Mitt Romney in Turnaround, by Mitt Romney

On Principles & Values: Has “over-developed community service gene”

I later joked with the press that it was due to an overdeveloped community service gene. And that was not far from the truth. Ann’s arguments had resonance, but they had resonance because she knows my core beliefs and life aspirations. She knows that somewhere deep inside, I hoped to commit myself to things greater than making a living or building a fortune. It was the spirit of service in one form or another--a family poltergeist that has haunted my ancestors for generations. It was the legacy of my heritage.

On Principles & Values: Ran against Kennedy in 1993 to offer a different vision

We recognized that there was no way I was going to beat him. After I won the primary, and was ahead in the polls, Kennedy launched a particularly effective attack campaign, portraying me as a money-grubbing businessman. He beat me soundly.

We wanted to raise new ideas for government, and help rebuild a disappearing second party. But after it was over, we did not feel like we had accomplished what we set out to do.

On Principles & Values: Did not consider political value of Olympics

I gave very little thought at all to what I would do afterwards. Many people cannot believe that. They think that I had calculated the political benefits. I saw no political connection at all. The idea of going to Utah as a way of helping me run in Massachusetts was nuts. If I wanted to run, I would have stayed in Massachusetts. And I had no appetite for staying in Utah for a political career. There were plenty of people who had lived there all their lives, who were prepared and qualified. I was going to Utah to run the Olympics. Ann and I felt it was the right thing to do. We felt it brought greater meaning to what we had already done. I wanted to serve the community, not run for office.

On Principles & Values: Pronounced dead at age 20 from car accident in Paris

Tragically, there was a fatality; one of my passengers was pronounced dead at the scene. I was also pronounced dead. One of the gendarmes found me unconscious and wrote, “il est mort” on my passport.

My parents and Ann, my then-girlfriend, learned I had expired. They did not believe it. My father called Sargent Shriver, who was then the US ambassador at the American embassy in Paris. Shriver assured them I was very much alive.

At the hospital where we were taken, the doctor’s triage led him to focus on another colleague. Broken ribs, facial lacerations, & bleeding were more threatening then my broken arm & swollen forehead.

On Budget & Economy: Remedies for budget imbalance: cut expenses or raise revenue

So, the answer would have to be new revenues--marketing and sales. The good news was that companies had already signed on as sponsors, most of them at higher support levels than in prior Olympics. But that was also the bad news: the usual suspects had already been rounded up.

On Principles & Values: Worked for Olympics with no salary and no expense account

When you take a job to perform a service, not to earn a paycheck or win a jackpot, you do not really care a lot about how people think of you. You have the absolute luxury to do exactly what you think is right. Ann kept reminding me that this was about serving. It was a great relief and it freed my anxious mind to really do what I thought was right.

On Corporations: Company’s culture must align with mission, or mission fails

One of the more revealing observations was that our firm’s culture was inconsistent with our stated mission, with stress and dissonance as the result.

At Bain Capital, we aspired to have a firm that put our investors’ interests first, even before our own. But competitive self-interest increasingly figured quite prominently in decision-making.

We went to work to change our culture, to make it more consistent with our personal values and with the objectives we had for our firm. The struggle for integrity between mission and culture was never abandoned. And that made Bain Capital a better place to work.

On Principles & Values: SLOC’s guiding principles: teamwork, pride, integrity, fun

SLOC’S GUIDING PRINCIPLES
• Teamwork
  • Involve stakeholders
  • Think horizontally, not vertically
  • Consider other viewpoints; find win-win solutions
  • Emphasize team success
• Passion and Pride
  • Seek Gold Medal performances in your job
  • Love what you do
  • Relish small achievements
  • Realize your impact
• Communication
  • Be honest and direct
  • Accept feedback, avoid defensiveness
  • Seek prompt resolution to issues
  • Listen more; talk a little less
• Integrity
  • Be loyal to those not present
  • Do what you say you’ll do
  • No hidden agendas
  • Value diversity
• Fun and Celebration
  • Take your work seriously, not yourself
  • Encourage laughter
  • Don’t sweat the small stuff
  • Look for opportunities to include others

On Principles & Values: $100M in SLOC donations criticized as special deals for rich

We designed a donor package of benefits. Our bronze level cost $100,000 and entitled the donor to 4 tickets each to even of several prime events over the 17 days of the Games. Silver was $500,000 and brought 8 ticket packages & other benefits. A cool million included 12 ticketing packages.

Because no good deed goes uncriticized, the donor program attracted its fair share of naysayers. Rich people were going to get special deals. Yes, and we would get an even more special deal because these rich people would be helping us pay for Games that were in financial crisis.

Dollar by dollar, million by million, we climbed toward the $100 million dollar goal. We enlisted 105 donors. We secured the $100 million.

On Principles & Values: $99M in deferred payments from State of Utah paid for SLOC

But, there was nothing to do but approach Utah to ask for forbearance. I knew it would not be easy. The whole point of the state payment schedule was to guarantee that Utah taxpayers would get their money out first. But if we did not keep the bank line of credit, we would not have Games and if we did not have Games, the cities and towns would get zero. Give the forbearance and the cities and towns had a shot at the whole $99 million. The legislature eventually approved the deferral.

