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Mitt Romney
Mitt Romney

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In office
January 2, 2003 – January 4, 2007

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Lieutenant(s) Kerry Healey

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Preceded by Jane M. Swift (acting)

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Succeeded by Deval Patrick

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Born March 12, 1947
Detroit, Michigan
Political party Republican

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Spouse Ann Romney

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Profession Businessman

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Religion The Church of Jesus Christ of Latter-day Saints (Mormon)

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File:Mittannmomdad.jpg

Willard Mitt Romney (born March 12, 1947) was the 70th Governor of the Commonwealth of Massachusetts, elected in 2002. He served one term and did not seek re-election in 2006; his term ended January 4, 2007.[1] Romney is a probable candidate for the Republican presidential nomination in 2008, and created a Presidential Campaign Exploratory Committee on January 3, 2007.[2]

Romney is the former CEO of Bain & Company, a management consulting firm, and the co-founder of Bain Capital, a private equity investment firm. In 1994, Romney led an unsuccessful Senate campaign against Democratic Senator Ted Kennedy. He also served as the CEO and organizer of the 2002 Winter Olympics in Salt Lake City, Utah.

BiographyEdit

Mitt Romney was born March 12, 1947 in Detroit, Michigan. He is the son of Lenore Romney and former Michigan governor, Housing and Urban Development Secretary, American Motors chairman and presidential candidate George W. Romney. Romney has three siblings: Lynn, Jane, and G. Scott. He was named after hotel magnate J. Willard Marriott and Milton Romney, a relative who played football for the Chicago Bears.[3]

Romney married his wife, Ann Romney, in 1969. They have five sons (Tagg, Matt, Josh, Ben and Craig) and ten grandchildren. Ann Romney was diagnosed with multiple sclerosis in 1998.[4]

Early life and educationEdit

Romney graduated from the Cranbrook School in Bloomfield Hills (now Cranbrook Kingswood School). He met his future wife, Ann Davies, when she was at the Kingswood School.

After attending Stanford University for two quarters, Romney served for 30 months as a missionary for The Church of Jesus Christ of Latter-day Saints in France.[5] Upon returning from France he transferred to Brigham Young University, where he was valedictorian, earning his B.A. summa cum laude in 1971. In 1975, Romney graduated from a joint JD/MBA program coordinated between Harvard Law School and Harvard Business School, where he was named a Baker Scholar. He graduated cum laude from the law school and in the top 5 percent of his business school class.[6]

Business careerEdit

After graduating from Harvard Business School, Romney went to work for the Boston Consulting Group, where he had interned during the summer of 1974.[7] From 1978 to 1984, Romney was a vice president of Bain & Company, Inc., a Boston-based management consulting firm. In 1984, Romney left the company to co-found Bain Capital, which quickly became a highly successful private equity investment firm.[8]

In 1990 Romney was asked to return to Bain & Company, which was facing financial collapse. As CEO, Romney managed an effort to restructure the firm's employee stock-ownership plan, real-estate deals and bank loans, while increasing fiscal transparency. Within a year, he had led Bain & Company through a highly successful turnaround and returned the firm to profitability without layoffs or partner defections.[9]

Following his year at Bain & Company, Romney returned to Bain Capital. During the 14 years he headed the company, Bain Capital's average annual internal rate of return on realized investments was 113 percent.[9] During Romney's tenure, the firm founded, acquired or invested in hundreds of companies including Staples Inc., Bright Horizons Family Solutions, Brookstone, Domino's, Sealy Corporation and The Sports Authority. [1] Romney left Bain Capital in 1998 to head the 2002 Salt Lake City Olympic Games Organizing Committee.

CEO of the Salt Lake Organizing CommitteeEdit

Romney served as president and CEO of the 2002 Olympic Winter Games held in Salt Lake City. In 1999 the event was running $379 million short of its revenue benchmarks. Plans were being made to scale back the games in order to compensate for the fiscal crisis. The Games were also damaged by allegations of bribery involving top officials, including then Salt Lake Olympic Committee (SLOC) President and CEO Frank Joklik. Joklik and SLOC vice president Dave Johnson were forced to resign.[10]

On February 11, 1999 Romney was hired as the new president and CEO of the Salt Lake City Games.[11] Romney revamped the organization's leadership and policies, reduced budgets and boosted fundraising. He also worked to ensure the safety of the Games following the terrorist attacks of September 11, 2001 by coordinating a $300 million security budget.[12] Despite the initial fiscal shortfall, the Games ended up clearing a profit of $100 million. Following the conclusion of the Games, President George W. Bush praised Romney's management.[13]

