Once again, Mitt is moving in with his boy, Tagg, only this time it's into Taggs Solamere business office also shared by Mitt's protege' Spencer Zwick, and Zwick's private fundraising consulting firm, SJZ Inc., that the Romney campaign paid nearly $10,000,000 in 35 payments according to OpenSecrets.org.
How cozy. I wonder how they figure out who owe's what when the utility bills come in? Whatever. I'm sure the IRS is up to speed to make sure there is no co-mingling of funds.
Former aides speaking on the condition of anonymity said Romney was subletting office space from Solamere. The aides were not authorized to publicly discuss the plans.What is interesting is that Zwick's SJZ Inc and Tagg Romney/Zwick's Solamere share the SAME ADDRESS.
It's unclear what role, if any, the former businessman will play at Solamere Capital.
According to the SEC, Solamere's Boston address is also 80 Hayden Ave, Lexington, MA which isn't Boston, it's Lexington.
More oddly, the Solamere website doesn't work for us little people. I'm assuming the login feature works for the partners and investors.
So, if the story is true,
Romney will share office space with Romney's Campaign fundraiser protege'/consulting firm, SJZ Inc (Spencer Zwick), and Solamere, Mitt's son's Private Equity group that Mitt's wife's blind trust helped launch, both owned in full or in part by Spencer Zwick.Sharing office space is not new to this dynamic trio. The NYTimes reported
Building SolamereMindboggling quite frankly.
While Solamere has not operated exactly as a subsidiary of the Romney campaign, it has seemed that way at times. The firm shared its first address with the Romney campaign headquarters in Boston.
Later, the company was located in the same building as Mr. Romney’s leadership PAC, Free and Strong America, before moving to trendy Newbury Street in Boston.
I bet they will have some great fun sharing campaign stories and OTHERS PEOPLES' MONEY!
LOTS of $$$ - In fact, it looks like Solamere has already scooped up $242,000,000 according to these SEC documents.
Private Equity firms use different names for different offerings. Bain has close to 100 Bain names listed with the SEC.
I'm sure Mitt Romney will find some time to coach his son Tagg, and his protege' Spencer Zwick. Solamere will find lots of RW investors for this winning team.
To date, Solamere has filed two $200,000,000 offerings. They are:
On June 1, 2009, Tagg Romney, Spencer Zwick, and Eric Scheuermann hit the jackpot when they launched Solamere:
SOLAMERE FOUNDERS FUND I LP had a very successful launch according to this SEC Document.
Total Offering Amount $200,000,000 USDThat went so well, they did it again under a new name:
Total Amount Sold $186,000,000 USD
Total Remaining to be Sold $14,000,000 USD
$16,800,000 USD represents an estimate of the aggregate management fees payable in the first 6 years; the Issuer will continue to pay management fees thereafter.
SOLAMERE FOUNDERS FUND I-B, LP
As of January 31, 2010, Solamere Founders Fund I-B, LP had $200,000,000 shares for sale, 17 investors had purchased $56,000,000, and it looks like the principals, Tagg, Zwick, and Scheuermann will receive $16,800,000 according this THIS SEC DOCUMENT.
Again, the magic management fees of $16,800,000 will be paid the the dynamic trio, Tagg, Zwick, and Scheuermann, if I understand the SEC document correctly:
Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount. - $16,800,000Remember, it's not who you are, it's who you know. Money begets money.
And Team Romney et al is rolling in other peoples' money.
I think the Romney Zwick connections are the really big story that is waiting for more eyes from both the SEC, IRS, and maybe the Justice Department to look into. I could be wrong, but some things don't add up at a casual glance.
Businessweek condenses Zwick's story here:
Not bad for a 32 year old guy that has only worked with Mitt Romney and his son, Tagg. Tagg & Zwick formed controversial Solamere Private Equity firm with the help of Mitt, Anne, and Mitt's brother, George. You might recall that Anne's not so blind trust invested a sizeable chunk in her son's new venture.
eMeg also shelled out $96,000 to Solamere Capital – the investment firm founded by Zwick and his pal Tagg Romney.
Mitt was her mentor at Bain and Company years ago.
I have compiled a long list of links to help those investigating Romney et al finances here.