Prometheus 6

But he hasn't exactly reached out to the general populace. Maybe he's just trying to raise enough money to be a player, since he can self-finance the rest.

Romney Used His Wealth to Enlist Richest Donors
By DAVID D. KIRKPATRICK

WASHINGTON, April 5 — Mitt Romney, the multimillionaire founder of a giant private equity firm, knew he did not need other people’s money to mount a presidential campaign. But as they began planning a campaign more than two years ago, Mr. Romney and his advisers wanted to avoid the fate of two other millionaires, Steve Forbes and Ross Perot, whose self-financed campaigns went down as quixotic indulgences.

“By Mitt or anyone else self-funding, you don’t have a lot of people making investments in you,” said Spencer Zwick, 28, the campaign’s fund-raising director and a close aide whom the candidate sometimes calls his sixth son. “To be credible, you have to show that you have raised resources from around the country.”

Instead of tapping his own money directly, Mr. Romney embarked on an effort to leverage his personal fortune into donations to his Republican primary campaign.

He spent $6 million of his own on the campaign that made him governor of Massachusetts in 2002. Then he almost immediately began parlaying his own wealth, a network of his fellow Mormons and financiers, and his fund-raising role for the Republican Governors Association, into a national operation that quietly has signed up some of the biggest supporters of President Bush. Thus, although he remains the least known of the Republican front-runners, he has already locked up some of the most important donors.

At the start of the first quarter of this year, for example, Mr. Romney lent his campaign $2.35 million to pay for an elaborate demonstration of just how fast he could raise money from others. He rented the Boston convention center, furnished it with more than 400 laptop computers, loaded each with custom software and had more than 400 telephone lines installed.

He invited 400 wealthy supporters, including dozens of chief executives he knew through business connections, to a reception at an adjacent hotel. The next day each sat down before a personal-contact list loaded into an assigned laptop, with dozens of technical support staff and campaign finance advisers standing by to assist. Reporters watched from the sidelines for hours as Mr. Romney’s supporters raised $6.5 million.

“It was a great show,” said Ron Kaufman, a White House political director under the first President Bush.

Mr. Kaufman said he walked out thinking, “That was the most impressive thing I have ever seen.”

By the end of the first quarter, Mr. Romney had brought in more than $20 million, vaulting ahead of his better-known rivals for the Republican nomination, Senator John McCain of Arizona and Rudolph W. Giuliani, the former New York mayor. Mr. Romney’s campaign calls the money evidence of his broad appeal.