A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. It is the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the investor.^[1] Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price.

Capital gains may refer to "investment income" that arises in relation to real assets, such as property; financial assets, such as shares/stocks or bonds; and intangible assets such as goodwill.

Many countries impose a tax on capital gains of individuals or corporations, although relief may be available to exempt capital gains: in relation to holdings in certain assets such as significant common stock holdings, to provide incentives for entrepreneurship, or to compensate for the effects of inflation.

See also[link]

• Capital gains tax
• Capital gains tax in the United States
• Investment
• Unearned income

References[link]

This tax-related article is a stub. You can help Wikipedia by expanding it. v t e

Thom Hartmann
Thom Hartmann on set of his television program "The Big Picture".
Born	(1951-05-07) May 7, 1951 (age 61) Grand Rapids, Michigan, U.S.
Occupation	Radio/TV host, political commentator, author, former psychotherapist, former entrepreneur
Spouse	Louise Hartmann
Website
thomhartmann.com

Thom Hartmann (born May 7, 1951) is an American radio host, author, former psychotherapist and entrepreneur, and progressive political commentator. His nationally-syndicated radio show, The Thom Hartmann Program, airs in the United States and has 2.75 million listeners a week.^[1] In 2008, 2009, and 2010, Talkers Magazine named Hartmann the tenth most important talk show host in America,^[2] and number 8 in 2011 defining him as the most important liberal host for four years in a row (the ones above Hartmann are conservatives).

Hartmann's article "Talking Back To Talk Radio" became part of the original business plan of Air America Radio. He replaced Al Franken on the network on February 19, 2007. On March 1, 2009, Hartmann moved syndication of his show from Air America to the former Jones Network, now owned by Dial Global (which also syndicates Neal Boortz, Ed Schultz, Michael Smerconish, Bill Press, Stephanie Miller, and Clark Howard). In the summer of 2009, his program began to also be offered to nonprofit stations via the Pacifica Radio network, and some community/nonprofit stations in the US are also carrying his show. The radio program is also simulcast as a TV program by Free Speech TV^[3] on Dish Network and DirecTV. Additionally, he stars in a one-hour daily TV show which his production company records at the studios of and licenses to the RT news network, The Big Picture; that TV show is also syndicated by Free Speech TV and carried on both Dish Network and local cable TV stations.

Hartmann is a lay scholar of the history and textual analysis of the United States Constitution; attention-deficit hyperactivity disorder (ADHD); Thomas Jefferson; the Assassination of John F. Kennedy; the Federalist Papers; electronic voting rigging; and environmental issues like global warming. He has authored many books on political topics and ADHD. He is the inventor of the Hunter vs. farmer theory of the condition.

Early life[link]

Hartmann was born in Grand Rapids, Michigan, the son of a staunch conservative Republican, atheist father and a Christian mother,^[4] and grew up in nearby Lansing. His paternal grandparents were from Norway.^[5] Interested in politics from a young age, he campaigned for Barry Goldwater during the 1964 presidential election when he was 13.^[6] By 1968, Hartmann was studying at Michigan State University and working as a part-time news announcer at local country music station WITL while protesting the Vietnam War with Students for a Democratic Society (SDS).^[7]

Beliefs[link]

Hartmann is considered to have progressive/liberal politics (although he describes himself as part of the radical middle).^[8] He is the author of numerous books including Unequal Protection: The Rise of Corporate Dominance and the Theft of Human Rights, in which he argues that the 1886 U.S. Supreme Court decision in Santa Clara County v. Southern Pacific Railroad Company (118 U.S. 394) did not actually grant corporate personhood, and that this doctrine derives from a mistaken interpretation of a Supreme Court clerk's notes. Hartmann considers this a clear contradiction of the intent of the Founding Fathers of the United States.^[9] He has also written on the separation of church and state, drawing upon the Federalist Papers to argue that the Founding Fathers warned against the notion of the United States being a Christian nation. He contends that the 2000 American election and 2004 American election were stolen through electronic tampering, denial of the voting franchise by rigged voting lists, and limiting availability of voting machines in selected precincts. He also accuses the Bush administration of eroding democracy and individual freedoms.

Hartmann is also a vocal critic of the effects of neoliberal globalization on the U.S. economy, claiming that economic policies enacted during and since the presidency of Ronald Reagan have led, in large part, to many American industrial enterprises' being acquired by multinational firms based in overseas countries, leading in many cases to manufacturing jobs' – once considered a major foundation of the U.S. economy – being relocated to countries in Asia and other areas where the costs of labor are lower than in the U.S.; and the concurrent reversal of the United States' traditional role of a leading exporter of finished manufactured goods to that of a primary importer of finished manufactured goods (exemplified by massive trade deficits with countries such as China). Hartmann argues that this phenomenon is leading to the erosion of the American middle class, whose survival Hartmann deems critical to the survival of American democracy. This argument is expressed in Hartmann's 2006 book, Screwed: The Undeclared War Against The Middle Class and What We Can Do About It. One of the book's main arguments is that media deregulation leads to corporate media's shifting the American consensus towards the acceptance of privatization and massive corporate profits – which causes the shrinking of the middle class.

In the book Ultimate Sacrifice, he and co-author Lamar Waldron argue that President John F. Kennedy's assassination resulted from a conspiracy by two mafia godfathers (Carlos Marcello and Santo Trafficante, Jr.) who took advantage of a proposed 1963 USA-sponsored coup (against Cuba's Fidel Castro) to kill the President and then hide their tracks in the resulting cover-up of the top-secret coup plans. Gore Vidal, in his recent autobiography "Point To Point Navigation" devotes much of the final two chapters of his book to praising Hartmann's and Lamar Waldron's scholarship in "solving" the JFK case (JFK was a friend of Vidal's).

Talk radio career[link]

Thom Hartmann doing his radio show, the Thom Hartmann Program.

Hartmann started in radio as a DJ (country, rock, progressive overnight) in 1968 in Lansing, Michigan, (on WITL, WVIC, WFMK) and program director at WNBY and worked full or part-time in radio while also attending school and/or running businesses in Michigan for a decade. He returned to radio in February 2003 with a show on a local station in Vermont, then a month later picked up the noon-3 PM ET slot on the i.e. America Radio Network and Sirius Satellite Radio. In 2005, he moved from Vermont to Oregon and, in addition to continuing his national show, also co-hosted a local talk show in Portland, Oregon (with Carl Wolfson, the late Heidi Tauber, and later Christine Alexander), from 2005 until early 2007 on KPOJ, initially an affiliate of Air America Radio owned by Clear Channel Communications. The KPOJ local morning 6 – 9 AM PT is now hosted by Carl Wolfson. In late 2010 Hartmann moved his show from Portland to Washington D.C.^{[citation needed]}

Hartmann's national program, on the air since 2003 and now in the 3PM to 6PM ET daypart, was chosen by Air America to replace Al Franken on most Air America affiliates in 2007.^[10] Some stations, such as The Quake in San Francisco, had already dropped or moved Franken for Hartmann, who now is, according to Talkers Magazine, America's most important liberal talker. As of March 2012, the show was carried on 81 terrestrial radio stations in 34 states as well as on Sirius and XM satellite radio. A community radio station in Africa, Radio Builsa in Ghana, also broadcasts the show. Various local cable TV networks simulcast the program.

According to his syndicator Dial Global, more people listen to Hartmann's show on more stations than any other progressive talk show in America. The Thom Hartmann Show is estimated by industry magazine Talkers to have 2.75 million unique listers per week. In addition to Dial Global, a subsidiary of Triton Media Group, the show is now also offered via Pacifica Audioport to non-profit stations in a non-profit compliant format and is simulcast on Dish Network Channel 9415 via Free Speech TV Network.

Many guests appear on the show purporting points of view on diverse social and political topics. Some guests proffer progressive views similar to Hartmann's, but more than half are conservatives, libertarians, or Ayn Rand Institute members^[11] who espouse opposing views. A vigorous debate with the host usually ensues. There are four regular guests on the program, and they are sympathetic to Hartmann's political views. Sen. Bernie Sanders (Ind.-VT) appears every Friday during the first hour of the show titled "Brunch with Bernie". Ellen Ratner of the Talk Radio News Service provides Washington commentary daily. Victoria Jones who is the White House correspondent for Talk Radio News Service appears occasionally as does Dr. Ravi Batra an economics professor at SMU.

