The Bishop and the Butterfly: Murder, Politics, and the End of the Jazz Age

    Romney stapled his one-page resume.

    I spent the better part of a decade commuting to work in an executive recruiting firm in Manhattan.  We focused on senior management assignments, including in the finance industry. In ten years I had lived the corporate suite vicariously and any yearnings I might have had to play the executive role were well sated.  After I left I spent fifteen years in artistic and teaching pursuits and then founded a small manufacturing services business which today keeps me off the streets.

    One seldom hears about the really fine executives. But somewhere along the line the top tier began to be confused with actors and are essentially loudmouths---encompassing three prototypes: The flamboyant; the super hero; and those who are simply boorish and full of themselves. Trump, Dimon and Romney.

    Actually there is a fourth type, the seedy. In my former lifetime we once introduced an uptown candidate with a public persona of squeaky clean, upstanding family man. Nice guy, really. But he wasn't right, either for L.A. (his wife would never have moved) or for a job in Hollywood. The Chairman who interviewed him was a cigar chomping, crude individual (think casino magnate). When our candidate asked about benefits the Chairman's face screwed up and he chewed half way through his cigar. "The benefits are a pension program, health plan and all the show girls you can eat." Seedy doesn't quite nail it, does it?

    If Romney had walked into our NYC offices brandishing his one page stapled resume it would not have been a sign of odd or careless behavior because just the words Private Equity and the look of the man would have had us salivating over a potential fee of 30% of his remuneration. While he was being distracted the partners would have huddled to find the most lucrative job we had, and perhaps have called a former client like John. "John, you remember that assignment last year which we discontinued because we both felt we were chasing the impossible dream? Well he just walked into the office. Can you meet him for lunch?" Forget about the resume and the actual job description. We would hustle to get this guy in front of a client by noontime. Money in the bank.

    Today Romney isn't being introduced as a candidate for a corporate or business executive job. He is being introduced as a candidate for President of our country. We need to take a thorough look at all the pages of his resume. Come to think about it, a one page resume with staples in it is--- in fact--- odd. What does it signify? Trying to draw attention to all the entry-level jobs created at Staples? Lack of attention to detail? But the truth is that there are many pages of detail missing. And there is a certain subliminal message contained in the staple, like shooting oneself in the foot unnecessarily. Barney Fife.

    In tearing off the other pages of his resume, Romney has asked the American people to elect him solely because of his business career. Through his own failure to define himself more broadly ---and due to the fact that there are so many aspects of Private Equity which are not resonating with a populist anti-big business and corporate over-reach sentiment in the country---Romney has backed himself into a corner. In effect, Romney is even running from the remaining page of his resume, his business career at Bain. Even the back dating to 1999 is a disservice to his own aims---to wit, if a candidate walked into a job interview anywhere in the country with a resume showing his last relevant experience was fourteen years ago, he would be laughed out of the interview, or worse.

    The one page resume and the unanswered questions about Bain lead inexorably to Romney's tax returns. How else will we know how much he earned in the 99-02 period? His disclosure form indicated "at least" $100K. How much more was it and how does that relate to his claim of non-involvement? Aside from the financial numbers themselves, there is simply a question of how his handling of his own finances inform us about his predilections toward policy making, particularly tax treatment broadly and for the 1% specifically. With the drama surrounding the release of his tax returns, I feel I'm watching "Who shot JR?", or who will win American Idol---can't give you any specifics there, plus, after hearing Romney performance I might slit my wrists if I hear any more off-key singing.

    Being in a national drama about releasing his tax returns is not where Romney ever wanted to be. The intensity of this trap, of his own making, is evidenced by the early resorting to gutter tactics---for example, surrogate Sununu's despicable remarks, and throwing out the politician's play book by announcing a Veep now instead of at the convention. 

    Mitt, give us the rest of the pages of the resume, plus twenty years of tax returns. How bad can it be?

    With respect to resumes, I can offer a few tid bits of advice. Resumes which arrive at a head hunter's office on colored paper, in a fancy folder, or are on one page with a staple left carelessly on it will be thrown into the waste basket by the receptionist. Pull two pages out of your Brooks Brothers' brief case and hand them over in a subdued manner, hint of flourish. Expose to the head hunter a fresh folded dress shirt or blouse and a toothbrush in the brief case, and one thin, important looking file---you are ready to travel and you don't read long treatises. And never, ever, talk about benefits in the initial job interview and not until your future boss has at least scheduled a second interview, had you meet prospective colleagues, or suggested dinner with you and your spouse.

    As for Romney's one-page stapled resume? I'll leave it up to you to figure out what is going through this guy's head, why he is shooting himself in the foot, and more importantly, why this walking Life Like doll was ever introduced to the American people in the first place as a candidate for President.    

    Comments

    Huffpo is reporting that Romney's 2010 tax return disclosure failed to include the FBAR (FUBAR?) form which is required by the IRS for those owning Swiss bank accounts. There is a penalty for not filing so the assumption is that he filed it but didn't include it the documents provided to the public. It's also being reported, supposedly from Bain sources, that Romney would not have run if he really believed the tax returns would have to be disclosed.