Romney contributed $1 million to the Olympics, and donated the $825,000 salary he earned as President and CEO to charity.[14] He wrote a book about his experience called Turnaround: Crisis, Leadership and the Olympic Games. (ISBN:0895260840)

Massachusetts political campaigns Edit

Campaign for United States Senate, 1994 election Edit

In 1994, Romney won the Massachusetts Republican Party's nomination for U.S. Senate after defeating businessman John Lakian in the primary.[15] Some polls showed Romney only slightly behind Senator Ted Kennedy. One Boston Herald/WCVB-TV poll taken after the September 20, 1994 primary showed Romney ahead 44 percent to 42 percent, within the poll's sampling margin of error.[16] According to figures in the 1996 Almanac of American Politics, which relies on official campaign finance reports, Romney spent over $7 million, with Kennedy spending over $10 million, mostly in the last weeks of the campaign. (This was the second-most expensive race of the 1994 election cycle, after the Dianne Feinstein vs. Michael Huffington Senate race in California.)Template:Citation needed Kennedy won the election with 58 percent of the vote to Romney's 41 percent. The 17-percentage point winning margin was the smallest in Kennedy's nine election contests for the Senate through 2006.[17]

Campaign for Governor, 2002 election Edit

Main Article: Massachusetts gubernatorial election, 2002

In 2002, Republican Lieutenant Governor Jane Swift was expected to campaign for the governor's office. Swift had served as acting governor after Republican Governor Paul Cellucci resigned upon being appointed U.S. Ambassador to Canada. Swift was viewed as an unpopular executive, and her administration was plagued by political missteps and personal scandals.[18] Many Republicans viewed her as a liability and considered her unable to win a general election against a Democrat.[19] Prominent GOP activists campaigned to persuade Romney to run for governor.[20] One poll taken at this time showed that Republicans favored Romney over Swift by more than 50 percentage points.[21] With growing speculation that Romney would challenge Swift in a bruising primary battle, Swift decided not to seek her party's nomination.

Massachusetts Democratic Party officials claimed that Romney was ineligible to run for governor, citing residency issues. The Massachusetts Constitution requires seven consecutive years of residency prior to a run for office. Romney claimed residency in Utah from 1999 to 2002, during his time as president of the Salt Lake City Olympic Committee. In 1999 he listed himself as a part-time Massachusetts resident.[22] The Massachusetts Democratic Party filed a complaint with the Massachusetts State Ballot Law Commission, which eventually ruled that Romney was eligible to run for office. The ruling was not challenged in court.[23]

During the general election Romney ran on a reform platform; a major issue in the election was the state budget crisis. Supporters of Romney hailed his business record, especially his success with the 2002 Olympics, as that of one who would be able to bring in a new era of efficiency into Massachusetts politics.[24] Romney contributed $6.3 million to his own campaign during the election, at the time a state record.[25] Romney was elected Governor in November 2002 with 50 percent of the vote over Democratic candidate Shannon O'Brien, who received 45 percent.[26]

Governor of Massachusetts, 2003-2007Edit

Main Article: Governorship of Mitt Romney
File:Romneywebfree.jpg

Romney served one term as governor. He was sworn in as the 70th governor of Massachusetts on January 2, 2003, along with Lieutenant Governor Kerry Healey. On December 14, 2005, Romney announced that he would not seek re-election for a second term as governor, fueling speculation about a run for the White House in 2008.[27] Healey became the Republican nominee for the 2006 Massachusetts gubernatorial race and subsequently lost to Democrat Deval Patrick. Romney's term ended January 4, 2007. Romney filed papers to establish a formal exploratory presidential campaign committee the next to last day in office as governor.[28]

Campaign for United States President, 2008 election Edit

Main Article: Mitt Romney presidential campaign, 2008

Since 2004, Romney has been discussed as a potential 2008 presidential candidate.[29] On January 3, 2007, his next to last day in office as governor of Massachusetts, Romney filed to form a presidential exploratory committee with the Federal Election Commission.[2][30]


Electoral historyEdit

  • 2002 Race for Governor, Massachusetts
  • 1994 Race for U.S. Senate, Massachusetts
    • Edward Kennedy (D) (incumbent), 58%
    • Mitt Romney (R), 41%
    • Lauraleigh Dozier (L), 0.7%
    • William Ferguson, 0.2%