Like all talk radio shows, The Thom Hartmann Program takes calls from listeners. When callers asked Thom how he was, he used to reply, "I'm great, but I'll get better." But after a time callers would regularly try to elicit this response so he's stopped replying this way routinely. Hartmann ends each show with the phrase, "Activism begins with you, democracy begins with you. Get out there, get active! Tag, you're it!"

TV program[link]

Hartmann produces a one hour daily TV show, The Big Picture with Thom Hartmann, which is seen worldwide on the Russian-based RT news channel, as well as on Free Speech TV; through Free Speech TV it is also seen on selected local-origination and Public-access television cable TV channels.

Business career[link]

Hartmann began his business career in the early 1970s while in his 20s, co-founding The Woodley Herber Company. Woodley Herber sold herbal products, potpourris and teas, and operated until 1978. It was during this time that Hartmann obtained three degrees in herbology and homeopathic medicine, one of which was from a diploma mill. Thereafter Hartmann moved to New Hampshire to begin The New England Salem Children's Village,^[12] which still operates in Rumney, New Hampshire. He was Executive Director of NESCT for five years, and on its board for over 25 years. NESCT's child-care model was based on that of the German Salem International organization, and through his affiliation with that group he helped start international relief programs in Uganda, Colombia, Russia, Israel, India, Australia, and several other countries between 1979 and today.

Hartmann founded International Wholesale Travel and its retail subsidiary Sprayberry Travel in Atlanta in 1983, a business which in the intervening years^{[clarification needed]} has generated over a quarter of a billion dollars in revenue.^{[citation needed]} According to their website, Sprayberry Travel was lauded by the Wall Street Journal in 1984 for being one of the early adopters of frequent travel programs analogous to the recently initiated frequent flyer programs of the airline industry.^[13] He sold his share in the business in 1986 and retired with his family to Germany to work with the international relief organization Salem International.^[14] In the late 1970s, he had been a trainer in advertising and marketing for The American Marketing Centers (now defunct), and in 1987 after returning from Germany founded the Atlanta advertising agency Chandler, MacDonald, Stout, Schneiderman & Poe, Inc., which did business as The Newsletter Factory.^[15] He sold his interest in that company in 1996 and retired to Vermont.

Other areas of notability[link]

Hartmann is a writer who has published more than twenty books on diverse topics. The title which won the most critical acclaim is The Last Hours of Ancient Sunlight. In 1999 he was invited by the Dalai Lama to spend a week in Dharamsala after the Dalai Lama finished reading this book. Hartmann won the Project Censored Award in 2004 for Unequal Protection. As a result of a book on spirituality, The Prophet's Way, he was invited in 1998 to meet Pope John Paul II.

Trained in the 1970s in Neuro-Linguistic Programming by Richard Bandler (Hartmann is licensed by Bandler's Society of NLP as both an NLP Practitioner and an NLP Trainer, and Bandler wrote the foreword to his book "Healing ADD"), Hartmann popularized some of its concepts in Cracking the Code (2007), which argues that Newt Gingrich and Frank Luntz made use of them in the 1980s and 1990s for Republican Party causes and advocates using them to advance liberalism. His book "Healing ADD" also leans heavily on NLP techniques. His book on the JFK Assassination (written with Lamar Waldron) titled "Ultimate Sacrifice" is cited extensively in the last two chapters of Gore Vidal's recent autobiography as having "finally solved" that case.

Hartmann was one of several contributors to Air America, the Playbook, a 300 plus page collection of essays, transcripts, and interviews by liberal radio personalities. It was published shortly before the 2006 Congressional elections and was on The New York Times Best Seller list for October 8, 2006.^[16]

Leonardo DiCaprio made a web movie titled "Global Warning" that was inspired by The Last Hours of Ancient Sunlight. Hartmann appears in DiCaprio's 2007 documentary The 11th Hour, as well as the feature documentary film Dalai Lama Renaissance (with Harrison Ford), and Crude Impact.

Attention-deficit hyperactivity disorder[link]

Hartmann has authored in the area of attention-deficit hyperactivity disorder (ADHD) and adult attention-deficit disorder (AADD) and is the creator (first proposed by him in 1978, first published nationally in 1992) of the now well-known hunter vs. farmer theory that ADD is an expected evolutionary adaptation to hunting lifestyles. These individuals have the ability of rapidly shifting their focus and external attention and of holding multiple trains of thought. This ability causes difficulties when they must live and work in cultures in which "farming" – well-planned, predictable, organized and repetitive behaviors – is typical. His first book on the disorder, Attention Deficit Disorder: a Different Perception was described by Scientific American as "innovative and fresh".^[17] Hartmann has established specialized schools^[quantify] for children with ADHD, such as The Hunter School in Rumney, New Hampshire,^[18] which he co-founded with his wife Louise.

He also operated the "ADD Forum" and "DeskTop Publishing Forum", along with several others, on CompuServe.^[19]

Bibliography[link]

• 2011: Rebooting the American Dream: 11 Ways to Rebuild Our Country. Berrett-Koehler. ISBN 978-1-60509-706-0. 
• 2010 (second edition): Unequal Protection: How Corporations Became "People" – And How You Can Fight Back. Berrett-Koehler. ISBN 1-60509-559-1. 
• 2009: Threshold: The Crisis of Western Culture. Viking. ISBN 0-670-02091-5. 
• 2008: Legacy of Secrecy: The Long Shadow of the JFK Assassination (by Lamar Waldron with Thom Hartmann). Counterpoint. ISBN 1-58243-535-9. 
• 2007: Cracking The Code: How to Win Hearts, Change Minds, and Restore America's Original Vision. Berrett-Koehler. ISBN 978-1-57675-458-0. 
• 2006: Screwed: The Undeclared War Against The Middle Class and What We Can Do About It. Berrett-Koehler. ISBN 1-57675-414-6. 
• 2006: Walking Your Blues Away: Practical Bilateral Therapies for Healing the Mind and Optimizing Emotional Well-Being. Park Street Press. ISBN 1-59477-144-8. 
• 2005: Ultimate Sacrifice: John and Robert Kennedy, the Plan for a Coup in Cuba, and the Murder of JFK. Carroll & Graf. ISBN 0-7867-1441-7.  by Lamar Waldron, with Thom Hartmann
• 2004: What Would Jefferson Do?. Harmony Books. ISBN 1-882109-38-4. 
• 2004: We the People: A Call to Take Back America. Coreway Media, Inc.. ISBN 1-4000-5208-4. 
• 2004 (revised ed.): Unequal Protection. Rodale Books. ISBN 1-57954-955-1. 
• 2004 (revised ed. – first ed. 1998): The Prophet's Way. Park Street Press. ISBN 0-89281-198-6. 
• 2004 (revised ed. – first ed. 1997): Last Hours of Ancient Sunlight. Three Rivers Press. ISBN 1-4000-5157-6. 
• 2003: The Edison Gene. Park Street Press. ISBN 0-89281-128-5. 
• 2000: Thom Hartmann's Complete Guide to ADHD: Help for Your Family at Home, School and Work. Underwood Books. ISBN 1-887424-52-0. 
• 2000: The Greatest Spiritual Secret of the Century. Hampton Roads. ISBN 1-57174-166-6. 
• 1998: Healing ADD. Underwood Books. ISBN 1-887424-37-7. 
• 1996: Beyond ADD. Underwood Books. ISBN 1-887424-12-1. 
• 1996: Think Fast!. Underwood Books. ISBN 1-887424-08-3.  by Thom Hartmann and Jane Bowman, with Susan Burgess
• 1995: ADD Success Stories. Underwood Books. ISBN 1-887424-03-2. 
• 1994: Focus Your Energy: Hunting for Success in Business. Pocket Books. ISBN 0-671-51689-2. 
• 1994: ADHD Secrets of Success: Coaching Yourself to Fulfillment in the Business World. Select Books. ISBN 1-59079-017-0. 
• 1992 (first edition): ADD: A Different Perception. Underwood Books. ISBN 1-887424-14-8. 

