Romney spent $42.3 million of own money on losing bid

A campaign fundraising report shows Republican presidential dropout Mitt Romney lent himself $7 million last month. That means Romney spent more than $42 million of his personal fortune on his failed campaign.

The former venture capitalist and Massachusetts governor finished January with nearly $9 million in the bank. But more than $3 million of those funds must be returned to donors because they were earmarked for the general election.

The report was filed Wednesday with the Federal Election Commission.

Romney dropped out after Super Tuesday, and later endorsed Sen. John McCain. The Arizona senator is now assured the nomination.

Overall, Romney spent $98 million since beginning his campaign a year ago, including $10 million in January.

"Before abandoning his bid to become president, Mitt Romney put in at least $42.3 million of his own money, a big chunk of the $97 million he spent on the campaign," the Boston Globe reports. "The former Massachusetts governor's total self-financing puts him ahead of Steve Forbes, the publisher who spent $38 million on his unsuccessful run for the GOP nomination in 1996, but shy of the $63.5 million that H. Ross Perot spent on his 1992 third-party presidential campaign."

The Globe adds, "Romney's total loan also equates to about $167,000 for each of the 253 delegates he won before suspending his campaign. By suspending his bid, Romney, who made an estimated $250 million as a venture capitalist, can keep raising money to possibly pay himself back."

(with wire reports)



