Mitt’s Lucrative Severance from Bain Capital

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Although this Boston Globe story on Mitt’s departure and severance negotations from Bain Capital was likely overshadowed today by the tragic shootings in Colorado, there are important revelations in it and it should be widely read. The reporting establishes that even while Romney wangled the most lucrative possible deal he could get for himself from the managers remaining at the company, he continued to be involved in many Bain duties. The last three paragraphs of the article make this clear:

“While Romney continued negotiating the terms of the severance deal, he referred to himself as CEO. In July 1999, five months after he had left for Utah, he provided a quote for a press release issued by Rehnert and Wolpow, who had left Bain to start their own firm, Audax. He was referred to as “Bain Capital CEO W. Mitt Romney, currently on a part-time leave of absence.”
In that release, Romney said of the departing partners, ‘While we will miss them, we wish them well and look forward to working with them as they build their firm.’
Those did not sound like the words of someone who had severed his ties to Bain Capital. To the contrary, it implied that Romney was still a part of Bain and its future. Two and a half years after leaving to run the Olympics, Romney finally signed his severance agreement in August 2001. Still, Romney’s name continued to appear as CEO and owner on dozens of Bain fund documents filed with the Securities and Exchange Commission until January 2002. No one would succeed Romney as CEO of Bain Capital. To this day, Bain is run by a management committee.”

Another aspect of this story that has gotten less attention than it should is the fact that while the Romney camp claims to have released one year’s full tax returns, for 2010, and that they supposedly plan to release the 2011 return at some point–a paltry response to the growing demand that he release his returns for a substantial number of years–there is a key element missing from even the 2010 paperwork. This was reported by Zach Carter and Ryan Grim in a Huffington Post story earlier this week, and then analyzed insightfully by Josh Marshall at TPM. The missing item is a report on the value of Mitt’s Swiss bank account. It is very likely that he did file it with the IRS–to have included the Swiss bank account on his tax return and then fail to submit the foreign holdings form, known as an FBAR, would have likely led to a hefty IRS fine. However, the release of tax documents the campaign made reluctantly during the Republican primary did not include the FBAR, and Josh Marshall wonders why so few news organizations have been asking the campaign about this missing element.

Josh also speculates on the possibility that Romney may have in 2009 taken advantage of a tax amnesty program whereby UBS account holders were offered the chance to pay their back income taxes and all penalties owed, without criminal sanction. This could explain their reluctance to share the FBAR, but until the media begin asking about this more aggressively, we aren’t going to learn more even about 2010, the year that Mitt had supposedly with the press and the public.

 

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A Vanished Young Chess Master

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Last winter, publishing reporter Sarah Weinman–who works for PublishersMarketplace.com and who writes for a number of other publications–asked me if I would try to help her with a story she was working on. Having learned that I attended Franconia College in the 70s, Sarah wondered if I had ever known fellow FC student, Peter Winston. he began in ’75, I began in ’73. His name didn’t ring a bell for me, but Sarah continued and told me about more him, ultimately asking if I would put the word out among the old College community for anyone who might’ve known him. I agreed readily. Sadly, there was a dark and tragic background to her queries, and to the story. She explained that Winston, for a time a promising talent in competitive chess, burdened with a history of mental health problems, had in 1978 simply vanished, never to have been seen since. Foul play or misadventure were of course suspected by his family and authorities, but no trace or record of him has ever been found. He was a kind of modern-day Judge Crater.

I put the word out on the Franconia College Facebook page, a 366-member strong group of former students, faculty and extended community members. Unfortunately, my request for information yielded not a single lead, which I told Sarah last March. She thanked me for trying to help, and went back to reporting the story through other means, and I made a mental note to watch her byline for the piece on Peter Winston. Yesterday, the result of her efforts appeared in the New York Observer, a fascinating 3,000 word article that was the last thing I read before falling asleep last night. Sarah also’s blogged about the writing of the piece on her excellent tumblr, Off On a Tangent. The Observer article is haunting and sad–kind of a nonfiction counterpart to Queen’s Gambit, the novel by Walter Tevis*, whose protagonist is a troubled female chess prodigy. Though Sarah’s piece can answer few questions about Winston’s disappearance, it asks many and is compelling reading, folding in a portrait of the chess scene in NY in the 70s, the milieu that produced Winston, and a character sketch of him. Publication of the piece may also produce some leads for Sarah, so I’m recommending that you read her story and share it widely among your contacts. Any Franconia College people who may not have seen my earlier call for information, please take note. If you knew Peter, or remember him, please let me know and I will put you in touch with Sarah.

I must say now as I keep looking at this photo, I believe I must have seen him at the College, his face and demeanor are somehow familiar, but I know I never spoke with him.

