“Mitt Romney should be a billionaire,” Margaret Collins and Richard Rubin stated flatly last month in a detailed Bloomberg News examination of his wealth. Yet, when Boston Magazine listed the 50 wealthiest Bostonians in 2006, Romney, then the governor of Massachusetts, was not even on the list. His Bain partner, Steve Pagliuca, who joined the firm in 1989 (five years after Romney started it) was listed at No. 35, with a net worth of $410 million.

Romney’s net worth of $250 million is an estimate provided to the media by his campaign, and it is in line with the $254 million maximum value of his financial assets found in his June 1 presidential-candidate disclosure form. Yet this form is a masterpiece of obfuscation, in large part because it allows for absurdly wide ranges of value, with little specificity.