On Government Reform: Open document policy overcame SLOC obfuscation & scandal

It is fair to say that SLOC was the most transparent organizing committee in Olympic history--perhaps among the most publicly accessible organizations in America. The public were in attendance at every Board meeting. We built a reading room at our own expense where the public could come to examine core documents. For all intents and purposes, we were naked.

I don’t know that I would recommend such transparency for every organization. But given the scandal that had grown out of obfuscation, the only way I believe we could have restored confidence was with disclosure.

On Corporations: Piracy protection key to selling Olympic sponsorships

Use of Olympic symbols, or even the words “Olympic” or “Olympiad” without permission were easy ways for companies to get Olympic association free. The government passed a law making it illegal.

We took public relations hits for our brand protection efforts. It never goes over well when the guys in the suits come down on the little Mom and Pop operations that do not know enough not to use the Olympic rings in their homegrown marketing.

On Environment: Lit mountain with Olympic rings while placating enviro’s

They charged the installation would damage ground cover. I described our precautions: the whole program had been environmentally engineered to protect the land. We agreed to re-grade the dirt road. We also agreed to plant seed when we were through. We agreed to pay $25,000 to the Nature Conservancy endowment. The environmental groups still said no. If it were not for the courage of the Mayor standing up to some constituents, we might not have prevailed. That and the generosity of Utah Power. They bought 1000s of bulbs and their own workers installed it.

The rings were a signature of the overall look of the Games. We even had requests from the community that we illuminate the rings in the morning so commuters could enjoy the Olympic spirit.

On Principles & Values: Success in DC: Tell truth, find right fit, never give up

1. Tell the Truth--the Whole Truth
   The perception in Washington was that the folks from Utah didn’t tell the truth--partly because of the bid scandal & partly because of the state’s request for billions in “Olympic projects,” some located 100s of miles away. Truth became the most convincing argument.
2. Find the Right Fit
   The federal government is not like a large corporation with centralized decision-making. It is more like hundreds of independent entities, each pursuing their own agendas. Getting help from Washington depended on matching our need with a specific agency’s mission.
3. Never, Never, Never Give Up
   If you work at it long enough, there is always another way to get the help you need in Washington.

On Principles & Values: World Trade Center flag shown at Olympic opening ceremony

During the parade of nations, the host country’s delegation is always last. The last 8 American athletes in line would carry the 9/11 flag. The Olympic Charter stipulated that displays of nationalistic sentiment were not permitted. Hitler’s efforts to use the Games in the 1930s to celebrate Aryan superiority had sent aftershocks that were still felt.

The IOC had decided that the WTC flag could not take a place in the ceremonies. I was sympathetic to the policy but I felt it was wrong.

We finally agree about 1 AM the next morning. The flag would be brought into the stadium just before the anthem was played and held in front of the symphony and choir. A second American flag would be raised during the anthem.

On Principles & Values: Drafted to run for MA governor; incumbent was unelectable

A state rep endorsed me for governor. The attention stemmed from the weakness of the incumbent. She had taken over for the governor when he became Ambassador to Canada. A poll showed such poor ratings that the pollster said she was unelectable. If I did not run, he concluded, the GOP would lose the office and probably disappear as a viable party in Massachusetts: the legislature had dropped to 15% Republican. Democracy needs two parties; If not, me, who?

Source: Turnaround, by Mitt Romney, p.379-380 Aug 25, 2004

On Principles & Values: Ran for MA governor to help people

• First rule, the vision: know why you’re running. Very simply, I was running to help people. Massachusetts had been burdened too long by waste, abuse, inefficiency, and patronage. Government needed to be more about public service and less about self-service.
• Second rule: assemble the right people for the team.
• Third rule: carry out a strategic audit. With only 13% Republicans in Massachusetts, & major paper with a decidedly liberal bias, our strategy would sell my vision straight to the electorate, unvarnished.
• Fourth rule: communicate the vision and challenge the team to stretch. Before the campaign was over, I had taken positions on scores of issues. I believed they were all consistent with our vision: helping people.

On Budget & Economy: First challenge as governor was $3B budget gap

[After the inauguration, we did a full] bottom-up analysis, resulting in some somber news. The budget gap for the next year was closer to $3 billion. Further, there was a shortfall in the current year of $600 million. Immediate cuts were necessary to prevent a possible cash crunch. The budget for the next year would test the entire administration team: finding $3 billion would be a real stretch.

The vision had already been set: it was the heart of last year’s campaign. I was determined not only to adhere to our themes, but also to fight for every single promise I had made.

On Principles & Values: Olympic slogan “Light the Fire Within”:it’s more than sports

[But as I spoke with Olympic champions], it began to impress on me that the Olympics are really about something greater than sport, but seen through sport and the Olympians themselves. The Olympics are a showcase of some of the great qualities of the human spirit: determination, persistence, hard work, sacrifice, dedication, faith, passion, teamwork, loyalty, honor, character. The Olympics celebrate the human spirit by revealing the athlete’s unrelenting drive to push the limits of human capacity.

The phrase we eventually gave as the vision of our Games was “Light the Fire Within.” Those words, that vision would affect everything we did at the Salt Lake Organizing Committee.