* Tevis clearly had a gift for writing about troubled, alienated protagonists, sometimes young. In addition to the chess novel, his last book, he also wrote the SF novels, The Man Who Fell to Earth (a classic film with David Bowie) and The Steps of the Sun (which I happened to publish in 1989), and the pool hall novels The Hustler and The Color of Money, also great movies with Paul Newman in both, and Jackie Gleason in the first. In 1983, when Tevis was on tour for Queen’s Gambit he happened to stop in my Cleveland bookstore, Undercover Books and my brother and sister and I talked with him for an hour, on a blizzardy day. He died just a year later, in 1984. The Peter Winston mystery is one to which he would have definitely related–had it been reported in local news outlets, but according to Sarah Weinman, Winston’s disappearance barely registered in local media, or even with NYPD, who she writes have “no record of anyone by his name disappearing from the city.” Records for her piece were very sparse, with open requests to police and city authorities officially unanswered at this point.

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Brave Woman Fends off Grizzly Bear

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Over at the Great Gray Bridge tumblr, I’ve posted an article and a photo of an Alaskan woman who, brandishing only with a walking stick and a spray bottle of insect repellent, prevented an aggressive grizzly bear from attacking her, her nieces, and her husky dog. H/t journalist @BrendanKoerner who first tweeted about this story. From the amazing story by reporter Tim Mowry:

“If somebody had told me I would hold off one or possibly two bears with a walking stick and a can of natural insect repellent I would have told them they were crazy, but you do what you gotta do,” she said. “I wasn’t going to let that bear eat my dog and I definitely wasn’t going to let it eat my nieces.”

 

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Best TV Ad of the Campaign Season

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The most damaging thing a candidate can to his political opponent is make him seem ridiculous, teasing him in such a way as to reduce his gravitas. We’ve seen that Mitt Romney always tries to maintain his gravitas, and this new ad by the Obama campaign utterly punctures that veneer of seriousness, using Mitt’s singing voice, not to mention making a fair point about Mitt’s business dealings.

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Contributing an Essay to “Rust Belt Chic: The Cleveland Anthology”

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I’m pleased to have been invited to submit a contribution to the upcoming  Rust Belt Chic: The Cleveland Anthology, a book that is being assembled and edited by Anne Trubek and Richey Piiparinen. With several dozen contributors, it will be published in September as a trade paperback and an ebook. I completed my piece and submitted it yesterday, a personal essay titled “Remembering Mr. Stress, Live at the Euclid Tavern,” on a venerable Cleveland bluesman and the venue where he played for many years, which proved personal gateways to my lifelong enjoyment of live music. A bit closer to publication I will cross-post the entire essay here on this blog. For now, here are some lines from it.

“The club included a central music room with a low stage for the band and a dance floor, an outdoor area in back, plus a basement bar. It was a veritable cruise ship of nightlife. During breaks between sets I often made new friends in my ambles around the lively deck. In the room opposite the stage was the main bar, a long hitching post of a drinks station where multiple bartenders pulled beer taps and poured liquor. Behind and above them was a sign that became a watchword in my life: “It’s hard to soar like an eagle when you’re on the ground with the turkeys.”

Clevelander or not, if you’re eager to support this exciting self-publishing initiative in cultural urban renewal, you can pre-order copies of the book via this link. You can also support the effort by

–Following us on twitter at @rust_belt_chic

–Liking the Facebook page: http://www.facebook.com/pages/Rust-Belt-Chic-The-Cleveland-Anthology/385206038193184

–Bookmarking the website: http://www.rustbeltchic.com. The site will be updated frequently.

Please help us spread the word.

In the weeks to come I will post more information and additional links related to the anthology and its contributors. For now, here’s a current photo of the Euclid Tavern taken by my sister Pamela Turner along with shots of the artwork and sleeve from the LP that Mr. Stress released in the early 1980s, the period covered in the piece.

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A Jet-Ski Vacation

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Fresh off revelations in Vanity Fair and on the AP wire that Ann Romney had become the sole owner of an opaque investment vehicle called Sankaty High Yield Assets the day before her husband was sworn in as governor of Massachusetts in 2003, the candidate’s wife gave a rather bizarre interview on CBS TV Thursday morning. Over at my Great Gray Bridge tumblr, I’ve posted commentary on this with the ridiculous photo of Ann and Mitt Romney jet-skiing around their lakefront vacation home earlier this week.

I should add that Ann Romney, though reputed to be an electoral asset for her husband, has hit a few bumps along the campaign trail:

  • There’s her lordly and expensive sport of dressage, which I posted about in 2011;
  • On that matter of Sankaty High Yield Assets, she was Mitt’s sole beneficiary for the fund which for unknown reasons he transferred to her under the wire before taking the governor’s office. He then failed for years afterward to report it on his federal elections filings, as he was required to do, according to those Vanity Fair and AP stories.

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