Mitt Romney likes to repeat his claim that he got no inheritance from his famous father, George Romney, a Governor of Michigan, 1963 – 1969, Secretary of Housing and Urban Development under Richard Nixon, 1969 -1973, Chairman of American Motors, 1954 – 1962, and candidate for the Republican nomination for President of the United States in 1968.
Mitt Romney says, “I’m not going to apologize for being successful.”
But here’s the rub. How many other Americans can claim the kind of head start in life that such an illustrious father can bestow?
It’s true that not all children of rich, prominent fathers achieve the kind of success that Mitt Romney has, but it is difficult to imagine when they do, that they did it all on their own, with no help from Dad.
By his admission Mitt did receive a check in 1998 from Dad. In an interview he says he gave it all away to charity, to an institute at Brigham Young University established in honor of his father, the George W. Romney Institute of Public Management. How many Americans have a father with a university institute named in their honor?
In any case, Mitt says that he gave the check to the Romney institute because, “I figured we had enough of our own.”
By this time he had already made his millions at Bain Capital.
But before Bain Capital, Mitt Romney attended Cranbrook, a pricey private, preparatory school, Then he went one year to Stanford University, then graduated from Brigham Young University and got a joint law – business degree from Harvard. Tuition at these educational institutions cost many, many thousands of dollars. As an indication, tuition at Harvard Business School in 2011 averaged more than $46,000 per year. I don’t know who paid all that tuition, but I bet Dad helped out a lot. And according to a New York Times column discussing the younger Romney’s money, the son got a $42,000 loan from Dad to buy his first house.
And one would have to wonder how a young married man with child (Romney’s youngest son was born in 1971 before his years at Harvard), could support a family while a full time student at Harvard. No help from Dad?
And when Romney got his degree from Harvard, don’t you think he was in high demand, not only for his education and his own hard work as a student, but also for his famous name? In the book, The Real Romney, Charles Faris, who was with Boston Consulting Group, the company that first hired Romney, says, “(Romney) was an outstanding recruit with exceptional grades, and he was the very charming, smooth, attractive son of a former presidential candidate. So everybody was bending over backward to get their hands on him.”
That is an inheritance worth many millions of dollars.