Several days ago Governor Romney hinted there was a limit to how much of his personal fortune would be spent on his increasingly quixotic quest for the nomination. Has Ann said ‘enough’?
Mitt Romney hasn’t extended his television presence into next week in South Carolina and Florida, an aide confirms.
Romney has been on TV for months in both states, owning the airwaves long before his GOP rivals purchased their first spots.
But his multimillion-dollar investment in the two key states that may ultimately decide the GOP nominee has not paid off as he continues to lag behind rivals there.
Spokesman Kevin Madden declined to say whether their decision was based upon strategy or money.
“The strategic decisions on ad spending are made on a day-by-day basis,” Madden said. “We are on the air in both South Carolina and Florida and are ready to extend those ad buys should we decide to.”
Romney has repeatedly refused to divulge how much of his personal fortune he has spent this quarter, but his total investment was already at $17 million at the end of the third quarter, and he’s certainly chipped in millions more since to underwrite an ad campaign that, at year’s end, spanned the first five primary states.
January 9th, 2008 at 2:40 pm
I believe they already set aside $100M for the kids/grandkids in a trust that isn’t counted as part of Mitt’s fortune.
January 9th, 2008 at 2:41 pm
He’s essentially pulling out of South Carolina, according to now more than one report.
January 9th, 2008 at 2:41 pm
It would be wise of Romney to only spend the campaign donations and NOT contribute any more of his own money.
January 9th, 2008 at 2:43 pm
#1 – Yeah, they did. His kids are fine. Mitt will be fine. He will probably land some cush gig as a consultant and earn it all back in 3 months.
That is if he doesn’t win this thing. I am still holding out hope, but make room for me Metro should Mitt decide to hang up the cleats. I will throw my support at Rudy.
January 9th, 2008 at 2:43 pm
Metro, I meant the post title to be provacative. Even if it doesn’t affect the children’s inheritance, there comes a point when you don’t want to keep hemorrhaging money.
January 9th, 2008 at 2:48 pm
Tommy. What’s your take on this story? It’s politico afterall!
January 9th, 2008 at 2:50 pm
Gary,
I am sure he et a limit long ago. You think a guy with his acumen just figured he would empty the bank accounts on this?
That is interesting about SC and FL.
January 9th, 2008 at 2:50 pm
Even if Mitt spends $150 Million on his campaign he would still have over 100 million left over. Also, how long do you think it would take him to make all that money back if his bid for the white house is unsuccessful? They guy is a money making machine, he could go back to work tomorrow and make millions, money is not an issue, his family is set up for generations so I’m not sure why the MSM makes it an issue.
January 9th, 2008 at 2:50 pm
Gary, I know, it was funny. And the kids still have a chance to double their $100M inheritance if Mitt stops throwing it down the drain.
January 9th, 2008 at 2:51 pm
#5
Provocative???? Don’t you mean Tongue-in-cheek?
January 9th, 2008 at 2:59 pm
as metro said, aside from his estimated wealth of aroudn 300 million, this doesn’t count the trust he has set aside for his kids.
January 9th, 2008 at 3:02 pm
word to 8, romney doesn’t need money. he could start now from scratch and be a millionaire within a year. money is not a worry for romney.
#3, why is that? he has more donors and money raised than everybody as of third quarter. that means something. he is just supplementing to help himself. nothing wrong with that. it just puts him in control and not desperate for others’ money.
i haven’t heard he is pulling out of south carolina. where are you getting these reports tommy.
January 9th, 2008 at 3:04 pm
Romney is smart to pull out of South Carolina. He’ll get blown out there regardless if he tries or doesn’t. If Romney doesn’t win in Michigan, and I don’t think he will, he really should drop out of the race. I don’t believe he will drop out though. He’ll stay in it and lose South Carolina badly, then lose in Florida, then lose almost everywhere on Feb. 5, and that’s when he’ll finally drop out. Huckabee or McCain will be the nominee. I think whoever wins Florida will win the nomination. Newsflash: It won’t be Giuliani either. He’ll be in 3rd or 4th place in Florida, then collapse on Feb. 5 along with Romney while McCain or Huckabee runs away with the nomination. Thompson will drop out after a disappointing 4th place in South Carolina.
January 9th, 2008 at 3:09 pm
We’ll see what the fundraising amount is from Boston today; then observing the spin from all sides will be worth the entertainment value.
January 9th, 2008 at 3:09 pm
The Romneys aren’t they type of people to worry about inheritance.
All 5 boys are hard charging self starters with good educations, who probably want to make it on their own.
January 9th, 2008 at 3:16 pm
Eric, I really, really hope you are wrong. If our choices for a candidate are (A) McCain or (B) Huck, then I’m pulling the lever for (C) stay at home.
January 9th, 2008 at 3:23 pm
I don’t think money will be as much an issue as simple ego.
You put yourself front and center, there comes a point when you don’t need any more the humiliation of rejection.
It always seems that those who seek the Presidency, and lose, become much diminished from their pre election status.
January 9th, 2008 at 3:24 pm
Mitt’s fortune is nearly 500 million aside from the kids trust dough.
If he’s earning 10% interest on it, he could spend FIFTY MILLION of his personal wealth on the race and not have it diminish his net worth.
He’s hardly “blowing the wad” by any stretch of the imagination.
January 9th, 2008 at 3:28 pm
It will be funny to see the Fred and Rudy fans calling for the exit of Mitt if he gets “another silver” in MI. He’ll be the delegate leader and have the most money and there will be no clear front-runner. But the Fred and Rudy supporters with little to brag of in this race so far and little to show for their candidacies will be saying it’s time for Mitt to drop out. Utter hypocrisy. The “convention” factor is greater this year than any other.
January 9th, 2008 at 3:33 pm
18, don’t spout numbers you Rombot! onbly Anti-MittRhetoric.
The thing that is interesting is that while he seems to be ratcheting down the on-air presence in Fl and SC, I have heard that he his sending large amounts of people from his Iowa operation to Florida. From what I heard the volunteers there are extremely gung-ho and are paying to stay in Florida and travel there out of their own expenses.
Other members of his Iowa campaign are just traveling from state to also.
January 9th, 2008 at 3:33 pm
Funny how everyone is worried about the kids’ inheritance. Mitt is smart enough to know now that he doesn’t need another “silver”, especially in a winner-take-all state like South Carolina. He needs to win Nevada and make a strong showing in Michigan and then compete in Florida. This will give him the delegate lead going into Super Tuesday.
January 9th, 2008 at 3:50 pm
I think this is becomming more of a decision about not looking like a fool than it is about money.
January 9th, 2008 at 4:29 pm
It’s just a change in strategy, with all the media atention ads don’t work the same.
January 9th, 2008 at 5:07 pm
Another possibility. The ads have have been pulled to be replaced with
new ones. I think the message might have gotten across that the “contrast”
ads didn’t work too well.
January 9th, 2008 at 5:23 pm
If Mitt doesn’t win Michigan the dream is over.
I think it was a mistake to even suggest pulling out somewhat from SC. He’ll want at least 2nd there to win Florida.
January 9th, 2008 at 5:40 pm
Heath, thank you for being honest.