References[link]

External links[link]

• ThomHartmann.com Official site. Includes information on and streaming of the radio and TV shows, essays, chatroom, and a discussion board.
• Past episodes of The Big Picture on YouTube
• Various video clips at BigPicture.tv Hartmann speaking on various topics.
• Screwed: The Undeclared War Against the Middle Class and What We Can Do About It, Hartmann talks about his book in a video at Fora TV.
• Thom Hartmann with the Dalai Lama Videos made during the filming of the documentary Dalai Lama Renaissance.
• "When Democracy Fails" Podcast on Google Video.
• C-SPAN Q&A interview with Hartmann, February 7, 2010

Neil Cavuto
Neil Cavuto, 2007
Born	(1958-09-22) September 22, 1958 (age 53) Westbury, New York, United States
Occupation	TV anchor, commentator and executive for Fox Business Network and Fox News Channel
Website
Your World at FOXNews.com

Neil Patrick Cavuto (born September 22, 1958) is an American television anchor and commentator on the Fox Business Network and host of three television programs, Your World with Neil Cavuto and Cavuto on Business, both on the Fox News Channel and Cavuto on sister channel Fox Business Network.

Cavuto also tapes a nightly wrap-up of business news which airs on local FOX affiliates during the late news and has a syndicated radio business news segment that airs on weekday afternoons. He is the senior vice president and managing editor of business news for the Fox Business Network, and oversees content and business coverage. He is the author of two books.

Early life[link]

Cavuto was born in Westbury, New York, and raised in Danbury, Connecticut, where he attended Immaculate High School. He worked as a White House intern during U.S. president Jimmy Carter's administration, graduated from St. Bonaventure University, and earned a master's degree from American University.^[1]

Career[link]

Neil Cavuto became the managing editor of business news and television anchor of Your World with Neil Cavuto on Fox News Channel in July 1996, later becoming a vice president of business news in March 2006. He serves all three positions concurrently. Your World is Fox's main business news program.

Before joining Fox, he hosted Power Lunch on CNBC and contributed to NBC's Today. He worked with the Public Broadcasting Service for 15 years. He was also a New York City bureau chief.

He has been awarded numerous times by his peers in the journalism industry, including recognition by the Wall Street Journal as the best interviewer in business news, best business television interviewer four consecutive years, and five nominations for Cable ACE awards.^[2] Cavuto was also awarded the 1980 Hellinger Award, the highest award for graduating journalism students from St. Bonaventure University. Cavuto has Interviewed many high profile business, political and world leaders.

Cavuto is the author of More Than Money, 2004, (ISBN 0060096438) and Your Money or Your Life, 2005, (ISBN 0060826177).^[3] Both books were New York Times best sellers.^[1]

Personal life[link]

Cavuto and his wife, Mary Fulling, whom he married on October 15, 1983, have three children, Tara, Bradley and Jeremy. They reside in Mendham, New Jersey.^[4]

Cavuto has suffered health problems,^[5][6] saying:

"I don't hide that I have had a tough life in many respects. I fought back a near-life-ending cancer, only to end up with multiple sclerosis years later. Doctors have since told me that the odds of contracting both diseases in the same life are something like two million to one! Yet here I am, marching on, continuing to do my job when doctors who've examined my scans and MRIs tell me I shouldn't be walking or talking."^[7]

References[link]

External links[link]

Wikiquote has a collection of quotations related to: Neil Cavuto

• Neil Cavuto's Bio on FoxBusiness.com
• Neil Cavuto's Bio on FoxNews.com
• Cavuto writes about his first book

Mitt Romney
70th Governor of Massachusetts
In office January 2, 2003 – January 4, 2007
Lieutenant	Kerry Healey
Preceded by	Jane Swift (Acting)
Succeeded by	Deval Patrick
Personal details
Born	Willard Mitt Romney (1947-03-12) March 12, 1947 (age 65) Detroit, Michigan, U.S.
Political party	Republican
Spouse(s)	Ann Romney (m. 1969) «start: (1969)»"Marriage: Ann Romney to Mitt Romney" Location: (linkback:http://en-wiki.pop.wn.com/index.php/Mitt_Romney)
Children	Taggart (b. 1970) Matthew (b. 1971) Joshua (b. 1975) Benjamin (b. 1978) Craig (b. 1981)
Residence	Belmont, Massachusetts Wolfeboro, New Hampshire San Diego, California
Alma mater	Brigham Young University (BA) Harvard University (MBA, JD)
Religion	The Church of Jesus Christ of Latter-day Saints (Mormon)
Positions	Co-founder, Bain Capital (1984–1999) CEO, Bain & Company (1991–1992) CEO, 2002 Winter Olympics Organizing Committee (1999–2002)
Signature
Website	MittRomney.com

	This article is part of a series about Mitt Romney	Mitt Romney
2012 Presidential campaign 2008 Presidential campaign Governor of Massachusetts, 2003–2007 1994 U.S. Senate election Political positions · Electoral history Public image

Willard Mitt Romney (born March 12, 1947) is an American businessman and the presumptive nominee of the Republican Party for President of the United States in the 2012 election. He was the 70th Governor of Massachusetts (2003–07).

The son of Lenore and George W. Romney (Governor of Michigan, 1963–69), he was raised in Bloomfield Hills, Michigan. In 1966, after one year at Stanford University, he left the United States to spend thirty months in France as a Mormon missionary. In 1969, he married Ann Davies, and the couple had five children together. In 1971, he earned a Bachelor of Arts degree in English from Brigham Young University and, in 1975, a joint Juris Doctor and Master of Business Administration from Harvard University as a Baker Scholar. He entered the management consulting industry, which in 1977, led to a position at Bain & Company. Later serving as Chief Executive Officer, he helped bring the company out of financial crisis. In 1984, he co-founded the spin-off Bain Capital, a private equity investment firm that became highly profitable and one of the largest such firms in the nation. His net worth is estimated at $190–250 million, wealth that has helped fund his political campaigns. Active in The Church of Jesus Christ of Latter-day Saints, he served as Ward Bishop and later Stake President in his area near Boston. He ran as the Republican candidate in the 1994 U.S. Senate election in Massachusetts, losing to long-time incumbent Ted Kennedy. In 1999, he was hired as President and CEO of the Salt Lake Organizing Committee for the 2002 Winter Olympics and Paralympics; and he helped turn the fiscally troubled games into a success.

He was elected Governor of Massachusetts in 2002 but did not seek re-election in 2006. During his term he presided over a series of spending cuts and increases in fees that eliminated a projected $1.5 billion deficit. He also signed into law the Massachusetts health care reform legislation, the first of its kind in the nation, which provided near-universal health insurance access via state-level subsidies and individual mandates.

Romney ran for the Republican nomination in the 2008 U.S. presidential election, winning several primaries and caucuses but losing the nomination to John McCain. In the following years, he gave speeches and raised campaign funds on behalf of his fellow Republicans. In June 2011, he announced that he would seek the 2012 Republican presidential nomination; as of May 2012, he has won enough caucuses and primaries to become the party's presumptive nominee.

Early life and education[link]

Heritage and youth[link]

Willard Mitt Romney^[1] was born at Harper Hospital in Detroit, Michigan,^[2] the youngest child of George W. Romney, a self-made man who by 1948 had become an automobile executive, and Lenore Romney (née LaFount), an aspiring actress turned homemaker.^[3][4][5] His mother was a native of Logan, Utah, and his father was born in a Mormon colony in Chihuahua, Mexico, to American parents.^[6][7] He is of primarily English descent, and also has more distant Scottish and German ancestry.^[8][9][10] He is a fifth-generation member of The Church of Jesus Christ of Latter-day Saints (LDS Church).^[11][12] A great-great-grandfather, Miles Romney, converted to the faith in its first decade, and another great-great-grandfather, Parley P. Pratt, was an early leader in the church during the same time.^[13]

He was preceded in birth by three siblings: Margo Lynn, Jane LaFount, and G. Scott. Mitt followed after a gap of nearly six years. He was named after family friend, hotel magnate J. Willard Marriott, and his father's cousin Milton "Mitt" Romney, a former quarterback for the Chicago Bears.^{[14][nb 1]} In 1953, the family moved from Detroit to the affluent suburb of Bloomfield Hills.^[16] In 1954, his father became the chairmen and CEO of American Motors, a company he helped avoid bankruptcy, and return to profitability.^[16] By the time Mitt was twelve, his father had become a nationally known figure in print and on television,^[17] and Mitt idolized him.^[18]

Mitt Romney began attending Cranbrook School in the seventh grade.

