich get richer, and the poor get poorer.”

*  “Ties to Romney ’08 Run Fueled an Equity Firm,” Michael Luo and Julie Creswell