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Romney builds up cash reserve

June 2, 2012 at 9:17 AM
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LOS ANGELES, June 2 (UPI) -- Presumptive Republican presidential nominee Mitt Romney has trimmed his portfolio of stocks in foreign companies, financial disclosure forms indicate.

Among the stocks Romney sold were holdings in Wal-Mart de Mexico, now under investigation for bribery, and Chinese shares, the Los Angeles Times reported Friday. Romney and his wife, Ann, reported $2.7 million in income from foreign securities on their 2010 tax return.

Romney has sold other holdings, increasing his cash reserve to $6.4 million.

That is in the same ballpark as President Barack Obama's entire reported assets, estimated at between $2.6 and $8.3 million.

Forbes magazine has estimated Romney's total wealth at $230 million. Politico estimated it at $250 million, based on his latest disclosure documents.

Much of Romney's fortune is in two blind trusts set up when he became governor of Massachusetts in 2003. He has also set up a $100 million trust for his children.

Romney, who attended a fundraiser Friday in Newport Beach, Calif., was greeted by a group of "Billionaires for Romney," The Daily Pilot of Newport Beach reported. The group chanted "Tax our poor."

A handful of Romney supporters also picketed. Lauren Edwards, 12, who was with her father, Bill, held up a sign that read "2012 Romney respects the Constitution."

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