He attended public elementary schools^[15] until the seventh grade, when he began commuting to Cranbrook School in Bloomfield Hills, a traditional private boys' preparatory school where he was one of only a few Mormons and where many students came from backgrounds even more privileged than he.^[19][20] He was not particularly athletic and at first did not excel academically.^[18] During his sophomore year he participated in the 1962 campaign in which his father was elected Governor of Michigan.^{[nb 2]} When his parents moved to the state capitol as part of George Romney taking office, Mitt took up residence at Cranbrook's Stevens Hall.^[19] George Romney was re-elected twice; Mitt worked for him as an intern in the governor's office, and was present at the 1964 Republican National Convention when his moderate father battled conservative party nominee Barry Goldwater over issues of civil rights and ideological extremism.^[18][22] During these years, Romney had a steady set of chores and summer jobs, including working as a security guard at a Chrysler plant.^[23]

At Cranbrook he was a manager for the ice hockey team and a member of the pep squad,^[19] and during his final year joined the cross country running team.^[15] He belonged to eleven school organizations and school clubs, and started the Blue Key Club boosters group.^[19] During his final year at Cranbook, Romney improved academically, but was still not a star pupil.^[18][20] He won an award for those "whose contributions to school life are often not fully recognized through already existing channels".^[20] Romney was involved in many pranks.^{[nb 3]}

In March of his senior year, he began dating Ann Davies, two years his younger, whom he had first met in elementary school; she attended the private Kingswood School, the sister school to Cranbrook.^[27][20] The two informally agreed to marriage around the time of his June 1965 graduation.^[18]

University, France mission, marriage and children: 1965–1975[link]

Romney attended Stanford University for a year,^{[18][nb 4]} where he worked as a night security guard in order to pay for trips home to see Ann.^[28] Although the campus was becoming radicalized with the beginnings of 1960s social and political movements, he kept a well-groomed appearance and participated in pre-Big Game actions designed to protect the Stanford Axe.^[18] In May 1966, he was part of a counter-protest against a group staging a sit-in in the university administration building in opposition to draft status tests.^[18][29]

In July 1966, he left for a thirty-month stay in France as a Mormon missionary,^[18][31] a traditional rite of passage that his father and many other relatives had volunteered for.^{[nb 5]} He arrived in Le Havre with ideas about how to change and promote the French Mission, while facing physical and economic deprivation in their cramped quarters.^[33][13] Rules against drinking, smoking, and dating were strictly enforced.^[13] Most individual Mormon missionaries do not gain many converts,^[35] and Romney was no exception:^[33] he later estimated ten to twenty for his entire mission.^[36] The nominally Catholic but secular, wine-loving French people were especially resistant to a religion that prohibits alcohol.^[18][13][30] He became demoralized, and later recalled it as the only time when "most of what I was trying to do was rejected."^[33] In Nantes, he suffered a bruised jaw while defending two female missionaries who were being bothered by a group of local rugby players.^[13] He continued to work hard; having grown up in Michigan rather than the more insular Utah world, Romney was better able to interact with the French than other missionaries.^[37][13] He was promoted to zone leader in Bordeaux in early 1968, then in the spring of that year became assistant to the mission president in Paris, the highest position for a missionary.^[33][13][38] In the Mission Home in Paris he enjoyed palace-like accommodations.^[38] Romney's support for the U.S. role in the Vietnam War was only reinforced when the French greeted him with hostility over the matter and he debated them in return.^[13][33] He witnessed the May 1968 general strike and student uprisings and was upset by the breakdown in social order.^[39]

In June 1968, an automobile he was driving in southern France was hit by another vehicle, seriously injuring him and killing one of his passengers, the wife of the mission president.^{[nb 6]} Romney, who was not at fault in the accident,^{[nb 6]} became co-acting president of a mission demoralized and disorganized by the May civil disturbances and by the car accident.^[37] He rallied and motivated the others and they met an ambitious goal of 200 baptisms for the year, the most for the mission in a decade.^[37] By the end of his stint in December 1968, he was overseeing the work of 175 fellow members.^[33][40] Romney developed a lifelong affection for France and its people, and speaks French.^[42] The experience in the country instilled in him a belief that life is fragile and that he needed seriousness of purpose.^[18][37][13] It also represented a crucible, after having been an indifferent Mormon growing up: "On a mission, your faith in Jesus Christ either evaporates or it becomes much deeper ... For me it became much deeper."^[33]

While he was away, Ann Davies had converted to the Mormon faith, guided by George Romney, and had begun attending Brigham Young University (BYU).^[18] Mitt was nervous that she had been wooed by others while he was away, and she had indeed started dating popular campus figure Kim S. Cameron and had sent Romney in France a "Dear John letter", greatly upsetting him; he wrote to her to in an attempt to win her back.^[43][15] At their first meeting following Romney's return they reconnected, and decided to get married immediately but agreed to wait three months to appease their parents.^[44] At Ann's request, Romney began attending Brigham Young too, in February 1969.^{[43][nb 4]} The couple were married on March 21, 1969, in a civil ceremony at Ann's family's home in Bloomfield Hills that was presided over by a church elder.^[46][47][48] The following day, the couple flew to Utah for a wedding ceremony at the Salt Lake Temple.^[46][47]

While Mitt attended Harvard, his father George W. Romney (pictured here with Richard M. Nixon) served as United States Secretary of Housing and Urban Development.

Romney had missed much of the tumultuous American anti-Vietnam War movement while away, and was surprised to learn that his father had turned against the effort during his unsuccessful 1968 presidential campaign.^[33] Regarding the military draft, Romney had initially received a student deferment, then, like most Mormon missionaries, a ministerial deferment while in France, and then a student deferment.^[33][49] When those ran out, his high number in the December 1969 draft lottery (300) ensured he would not be selected.^[33][49][50]

At culturally conservative BYU, he remained isolated from much of the upheaval of the era, and did not join in protests against the war, or the LDS Church's policy at the time of denying full membership to blacks.^[24][33][43] He became president of, and an innovative fundraiser for, the all-male Cougar Club booster organization and showed a new-found discipline in his studies.^[33][43] In his senior year, he took leave to work as driver and advance man for his mother Lenore Romney's eventually unsuccessful 1970 campaign for U.S. Senator from Michigan.^[24][46] He earned a Bachelor of Arts in English with highest honors in 1971,^[43] and gave commencement addresses to both the College of Humanities and to the whole of BYU.^{[nb 7]}

The Romneys' first son, Taggart, was born in 1970^[46] while they were undergraduates at Brigham Young^[52] and living in a basement apartment.^[33][43] Ann subsequently gave birth to Matt (1971), Josh (1975), Ben (1978), and Craig (1981).^[46] Her work as a homemaker would enable her husband to pursue his career.^[53]

Romney still wanted to pursue a business path, but his father, by now serving in President Richard Nixon's cabinet as U.S. Secretary of Housing and Urban Development, advised him that a law degree would be valuable to his career.^[54][55] Thus he became one of only fifteen students to enroll at the recently created joint Juris Doctor/Master of Business Administration four-year program coordinated between Harvard Law School and Harvard Business School.^[56] Fellow students considered him guilelessly optimistic, noting his solid work ethic and buttoned-down demeanor and appearance.^[56][57] He readily adapted to the business school's pragmatic, data-driven case study method of teaching, participated in class well, and led a study group whom he pushed to get all A's.^[55] He had a different social experience from most of his classmates, since he lived in a Belmont, Massachusetts, house with Ann and two children.^[46][55] He was non-ideological and did not involve himself in the political or social issues of the day.^[46][55] He graduated in 1975 cum laude from the law school, in the top third of that class, and was named a Baker Scholar for graduating in the top five percent of his business school class.^[51][56]

