The Romneys—Too Rich for the White House
If this does not prove that a man can be TOO rich to be president then I don’t know what does. Oh, you might say hold on Heloise because Jack was rich. Well, not exactly. His father Joe P. Kennedy was rich and made the money and the monetary decisions and whatever dirty politics and Wall Street deals that brought him great wealth. It was NOT Jack who was the financial wizard, however he did profit from it. But this is not what’s going on her folks. The Romneys are billionaires and Mitt and his son Tagg are in the thick of this really hot political potato.
The Romney Business Connection
Launched in 2008 by Romney’s son Tagg and a few others, including Mitt Romney’s chief fundraiser Spencer Zwick, Solamere Capital is a “fund of funds,” meaning that it primarily invests in other investment companies, like private equity groups.
Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere. Romney has come under fire for refusing to release his tax returns, which would likely reveal additional details about his financial relationship with Solamere Capital.
After news of the Ponzi scheme precipitated the collapse of Stanford in 2009, Tagg partnered with several of Stanford’s North Carolina executives to start a firm called Solamere Advisors. At least three prominent brokers who had worked for Stanford — Tim Bambauer, Deems May, and Brandon Phillips — joined Tagg to help run Solamere Advisors, a wealth management business located in Charlotte, North Carolina. “We are excited to be associated with such a highly capable group of financial advisors with a proven track record of meeting the needs of their clients throughout the Southeast,” said Tagg in a press release announcing Solamere Advisors, which borrows its the name from its parent company, Solamere Capital.
- Romney aide trades on political ties (boston.com)
- Herman Cain And Mitt Romney Used Campaign Funds To Enrich Themselves And Their Associates (huffingtonpost.com)
- What kind of jobs does mitt romney’s son have (wiki.answers.com)
- Mike Allen Takes Cheap Shot At Globe Reporter For Her Good Reporting (huffingtonpost.com)
Posted on November 1, 2011, in Government Trough, Pig Trough and tagged Brandon Phillips, Mitt Romney, North Carolina, Romney, Solamere Capital, Spencer Zwick, Tagg, Tagg Romney, Wall Street. Bookmark the permalink. Leave a comment.