NotesEdit

  1. Phillips, Frank and Helman, Scott. "It's 1 term for Romney; he says 'future is open'" Boston Globe, December 15, 2005), retrieved October 28, 2006.
  2. 2.0 2.1 Template:Cite news
  3. AP. http://www.detnews.com/apps/pbcs.dll/article?AID=/20061124/POLITICS/611240358/1022, November 24, 2006, retrieved December 25, 2006.
  4. "The woman behind the man in charge of the Salt Lake Games" Cable News Network Interview transcript of February 11, 2002 08:04; retrieved October 28, 2006.
  5. Miller, John J. "Matinee Mitt." National Review, June 20 2005.-
  6. AP. http://www.detnews.com/apps/pbcs.dll/article?AID=/20061124/POLITICS/611240358/1022, November 24, 2006, retrieved December 25, 2006.
  7. Lewis, Raphael and Helman, Scott. "Romney Cultivating Jewish Ties" Boston Globe, November 8, 2005, retrieved October 28, 2006.
  8. Pappu, Sridhar. "The Holy Cow! Candidate", The Atlantic Monthly, September 2005, retrieved October 28, 2006.
  9. 9.0 9.1 Rees, Matthew. "Mister PowerPoint Goes to Washington" The American, December 1, 2006, retrieved December 16, 2006.
  10. "Salt Lake Olympics rocked by resignations, evidence of payments" CNN.com, January 8, 1999, retrieved October 28, 2006.
  11. Call, Jeff "'The Fire Within" BYU Magazine, Winter 2002, retrieved October 28, 2006.
  12. Rice, Lewis. "Games Saver" Harvard Law Bulletin, Sping 2002, retrieved October 28, 2006.
  13. Bush, George W. "President Congratulates Olympic and Paralympic Athletes: Remarks by the President to the Olympians and Paralympians" whitehouse.gov, Office of the Press Secretary, April 23, 2002, retrieved October 28, 2006.
  14. Eastland, Terry "In 2008, Will It Be Mormon in America?" The Weekly Standard June 6, 2005, retrieved October 28, 2006.
  15. Gizzi, John "Romney and Rebellion" Human Events Publishing, May 17, 2004; retrieved October 29, 2004
  16. Gordon, Al. "Kennedy in Fight Of His Political Life" Newsday (Nassau and Suffolk edition), pg. A04, October 2, 1994; retrieved October 29, 2006.
  17. Taranto, James. [http:/www.opinionjournal.com/editorial/feature.html?id=110007755 "Latter-day President?: A Mitt Romney candidacy would test the religious right"] The Wall Street Journal Saturday, December 31, 2005; retrieved October 29, 2006.
  18. Associated Press. "Massachusetts' first female governor takes office, under heavy statewide scrutiny" The Daily Texan, April 11, 2001; retrieved October 29, 2006.
  19. Frank, Mitch. "Jane Swift Takes One For the Team:The Massachusetts GOP took a risk by choosing Mitt Romney over the more progressive Swift. Will their decision come back to haunt them?" Time Magazine, Mar. 21, 2002; retrieved Octover 29, 2006.
  20. Berwick Jr, Bob and Roch, Lisa Riley. "Boston GOP beseeching Mitt: But hero of S.L. Games is coy about his future" Deseret News, February 22, 2002; retrieved November 1, 2006.
  21. "Swift exits, Romney joins Mass. governor's race" Cable News Network, March 19, 2002; retrieved October 30, 2006.
  22. Mcelhenny, John (Associated Press) "Romney defends right to run for governor" Portsmouth Herald", Tuesday, June 18, 2002, retrieved November 1, 2006.
  23. Belluck, Pam. "Massachusetts Ballot Panel Allows Race By Republican" New York Times (Abstract) (Page A-17, Col. 4), June 26, 2002, retrieved Nombermber 1, 2006.
  24. "Vote 2002: Massachusetts Governor's Race" PBS Online News Hour (No Date); retrieved November 1, 2006.
  25. "Gabrieli surpasses spending record" Brian C. Mooney Boston Globe; August 22, 2006, Retreived November 20, 2006.
  26. "2002 Election Results, Govornor" 'CNN.com; retrieved November 1, 2006.
  27. Template:Cite news
  28. Estes, Andrea; and Helman, Scott. Romney exits with pomp, ambition: Ends term, takes 1st formal step for White House bid Boston Globe. January 4, 2007. Retrieved January 12, 2007.
  29. Bradley, Nina "Is Romney ready for the big time?: Mass. Gov. gets plum prime-time speaking spot during convention MSNBC, August 29, 2004; retrieved October 29, 2006
  30. Romney Takes Step Toward an ’08 Run New York Times, January 4, 2007. Retrieved January 4, 2007.

External linksEdit

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Official

Speeches: Multimedia and transcripts

Interviews

Articles about Mitt Romney

Financial Information

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Template:MAGovernors Template:2008 U.S. presidential electionnl:Mitt Romney no:Mitt Romneyru:Ромни, Уиллард Митт

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