Business career[link]

Management consulting[link]

Romney was recruited by several firms and chose to remain in Massachusetts to work for Boston Consulting Group (BCG), reasoning that working as a management consultant to a variety of companies would better prepare him for a future position as a chief executive.^{[54][58][nb 8]} He was part of a 1970s wave of top graduates who chose to go into consulting rather than join a major company directly.^[60] His legal and business education proved useful in his job^[54] while he applied BCG principles such as the growth-share matrix.^[61] He was viewed as having a bright future there.^[54][62]

In 1977, he was hired away by Bain & Company, a management consulting firm in Boston that had been formed a few years earlier by Bill Bain and other former BCG employees.^[61][54][63] Bain would later say of the thirty-year-old Romney, "He had the appearance of confidence of a guy who was maybe ten years older."^[64] With Bain & Company, Romney learned what writers and business analysts have dubbed the "Bain way",^[54][63][65] which consisted of immersing the firm in each client's business,^[54][64] and not just issuing recommendations but staying with the company until changes were put into place.^[61][63][66] Romney became a vice president of the firm in 1978,^[15] and worked with clients such as the Monsanto Company, Outboard Marine Corporation, Burlington Industries, and Corning Incorporated.^[58] Within a few years, he was one of Bain & Company's best consultants and was sought after by clients over more senior partners.^[54][67]

Private equity[link]

Romney was restless for a company of his own to run, and in 1983, Bill Bain offered him the chance to head a new venture that would buy into companies, have them benefit from Bain techniques, and then reap higher rewards than consulting fees.^[54][61] He initially refrained from accepting the offer, and Bain re-arranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney.^[54][64][68] Thus, in 1984, Romney left Bain & Company to co-found the spin-off private equity investment firm, Bain Capital.^[66] In the face of skepticism from potential investors, Bain and Romney spent a year raising the $37 million in funds needed to start the new operation, which had fewer than ten employees.^[58][64][69] As general partner of the new firm, Romney spent little money on costs such as office appearance, and saw weak spots in so many potential deals that by 1986, few had been done.^[54] At first, Bain Capital focused on venture capital opportunities.^[54] Their first big success was a 1986 investment to help start Staples Inc., after founder Thomas G. Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade.^[54][69][70]

Romney soon switched Bain Capital's focus from startups to the relatively new business of leveraged buyouts: buying existing firms with money mostly borrowed against their assets, partnering with existing management to apply the "Bain way" to their operations (rather than the hostile takeovers practiced in other leverage buyout scenarios), and selling them off in a few years.^[54][64] Existing CEOs were offered large equity stakes in the process, owing to Bain Capital's belief in the emerging agency theory that CEOs should be bound to maximizing shareholder value rather than other goals.^[70] Bain Capital lost most of its money in many of its early leveraged buyouts, but then started finding deals that made large returns.^[54] The firm invested in or acquired Accuride, Brookstone, Domino's Pizza, Sealy Corporation, Sports Authority, and Artisan Entertainment, as well as lesser-known companies in the industrial and medical sectors.^[54][64][71] He ran Bain Capital for fourteen years, during which time the firm's average annual internal rate of return on realized investments was 113 percent.^[58] Much of this profit was earned from a relatively small number of deals; Bain Capital's overall success–to–failure ratio was about even.^{[nb 9]}

Less an entrepreneur than an executive running an investment operation,^[67][72] Romney was skilled at presenting and selling the deals the company made.^[68] The firm initially gave a cut of its profits to Bain & Company, but Romney persuaded Bain to give that up.^[68] Within Bain Capital, Romney spread profits from deals widely within the firm to keep people motivated, often keeping less than ten percent for himself.^[73] Viewed as a fair manager, he received considerable loyalty from the firm's members.^[70] Romney's wary instincts were still in force at times, and he was generally data-driven and averse to risk.^[54][70] He wanted to drop a Bain Capital hedge fund that initially lost money, but other partners prevailed and it eventually gained billions.^[54] He also personally opted out of the Artisan Entertainment deal, not wanting to profit from a studio that produced R-rated films.^[54] Romney was on the board of directors of Damon Corporation, a medical testing company later found guilty of defrauding the government; Bain Capital tripled its investment before selling off the company, and the fraud was discovered by the new owners (Romney was never implicated).^[54] In some cases, Romney had little involvement with a company once acquired.^[69]

Bain Capital's leveraged buyouts sometimes led to layoffs, either soon after acquisition or later after the firm had left.^[61][68][69] How jobs added compared to those lost due to these investments and buyouts is unknown, due to a lack of records and Bain Capital's penchant for privacy on behalf of itself and its investors.^[74][75][76] In any case, maximizing the value of acquired companies and the return to Bain's investors, not job creation, was the firm's fundamental goal, as it was for most private equity operations.^[69][77] Bain Capital's acquisition of Ampad exemplified a deal where it profited handsomely from early payments and management fees, even though the subject company itself ended up going into bankruptcy.^[54][70][77] Dade Behring was another case where Bain Capital received an eightfold return on its investment, but the company itself was saddled with debt and laid off over a thousand employees before Bain Capital exited (the company subsequently went into bankruptcy, with more layoffs, before recovering and prospering).^[74] Bain was among the private equity firms that took the most fees in such cases.^[64][70]

In 1990, Romney was asked to return to Bain & Company, which was facing financial collapse.^[66] He was announced as its new CEO in January 1991^[78][79] but drew only a symbolic salary of one dollar.^[66] He managed an effort to restructure the firm's employee stock-ownership plan, real-estate deals and bank loans, while rallying the firm's thousand employees, imposing a new governing structure that included Bain and the other founding partners giving up control, and increasing fiscal transparency.^[54][58][66] Within about a year, he had led Bain & Company through a turnaround and returned the firm to profitability without further layoffs or partner defections.^[58] He turned Bain & Company over to new leadership and returned to Bain Capital in December 1992.^[54][79][80]

Romney took a leave of absence from Bain Capital in February 1999 to serve as the President and CEO of the 2002 Salt Lake City Olympic Games Organizing Committee.^[54][81] By that time, Bain Capital was on its way to being one of the top private equity firms in the nation,^[68] having increased its number of partners from 5 to 18, with 115 employees overall, and $4 billion under its management.^[64][69] Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private equity industry.^[25][69] Economist Steven Kaplan would later say, "[Romney] came up with a model that was very successful and very innovative and that now everybody uses."^[70]

Personal wealth[link]

In August 2001, Romney announced that he would not return to Bain Capital.^[81] He transferred his ownership to other partners and negotiated an agreement that allowed him to receive a passive profit share as a retired partner in some Bain Capital entities, including buyout and investment funds.^[73][82] Because the private equity business continued to thrive, this deal brought him millions of dollars in annual income.^[73] As a result of his business career, by 2007, Romney and his wife had a net worth of between $190 and $250 million, most of it held in blind trusts since 2003.^[82] In 2012, it was estimated that he had amassed twice the net worth of the last eight presidents combined,^[83] and would rank among the four richest in American history if elected.^[83][84]

An additional blind trust existed in the name of the Romneys' children and grandchildren that was valued at between $70 and $100 million as of 2007.^[85] The couple's net worth remained in the same range as of 2011, and was still held in blind trusts.^[86] In 2010, Romney and his wife received $21.7 million in income, almost all of it from investments, of which about $3 million went to federal income taxes (a rate of 13.9 percent, based upon the beneficial rate accorded investment income by the U.S. tax code) and almost $3 million to charity, including $1.5 million to the LDS Church.^[87] Romney has always tithed to the church, including stock from Bain Capital holdings.^[13][88][89] In 2010, the Romney family's Tyler Charitable Foundation gave out about $650,000, with some of it going to organizations that fight specific diseases such as cystic fibrosis and multiple sclerosis.^[90]

Local LDS Church leadership[link]