    FBAR is filed with the Department of Treasury, not the IRS. Yes, seems like the same thing but isn't. In fact there have been cases where the IRS gave people wrong advice on FBAR but courts dismissed it because they're not the same, leaving people with huge penalties. It's really a mess.

    In any case, FBAR is not part of a tax return.


    Yes people must disclose whether or not they have a Foreign Bank Account in their IRS forms, in the 1040 Schedule B form, if you page to the bottom, it asks whether or not the filer has a foreign bank account(s). (FBAR). If  you have more than $10,000 in listed account(s)  that must be reported to the Dept of Treasury using form TD F 90-22.1. Which is listed on the IRS 1040 Schedule B form that I linked to above.


    Oxy said he "failed to include the FBAR form", which by the IRS rules: "The FBAR is not to be filed with the filer’s Federal tax return." You only note the existence of foreign accounts on the tax return. The FBAR TD F 90-22.1 is filed completely separate from IRS forms and tax dates.

    http://www.irs.gov/businesses/small/article/0,,id=210244,00.html#FR13

    More:

     

    Q. How do filers report their accounts to the IRS?

    A.  Filers report their foreign accounts by (1) completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and (2) completing Form TD F 90-22.1 (PDF).

    Q. When is the FBAR due?

    A. The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. Filers cannot request an extension of the FBAR due date. See also Notice 2010-23.

    If a filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available.

    Q. Where are FBAR forms available?

    A. FBAR forms are available:

    • Online via IRS.gov in PDF.
    • Online via Department of the Treasury’s Financial Crimes Enforcement Network Web site in PDF.
    • By calling the IRS at 800-829-3676.

     

    Q. Where do I file the FBAR?

    A. Send completed forms to:

    U.S. Department of the Treasury
    P.O. Box 32621
    Detroit, MI 48232-0621

    The FBAR is not to be filed with the filer’s Federal tax return.

     


    Oxy and Huff Post said Romney's disclosure, to the public, failed to include the form. The Huff Post article says he noted the accounts on his tax forms and therefore almost certainly filed them, though they state with IRS instead of Treasury.


    Thanks, that was my point. But sloppy reporting. I need to check my sources more thoroughly.


    Well, it's the Huff Post. I suppose there are worthwhile stories, but I gave up reading it because of signal to noise. And they don't have haikus, either.


    please don't double click,

    never know what'll you'll get.....

     

     

     

     


    the huffington post

    news tripe and boob job stories

    and a Greek harlot

     

     

     

     


    Ok, let's dig into the weeds here:

    Oxy said: "Huffpo is reporting that Romney's 2010 tax return disclosure failed to include the FBAR (FUBAR?) form which is required by the IRS for those owning Swiss bank accounts." 

    1) Tax returns do not have the FBAR - only a check mark for foreign accounts over $10K.

    2) A "tax return disclosure" would seem to be your tax returns, not including other items not part of your tax returns, even if of interest to voters & others.

    3) FBAR is not "required by the IRS" - it is required by the Department of Treasury - again, making it unlikely to be included with IRS documents (your tax return)

    4) However post-9/11, FBAR enforcement was turned over to the IRS. And the IRS views this as a major money maker - 1 day late filing can be $10k fine.

    5) The Huffington Post does indeed use IRS frequently when it should say "Dept of Treasury"

    6) HuffPost plays loose with the term "tax records" in claiming Romney hasn't released all of them. FBAR only notes accounts you have any control of - which could be signature authority on an untouched corporate or personal account that generates no income. It is not a "tax record" or "income statement" per se.

    Schedules A, B and D are for revenue generating accounts only. Nevertheless, if any account on FBAR generates revenue that applies to an American - and typically we're taxed on investment income worldwide - then it should appear on one or more of those schedules (or as part of a business statement).

    Now, if we say candidates should divulge assets, presumably Romney should give an indication of foreign account value as well as real estate value and other holdings.

    However, FBAR doesn't get into details of transactions - only amounts in what accounts. Even Schedule D shows volumes of stocks traded along with gain or loss.

    7) In 2009, of 6 million Americans abroad, only about 500,000 filed an FBAR - the claims of Romney being exceptional are exceptional.  Worse, add-ons to the FBAR require foreign banks to report American assets even if the American has a $5 account in the bank and is the sole American banking there. (If you're a student studying overseas? well tough didly, find a good ol' American bank)

    8) Whether Romney is the first candidate with an overseas account, I'd doubt - John Kerry? - and FBAR has been in place since 1970 - but it's been taken much more seriously post-9/11 with Patriot Act etc.


    Thanks again. What are your rates?

    As long as we are digging, how does the "amnesty" program relate to all of this?


    Like everything, FUBAR. You can declare yourself after the fact for amnesty, but that doesn't mean they'll actually give you an amnesty - they still may abscond with whole accounts, etc., even for trivial misreportings.

    So as you say, the panic held over you is extreme and in this case can be for years.


