Monday, 28 July 2014
Last updated 11 min ago
Aug 31 2012 | 12:37pm ET
Mitt Romney, who made his name and his fortune in private equity as the founder and leader of Bain Capital, formally accepted the Republican Party nomination for president last night.
"I accept your nomination for president of the United States," Romney told the Republican National Convention in Tampa, Fla. "I do so with humility, deeply moved by the trust you place in me. It's a great honor and an even greater responsibility."
The former Massachusetts governor then launched into a 39-minute attack on his November opponent, President Barack Obama. He attacked Obama's handling of the economy and foreign policy, and appropriated a sentiment that President Ronald Reagan used to devastating effect against President Jimmy Carter 32 years ago.
"This president can tell us it was someone else's fault," Romney said. "This president can tell us that the next four years, he'll get it right. But this president cannot tell us that you are better off today than when he took office."
The speech marked the end of a six-year journey for Romney, who unsuccessfully sought the G.O.P. nod in 2008, only to see it go to Sen. John McCain (R-Ariz.), who lost to Obama. But that marathon could have ended early, according to The New York Times.
In the wake of Romney's exit from the race four years ago, Tiger Management founder Julian Robertson flew to Utah to offer Romney the top job at his legendary hedge fund. Robertson reportedly offered Romney a base salary of $30 million per year—75 times more than he'll make if he unseats Obama—as well as a share of the profits.
But in spite of the richness of the offer, and the urgings of many friends and family members, Romney declined. In 66 days, he'll find out if he'll get the job he's always wanted.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…