During his years in business, Romney also served in the local lay clergy (consisting of all Mormon men over the age of 12).^[13] Around 1977, he became a counselor to the president of the Boston Stake.^[91] He later served as bishop of the ward (leader of the congregation) at Belmont, Massachusetts, from 1981 to 1986, acting as the ecclesiastical and administrative head of his congregation.^[92][93] As such, in addition to home teaching, he also formulated Sunday services and classes using LDS scriptures to guide the congregation.^[94] He forged bonds with other religious institutions in the area when the Belmont meetinghouse was destroyed by a fire of suspicious origins in 1984; the congregation rotated its meetings to other houses of worship while it was rebuilt.^[88][93]

From 1986 to 1994, he presided over the Boston Stake, which included more than a dozen wards in eastern Massachusetts with about 4,000 church members altogether.^[67][94][95] He organized a team to handle financial and management issues, sought to counter anti-Mormon sentiments, and tried to solve social problems among poor Southeast Asian converts.^[88][93] An unpaid position, his local church leadership often took 30 or more hours a week of his time,^[94] and he became known for his tireless energy in the role.^[67] He generally refrained from overnight business travel owing to his church responsibilities.^[94]

He took a hands-on role in general matters, helping in maintenance efforts in- and outside homes, visiting the sick, and counseling troubled or burdened church members.^[92][93][94] A number of local church members later credited him with turning their lives around or helping them through difficult times.^[88][93][94] Some others were rankled by his leadership style and desired a more consensus-based approach.^[93] Romney tried to balance the conservative dogma insisted upon by the church leadership in Utah with the desire of some Massachusetts members to have a more flexible application of doctrine.^[67] He agreed with some modest requests from the liberal women's group Exponent II for changes in the way the church dealt with women, but clashed with women whom he felt were departing too much from doctrine.^[67] In particular, he counseled women not to have abortions except in the rare cases allowed by LDS doctrine, and also in accordance with doctrine, encouraged prospective mothers who were not in successful marriages to give up children for adoption.^[67] Romney later said that the years spent as an LDS minister gave him direct exposure to people struggling in economically difficult circumstances, and empathy for those going through problematic family situations.^[96]

1994 U.S. senatorial campaign[link]

By 1993, Romney had been thinking about entering politics, partly based upon Ann's urging and partly to follow in his father's footsteps.^[46] He decided to challenge incumbent Democratic U.S. Senator Ted Kennedy, who was seeking re-election for the sixth time. Kennedy was potentially vulnerable that year – in part because of the unpopularity of the Democratic Congress as a whole, and in part because this was Kennedy's first election since the William Kennedy Smith trial in Florida, in which Kennedy had suffered some negative public relations regarding his character.^[97][98][99] Romney changed his affiliation from Independent to Republican in October 1993 and formally announced his candidacy in February 1994.^[46] He took a leave of absence from Bain Capital in November 1993, and stepped down from his church leadership role during 1994, due to the campaign.^[100][94]

Radio personality Janet Jeghelian took an early lead in polls among candidates for the Republican nomination for the Senate seat, but Romney proved the most effective fundraiser.^[101][102] He won 68 percent of the vote at the May 1994 Massachusetts Republican Party convention; businessman John Lakian finished a distant second and Jeghelian was eliminated.^[103] Romney defeated Lakian in the September 1994 primary with over 80 percent of the vote.^[15][104]

In the general election, Kennedy faced the first serious re-election challenger of his career in the young, telegenic, and well-funded Romney.^[97] Romney ran as a fresh face, as a businessperson who stated he had created ten thousand jobs, and as a Washington outsider with a solid family image and moderate stances on social issues.^[97][105] When Kennedy tried to tie Romney's policies to those of Ronald Reagan and George H. W. Bush, Romney responded, "Look, I was an independent during the time of Reagan-Bush. I'm not trying to take us back to Reagan-Bush."^[106] Romney stated: "Ultimately, this is a campaign about change."^[107] After two decades out of public view, his father George re-emerged during the campaign.^[108][109]

Romney's campaign was effective in portraying Kennedy as soft on crime, but had trouble establishing its own positions in a consistent manner.^[110] By mid-September 1994, polls showed the race to be approximately even.^{[97][111][112]} Kennedy responded with a series of attack ads, which focused on Romney's seemingly shifting political views on issues such as abortion and on the treatment of workers at the Ampad plant owned by Romney's Bain Capital.^{[97][113][114]} The latter was effective in blunting Romney's momentum.^[70] Kennedy and Romney held a widely watched late October debate without a clear winner, but by then, Kennedy had pulled ahead in polls and stayed ahead afterward.^[115] Romney spent $3 million of his own money in the race and more than $7 million overall.^{[116][nb 10]} In the November general election, despite a disastrous showing for Democrats overall, Kennedy won the election with 58 percent of the vote to Romney's 41 percent,^[54] the smallest margin in Kennedy's eight re-election campaigns for the Senate.^[119]

2002 Winter Olympics[link]

Romney, president and CEO of the Salt Lake Organizing Committee for the 2002 Winter Olympics, speaking before a curling match

Romney returned to Bain Capital the day after the election, but the loss had a lasting effect; he told his brother, "I never want to run for something again unless I can win."^[46][120] When his father died in 1995, Mitt donated his inheritance to BYU's George W. Romney Institute of Public Management and joined the board and was vice-chair of the Points of Light Foundation (which had incorporated his father's National Volunteer Center).^[45][81] His mother died in 1998. Romney felt restless as the decade neared a close; the goal of simply making more money was losing its appeal to him.^[46][120] He no longer had a church leadership position, although he still taught Sunday School.^[92] During the long and controversial approval and construction process for the $30 million Mormon temple in Belmont, he feared that as a political figure who had opposed Kennedy, he would become a focal point for opposition to the structure.^[93] He thus kept to a limited, behind-the-scenes role in attempts to ease tensions between the church and local residents, but locals nonetheless sometimes referred to it as "Mitt's Temple".^[88][92][93]

Ann Romney was diagnosed with multiple sclerosis in 1998; Mitt described watching her fail a series of neurological tests as the worst day of his life.^[46] After two years of severe difficulties with the disease, she found while living in Park City, Utah (where the couple had built a vacation home) a mixture of mainstream, alternative, and equestrian therapies that gave her a lifestyle mostly without limitations.^[53] When the offer came for him to take over the troubled 2002 Winter Olympics and Paralympics, to be held in Salt Lake City in Utah, she urged him to take it, and eager for a new challenge, he did.^[120][121] On February 11, 1999, Romney was hired as the president and CEO of the Salt Lake Organizing Committee for the Olympic and Paralympic Winter Games of 2002.^[122]

Before Romney came on, the event was running $379 million short of its revenue benchmarks.^[122] Plans were being made to scale back the Games to compensate for the fiscal crisis, and there were fears the Games might be moved away entirely.^[123] The Games had also been damaged by allegations of bribery involving top officials, including prior Salt Lake Olympic Committee president and CEO Frank Joklik. Joklik and committee vice president Dave Johnson were forced to resign.^[124] Romney was chosen by Utah figures looking for someone with expertise in business and law and with connections to the state and the LDS Church.^[125] The appointment faced some initial criticism from non-Mormons, and fears from Mormons, that it represented cronyism or gave the Games too Mormon an image.^[30]

Romney ran the planning for the Games like a business.^[126] He revamped the organization's leadership and policies, reduced budgets, and boosted fundraising, alleviated the concerns corporate sponsors and recruited many new ones.^[120][125] He appealed to Utah's citizenry with a message of optimism that helped restore confidence in the effort.^[120][126] He worked to ensure the safety of the Games following the September 11, 2001 terrorist attacks by coordinating a $300 million security budget.^[121] Overall, he oversaw a $1.32 billion budget, 700 employees, and 26,000 volunteers.^[122] The federal government provided between approximately $400 million^{[125][127][128]} and $600 million^[126][129] of that budget, much of it a result of Romney's having aggressively lobbied Congress and federal agencies.^{[129][130][131]} It would prove to be a record level of federal funding for the staging of a U.S. Olympics, a fact Romney would cite as a selling point during his campaign for the Massachusetts governorship.^[128][130] An additional federal $1.1 billion was spent on indirect support in the form of highway and transit projects.^[132]