    Thanks again. On your point above, "mess"---it seems when tax authorities take a wrong position, they not only are simply stubborn, if that's the word, but they cause needless stress and worse. My blue state's governor hired auditors to scrounge up revenue and they filed a completely unsubstantiated liability against me from years back. I had my accountant send a letter, no response. Finally, had my lawyer write, because in this case I was a lot more careful, realized that if you don't actually say, within 60 days, that you specifically challenge their decision, the liability stands. They called the lawyer. Oh, it seems they reversed their decision, but oh, that guy forgot to send me a letter. They'll do so now. So I went through three months of stress and suffering, not to mention expenses. And you know what, after three weeks the goddamned letter has still not arrived so I still can't completely relax about a $15K cloud (which is so far out of my normal small taxes that's it's absurd) hanging out there. Some times I wonder why I'm not a Republican. 


    Yes, they're bastards, and new FBAR enforcement makes it trivial for them to be even worse bastards - they can simply grab an account as penalty, with the statute of limitations for complaining (which might not help anyway - and since it's Dept of Treasury, any bad advice IRS gives you is no excuse - something that's been held up in the courts).

    I'm just not sure the Republicans have ever reined in the IRS as they like to pretend, though they did under Bush make it hard for the IRS to audit companies - but not regular people. Luv them priorities. You'd think occasionally conservative businessmen would remember they're people too, but that seems a rare breed.


    Right, a guy I know owns a rep firm in the municipal infrastructure field. Hates Obama. In fact, his business has nearly doubled the last couple of years via stimulus given to municipalities. He has a couple of new trucks (enormous write-off benefits). Has more money right now can 't find enough gadgets to buy.

    But on the above, I have an instinct that the whole ploy was to throw shit against the wall, sit back allow things to be in limbo, unsuspecting victim allows 60 day period to expire, bingo, revenue.


    But where do I file FUBAR forms?


    Any old place - they'll fuck them up anyway, so hardly worth the effort trying, no?


    Speak for yourself.

    I want my FUBAR-related files up-to-date, and easily-accessible, so that when the time comes to file, it's as easy as pressing a button. Which is why I bought this clever new system from ACME devices. I assume you've heard of them? 

    It works like so:

    * presses button * 

    * front of mountainside slides away * 

    * enormous missiles with Kim Jong Il's face on the tip appear * 

    * Western Europe disappears in puff of smoke and quality pastry residuals*

    Geez. I gotta get a new button.

     


    Thanks.


    Maybe his reluctance to reveal his tax returns and overseas banking has something to do with the amounts he tithed.  The LDS probably intimidate him far more than the IRS ever could.

    He has been the Mormon candidate for President his entire life.  He only did other things to pass time between moves.  Under those circumstances, a one-page stapled resume kind of makes sense.

     


    Thanks, Emma. The tithing is probably no one's business, except that some of it might be on his return. I think it might raise an eyebrow if in a particular year he paid no taxes at all, but would have done so except for a large deductible donation. That might stir some resentment.  


    I wish I had better communication skills.

    AFAIK, Mormons are required to tithe 10%.  Not sure of details like before or after taxes, etc. but I am sure other Mormons know.  If Romney's tax returns were made public they could calculate for themselves whether or not he in fact tithed 10% or less -- or more.  

    Jokes that have to be explained are just not funny, are they?. :-/

     


    I see what you meant. I guess I'm in a serious mode. I think your communications skills are just fine, always enjoy your comments.


    Emma FYI -

    On his tax returns, Romney reported that he gave the church $1.53 million in 2010 on income of $21.7 million, and in 2011 estimates he'll donate $2.6 million to the church on expected income of $21 million. The 2010 amount is less than 10 percent, while the 2011 figure is higher than the expected tithe. A campaign official said the governor bases his tithes on estimated income, because he donates to the church at the end of the calendar year, before his taxes are finalized. He plans to pay above the 10 percent rate for 2011, to make up for the underestimate in 2010, the campaign official said.

    http://www.standard.net/stories/2012/01/27/romneys-tax-returns-offer-gli...

    Interesting article, lots more pertaining to this topic.

     


    That is a very informative article.  Thanks, Aunt Sam.

     



    Enjoyed that.


    Candidate called himself a genius and invited the hiring manager to interview him at his apartment. Newt Gingrich

    Candidate’s cover letter talked about her family being in the mob. Chris Christie

    Candidate applying for a management job listed “gator hunting” as a skill. James Carville

    Candidate’s resume included phishing as a hobby. Piers Morgan

    Candidate specified that her resume was set up to be sung to the tune of “The Brady Bunch.” Michele Bachmann

    Candidate highlighted the fact that he was “Homecoming Prom Prince” in 1984. Rand Paul

    Candidate claimed to be able to speak “Antartican” when applying for a job to work in Antarctica. Rick Santorum

    Candidate’s resume had a photo of the applicant reclining in a hammock under the headline “Hi, I’m   _____ and I’m looking for a job.” Karl Rove

    Candidate’s resume was decorated with pink rabbits. Joe Arpaio

    Candidate listed “to make dough” as the objective on the resume. Mitt Romney

    Candidate applying for an accounting job said he was “deetail-oriented” and spelled the company’s name incorrectly. Rick Perry

    Candidate’s cover letter contained “LOL.” Sarah Palin


    Brilliant, Donal. I needed a good laugh.