The New York Times has a story out detailing Mitt Romney’s son Tagg’s success in starting a private equity firm immediately after Romney ended his 2008 presidential bid:
Neither had experience in private equity. But what the close friends did have was the Romney name and a Rolodex of deep-pocketed potential investors who had backed Mr. Romney’s presidential run —more than enough to start them down that familiar path from politics to profit.
Two years later, despite a challenging fund-raising climate for private equity, Solamere, named after a wealthy enclave in Utah’s Deer Valley where the Romneys have a winter home, finished raising its first fund. The firm blew past its $200 million goal, securing $244 million from 64 investors, including a critical, early $10 million from Mitt Romney and his wife, Ann, and hefty commitments from wealthy supporters of the campaign.
I’m not suggesting impropriety here, I simply want to highlight that, like Mitt’s highschool years, this is yet another perfect example of the inequality of opportunity present in this country. Tagg Romney points out that his father’s reputation and position didn’t actually win him any investors, just allowed him to get his foot in the door. I don’t know if that’s true or not, but it really doesn’t matter either way.
The ability to get your foot in millionaire power brokers’ doors, and borrow 10 million in start up capital from your parents, is a huge opportunity that just doesn’t exist for almost everyone else.
Why can’t we just admit that?
520 Chestnut 
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