Romney emerged as the public face of the Olympic effort, appearing in photographs, news stories and Olympics pins.^[120] Robert H. Garff, the chair of the organizing committee, later said that "It was obvious that he had an agenda larger than just the Olympics,"^[120] and that Romney wanted to use the Olympics to propel himself into the national spotlight and a political career.^[125][133] Garff believed the initial budget shortfall was not as bad as Romney portrayed, given there were still three years to reorganize.^[125] Utah Senator Bob Bennett said that much of the needed federal money was already in place and an analysis by The Boston Globe stated that the committee already had nearly $1 billion in committed revenues.^[125] Olympics critic Steve Pace, who led Utahns for Responsible Public Spending, thought Romney exaggerated the initial fiscal state in order to lay the groundwork for a well-publicized rescue.^[133] Kenneth Bullock, another board member of the organizing committee and also head of the Utah League of Cities and Towns, often clashed with Romney at the time, and later said that Romney deserved some credit for the turnaround but not as much as he claimed:^[120] Bullock said: "He tried very hard to build an image of himself as a savior, the great white hope. He was very good at characterizing and castigating people and putting himself on a pedestal."^[125]

Despite the initial fiscal shortfall, the Games ended up clearing a profit of $100 million.^[134] His performance as Olympics head was rated positively by 87 percent of Utahns.^[135] Romney and his wife contributed $1 million to the Olympics, and he donated to charity the $1.4 million in salary and severance payments he received for his three years as president and CEO.^[136]

Romney was widely praised for his efforts with the 2002 Winter Olympics^[121] including by President George W. Bush,^[25] and it solidified his reputation as a turnaround artist.^[125] Harvard Business School taught a case study based around his actions.^[61] He wrote a book about his experience titled Turnaround: Crisis, Leadership, and the Olympic Games, published in 2004. The role gave Romney experience in dealing with federal, state, and local entities, a public persona he had previously lacked, and the chance to re-launch his political aspirations.^[120] He was mentioned as a possible candidate for statewide office in both Massachusetts and Utah, and also as possibly joining the Bush administration.^{[121][137][138]}

Governor of Massachusetts[link]

2002 gubernatorial campaign[link]

In 2002, Republican Acting Governor Jane Swift's administration was plagued by political missteps and personal scandals.^[135] Many Republicans viewed her as a liability and considered her unable to win a general election.^[139] Prominent party figures – as well as the White House – wanted Romney to run for governor,^[137][140] and the opportunity appealed to him for its national visibility.^[141] One poll taken at that time showed Republicans favoring Romney over Swift by more than 50 percentage points.^[142] On March 19, 2002, Swift announced she would not seek her party's nomination, and hours later Romney declared his candidacy,^[142] for which would face no opposition in the primary.^[143] In June 2002, Massachusetts Democratic Party officials contested Romney's eligibility to run for governor, citing residency issues involving his time in Utah for the Olympics.^[144] That same month, the bipartisan Massachusetts State Ballot Law Commission unanimously ruled that he was an eligible candidate.^[145]

He again ran as a political outsider,^[135] saying he was "not a partisan Republican" but rather a "moderate" with "progressive" views.^[146] Supporters of Romney hailed his business success, especially with the Olympics, as the record of someone who would be able to bring a new era of efficiency into Massachusetts politics.^[143] The campaign was the first to use microtargeting techniques, in which fine-grained groups of voters were reached with narrowly tailored messaging.^[147] Nevertheless, Romney initially had difficulty connecting with voters and fell behind his Democratic opponent, Massachusetts State Treasurer Shannon O'Brien, in polls before rebounding.^[148] During the election he contributed over $6 million – a state record at the time – to the nearly $10 million raised for his campaign overall.^[149][150] Romney was elected governor on November 5, 2002, with 50 percent of the vote to O'Brien's 45 percent.^[151]

Tenure, 2003–2007[link]

Massachusetts State House portrait of Governor Mitt Romney, by artist Richard Whitney

When Romney was sworn in as the 70th governor of Massachusetts on January 2, 2003, ^[152] both houses of the Massachusetts state legislature held large Democratic majorities.^[153] He picked his cabinet and advisors more on managerial abilities than partisan affiliation.^[23] Upon entering office in the middle of a fiscal year, he faced an immediate $650 million shortfall and a projected $3 billion deficit for the next year.^[138] Unexpected revenue of $1.0–1.3 billion from a previously enacted capital gains tax increase and $500 million in unanticipated federal grants decreased the deficit to $1.2–1.5 billion.^[154][155] Through a combination of spending cuts, increased fees, and removal of corporate tax loopholes,^[154] the state ran surpluses of around $600–700 million for the last two full fiscal years Romney was in office, although it began running deficits again after that.^{[nb 11]}

Romney supported raising various fees by more than $300 million, including those for driver's licenses, marriage licenses, and gun licenses.^[138][154] He increased a special gasoline retailer fee by two cents per gallon, generating about $60 million per year in additional revenue.^[138][154] (Opponents said the reliance on fees sometimes imposed a hardship on those who could least afford them.)^[154] Romney also closed tax loopholes that brought in another $181 million from businesses over the next two years and over $300 million for his term.^[138][160] Romney did so in the face of conservative and corporate critics that considered them tax increases.^[160]

The state legislature, with Romney's support, also cut spending by $1.6 billion, including $700 million in reductions in state aid to cities and towns.^[161] The cuts also included a $140 million reduction in state funding for higher education, which led state-run colleges and universities to increase tuition by 63 percent over four years.^[138][154] Romney sought additional cuts in his last year as governor by vetoing nearly 250 items in the state budget, but all were overridden by the heavily Democratic legislature.^[162]

The cuts in state spending put added pressure on localities to reduce services or raise property taxes, and the share of town and city revenues coming from property taxes rose from 49 to 53 percent.^[138][154] The combined state and local tax burden in Massachusetts increased during Romney's governorship but remained below the national average.^[138]

Romney sought to bring near-universal health insurance coverage to the state. This came after Staples founder Stemberg told him at the start of his term that doing so would be the best way he could help people,^{[163][164][165]} and after the federal government, owing to the rules of Medicaid funding, threatened to cut $385 million in those payments to Massachusetts if the state did not reduce the number of uninsured recipients of health care services.^{[23][163][166]} Although he had not campaigned on the idea of universal health insurance,^[165] Romney decided that because people without insurance still received expensive health care, the money spent by the state for such care could be better used to subsidize insurance for the poor.^[164][165]

After positing that any measure adopted not raise taxes and not resemble the previous decade's failed "Hillarycare" proposal, Romney formed a team of consultants from diverse political backgrounds.^{[23][163][166]} Beginning in late 2004, they came up with a set of proposals more ambitious than an incremental one from the Massachusetts Senate and more acceptable to him than one from the Massachusetts House of Representatives that incorporated a new payroll tax.^{[23][163][166]} In particular, Romney pushed for incorporating an individual mandate at the state level.^[21] Past rival Ted Kennedy, who had made universal heath coverage his life's work and who, over time, had developed a warm relationship with Romney,^[167] gave the plan a positive reception, which encouraged Democratic legislators to cooperate.^[163][166] The effort eventually gained the support of all major stakeholders within the state, and Romney helped break a logjam between rival Democratic leaders in the legislature.^[163][166]

On April 12, 2006, Romney signed the resulting Massachusetts health reform law, commonly called "Romneycare", which requires nearly all Massachusetts residents to buy health insurance coverage or face escalating tax penalties, such as the loss of their personal income tax exemption.^[168] The bill also establishes means-tested state subsidies for people who do not have adequate employer insurance and whose income is below a threshold, with funds that were previously used to compensate for the health costs of the uninsured.^{[169][170][171]} He vetoed eight sections of the health care legislation, including a controversial $295-per-employee assessment on businesses that do not offer health insurance and provisions guaranteeing dental benefits to Medicaid recipients.^[168][172] The legislature overrode all eight vetoes, but the governor's office said the differences were not essential.^[172] The law was the first of its kind in the nation and became the signature achievement of Romney's term in office.^{[166][nb 12]}

