Here’s How Mitt Romney Is Tied To Goldman Sachs

mitt romney

Yesterday, Mother Jones highlighted something that has technically been in the public domain for some time: that Mitt and Ann Romney have between $17.7 million and $50.5 million of their assets invested at Goldman Sachs.

Today, Dealbook takes a closer look at the details of the blind trusts that the Romneys benefit from.

Conclusions? In broad strokes, that, like many other clients at Goldman and other asset managers, “the Romneys have benefited – and been hurt by – Goldman’s investment decisions.”

There’s nothing terrible here, just pretty standard practice for the very very wealthy. Barring any new information, everything about the trusts is fully permissible and by the book. But having tens of millions of dollars being invested by Goldman Sachs can only further reinforce the huge gap between average Americans’ personal finances and the Romneys.

It should be underscored that because the assets are held in blind trusts, the Romneys have no influence on or knowledge of the holdings.

Here’s the summary of the blind trust’s holdings, as compiled by Dealbook:

  • In 2010, the trusts made $2.8 million in capital gains, $2.7 million of which were deemed long-term
  • The trusts sold 7,000 shares of Goldman stock, which had been purchased and held since the firm’s 1999 IPO. Romney purchased the shares at $53 a piece and sold them for just over $161 in December 2010
  • In January 2010, the trusts sold Bank of America stock for a small loss and JPMorgan Chase stock for a small gain
  • The trusts sold shares in Target, Unilever and Apple
  • Somewhat remarkably, the trusts made money investing in Research in Motion, buying shares in 2006 and 2008 and selling them for a $30,000 gain in 2010
  • In January 2010, the trusts sold Comcast class A, near the stock’s multi-year low, for a loss.
  • The trusts owned shares in LVMH Moët Hennessy Louis Vuitton