At the beginning of his governorship, Romney opposed same-sex marriage and civil unions, but advocated tolerance and supported some domestic partnership benefits.^{[166][174][175]} Faced with the dilemma of choosing between same-sex marriage or civil unions after the November 2003 Massachusetts Supreme Judicial Court decision legalizing same-sex marriages (Goodridge v. Department of Public Health), Romney reluctantly backed a state constitutional amendment in February 2004 that would have banned same-sex marriage but still allow civil unions, viewing it as the only feasible way to ban same-sex marriage in Massachusetts.^[176] In May 2004, Romney instructed town clerks to begin issuing marriage licenses to same-sex couples, but citing a 1913 law that barred out-of-state residents from getting married in Massachusetts if their union would be illegal in their home state, no marriage licenses were to be issued to out-of-state same-sex couples not planning to move to Massachusetts.^[174][177] In June 2005, Romney abandoned his support for the compromise amendment, stating that the amendment confused voters who oppose both same-sex marriage and civil unions.^[174] Instead, Romney endorsed a petition effort led by the Coalition for Marriage & Family that would have banned same-sex marriage and made no provisions for civil unions.^[174] In 2004 and 2006, he urged the U.S. Senate to vote in favor of the Federal Marriage Amendment.^[178][179]

In 2005, Romney revealed a change of view regarding abortion, moving from the "unequivocal" pro-choice position expressed during his 2002 campaign to a pro-life one in opposition to Roe v. Wade.^[166] He subsequently vetoed a bill on pro-life grounds that would expand access to emergency contraception in hospitals and pharmacies^[180] (the veto was overridden by the legislature).^[181]

Romney generally used the bully pulpit approach towards promoting his agenda, staging well-organized media events to appeal directly to the public rather than pushing his proposals in behind-doors sessions with the state legislature.^[166] Romney dealt with a public crisis of confidence in Boston's Big Dig project – that followed a fatal ceiling collapse in 2006 – by wresting control of the project from the Massachusetts Turnpike Authority.^[166]

During 2004, Romney spent considerable effort trying to bolster the state Republican Party, but it failed to gain any seats in the state legislative elections that year.^[138][182] He was given a prime-time appearance at the 2004 Republican National Convention, and was already being discussed as a potential 2008 presidential candidate.^[183] Midway through his term, Romney decided that he wanted to stage a full-time run for president,^[184] and on December 14, 2005, announced that he would not seek re-election for a second term.^[185][186] As chair of the Republican Governors Association, Romney traveled around the country, meeting prominent Republicans and building a national political network;^[184] he spent part or all of more than 200 days out of state during 2006, preparing for his run.^[187]

He had a 61 percent job approval rating in public polls after his initial fiscal actions in 2003, but it began to sink after that.^[188] His frequent out-of-state travel contributed to a decline in his approval rating towards the end of his term;^[189][188] at 34 percent in November 2006, his rating level ranked 48th of the 50 U.S. governors.^[190] Dissatisfaction with Romney's administration and the weak condition of the Republican state party were among several factors that led to Democrat Deval Patrick's lopsided win over Republican Kerry Healey, Romney's Lieutenant Governor, in the 2006 Massachusetts gubernatorial election.^[191][189]

Romney filed to register a presidential campaign committee with the Federal Election Commission on his penultimate day in office as governor.^[192] His term ended January 4, 2007.

2008 presidential campaign[link]

Holding an "Ask Mitt Anything" session in Ames, Iowa, in May 2007

Romneys on Mackinac Island at the 2007 Republican Convention

At a rally in Battle Creek, Michigan, in mid-January 2008

Romney formally announced his candidacy for the 2008 Republican nomination for president on February 13, 2007, at the Henry Ford Museum in Dearborn, Michigan.^[193] In his speech, he frequently invoked his father and his own family and stressed experiences in the private, public, and voluntary sectors that had brought him to this point.^[193][194] He said, "Throughout my life, I have pursued innovation and transformation,"^[194] and casting himself as a political outsider, said, "I do not believe Washington can be transformed from within by a lifelong politician."^[195]

Romney's campaign initially emphasized his résumé of a highly profitable career in the business world and his stewardship of the Olympics.^{[184][196][nb 13]} He also had political experience as governor, together with a political pedigree courtesy of his father, and had a reputation for a strong work ethic and energy level.^{[184][196][65]} Ann Romney, who had become an outspoken advocate for those with multiple sclerosis,^[199] was in remission and would be an active participant in his campaign,^[200] helping to soften his political personality.^[65] Moreover, a number of commentators noted that with his square jaw and ample hair graying at the temples, the 6-foot-2-inch (1.88 m)^[201] Romney – referred to as handsome in scores of media stories^[202] – physically matched one of the common images of what some believed a president should look like.^{[66][203][204][205]} Romney's liabilities included having run for senator and served as governor in one of the nation's most liberal states, having taken some positions there that were opposed by the party's conservative base, and subsequently shifting those positions.^{[184][196][200]} His religion was also viewed with suspicion and skepticism by some in the Evangelical portion of the party.^[206]

Romney assembled for his campaign a veteran group of Republican staffers, consultants, and pollsters.^[196][207] He was little-known nationally, though, and stayed around the 10 percent range in Republican preference polls for the first half of 2007.^[184] He proved the most effective fundraiser of any of the Republican candidates;^[208] his Olympics ties helped him with fundraising from Utahns and from sponsors and trustees of the games.^[136] He also partly financed his campaign with his own personal fortune.^[196] These resources, combined with the mid-year near-collapse of nominal front-runner John McCain's campaign, made Romney a threat to win the nomination and the focus of the other candidates' attacks.^[209] Romney's staff suffered from internal strife and the candidate himself was indecisive at times, constantly asking for more data before making a decision.^[196][210]

During all of his political campaigns, Romney has generally avoided speaking publicly about specific Mormon doctrines, referring to the U.S. Constitution prohibition of religious tests for public office.^[211] But persistent questions about the role of religion in Romney's life in this race, as well as Southern Baptist minister and former Governor of Arkansas Mike Huckabee's rise in the polls based upon an explicitly Christian-themed campaign, led to the December 6, 2007, "Faith in America" speech.^[212] He said should neither be elected nor rejected based upon his religion,^[213] and echoed Senator John F. Kennedy's famous speech during his 1960 presidential campaign in saying, "I will put no doctrine of any church above the plain duties of the office and the sovereign authority of the law."^[212] Instead of discussing the specific tenets of his faith, he said that he would be informed by it and that, "Freedom requires religion just as religion requires freedom. Freedom and religion endure together, or perish alone."^[212][213] Academics would later study the role religion had played in the campaign.^{[nb 14]}

In the January 3, 2008, Iowa Republican caucuses, the first contest of the primary season, Romney received 25 percent of the vote and placed second to the vastly outspent Huckabee, who received 34 percent.^[216][217] Of the 60 percent of caucus-goers who were evangelical Christians, Huckabee was supported by about half of them while Romney by only a fifth.^[216] Two days later, Romney won the lightly contested Wyoming Republican caucuses.^[218]

At a Saint Anselm College debate, Huckabee and McCain pounded away at Romney's image as a flip flopper.^[216] Indeed, this label would stick to Romney through the campaign^[196] (but was one that Romney rejected as unfair and inaccurate, except for his acknowledged change of mind on abortion).^[65][219] Romney seemed to approach the campaign as a management consulting exercise, and showed a lack of personal warmth and political feel; journalist Evan Thomas wrote that Romney "came off as a phony, even when he was perfectly sincere."^[65][220] Romney's staff would conclude that competing as a candidate of social conservatism and ideological purity rather than of pragmatic competence had been a mistake.^[65]

Romney finished in second place by 5 percentage points to the resurgent McCain in the next-door-to-his-home-state New Hampshire primary on January 8.^[216] Romney rebounded to win the January 15 Michigan primary over McCain by a solid margin, capitalizing on his childhood ties to the state and his vow to bring back lost automotive industry jobs which was seen by several commentators as unrealistic.^{[nb 15]} On January 19, Romney won the lightly contested Nevada caucuses, but placed fourth in the intense South Carolina primary, where he had effectively ceded the contest to his rivals.^[225] McCain gained further momentum with his win in South Carolina, leading to a showdown between him and Romney in the Florida primary.^[226][227]