The Earl of Romney? It Has a Certain Ring….

by HardyGreen on February 7, 2012

Highclere Castle, a.k.a. Downton Abbey

Two images of wealth are currently top-of-mind for much of the U.S. public: One is that embodied by Mitt Romney–a successful and admirable businessman…or a loathsome representative of the parasitical 1%, depending on your point of view. The other is that of the fictional, wealthy, and paternalistic Crawley clan of Britain, protagonists of PBS’s enthusiastically received Masterpiece Theatre series, Downton Abbey.

So the question naturally arises: Would Mitt Romney fit in at Downton Abbey? Should the White House gig not work out, mightn’t he find a suitable situation there?

In one sense, the questions are preposterous. Romney is a very American guy, a fact underscored by even such unusual attributes as his Mormon faith. Although Mitt has ancestors from England—one grandfather hailed from Birmingham and other forebears, from Lancashire—his more pertinent history is strictly Yankee Doodle. For heck’s sake, one great-grandmother was born in a covered wagon during her family’s journey West!

The Crawleys, on the other, hand are the very definition of buttoned-down British aristocracy. Heredity is everything—especially as the series’ main plot turns on an entail, or a restriction on who is next in line to preside over their fabulous landed estate and to inherit the accompanying title of Earl of Grantham. Robert Crawley, a.k.a. the Earl played by actor Hugh Bonneville, would no more know what to do with a balance sheet than with a Fenway Frank.

All the same, Robert and Mitt have a few things in common.

Both are products of dynasties, although Mitt’s is a political one. His father, George Romney, was a three-term governor of Michigan and a 1968 Presidential candidate. Inherited wealth hardly figures, though: Mitt donated the pile he got from George, once CEO of American Motors, to an institute at Brigham Young University. Instead, Mitt’s personal history is all about Harvard Business School, Bain & Co. “growth-share matrices,” and a carnal attitude toward number-crunching. “Pile the budgets on my desk and let me wallow,” he told The New Yorker in 2007. (And you thought Newt Gingrich had unbridled lusts.)

Noblesse oblige is an impulse familiar to both men. The signature achievement of Mitt’s term as Governor of Massachusetts, Romneycare, was inspired by a desire to “do a service to the people,” in the words of the former business ally who encouraged the reform, Staples Inc. founder Thomas Stemberg. At Bain, Mitt was thought to be a very fair and caring manager, one who inspired loyalty and motivation by spreading the takings around.

Bain Capital’s leveraged buyouts did, of course, prompt some firings and loss of jobs. Mitt has even famously admitted that he “likes being able to fire people.” (Yes, yes, he was speaking about canceling his insurance coverage.) This would be a point of contention with the tender-hearted Earl of Grantham, who cannot bear to fire anyone and even suffers remorse when he has an argument with a servant.

But I can easily imagine Mitt energetically sorting out the sprawling and decaying Crawley estate. Those rotting outbuildings would experience the full impact of the Romney paintbrush, powered by the can-do attitude that Mitt exhibited at the 2002 Olympics. And the vast Romney family with its 16 grandchildren could help to fill the doubtlessly underutilized, 60-bedroom Highclere Castle, setting of the Downton Abbey series.

Come to think of it, Mitt has only two houses at the present time, one on New Hampshire’s Lake Winnipesaukee and another fronting on the Pacific Ocean at La Jolla, California. (He also has a pied-à-terre in the Boston area.) For sure, he could use another roof over his head. Two years back, when composer Andrew Lloyd-Webber expressed an interest in buying Highclere Castle, the current Earl said the palace could fetch a selling price of  £150 million—doable for Romney, whose net worth was estimated at $250 million several years ago. So let’s get the Romney legal eagles at Patton Boggs LLP to take a close look at that entail thing—maybe, just maybe, the Crawleys could sell the joint after all.

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The Four Things Everybody Wants

by HardyGreen on January 5, 2012

U.S. President Franklin Roosevelt in 1941.

Seventy-one years ago this week, U.S. President Franklin Roosevelt articulated four fundamental rights that he believed all peoples should enjoy. The Four Freedoms, said FDR, should be goals for every post-World War II society: freedom of speech, freedom of worship, freedom from want, and freedom from fear.

His analysis was the hallmark of that year’s state-of-the-union address–and later, of the Atlantic Charter forged with British Prime Minister Winston Churchill.

So perfectly had Roosevelt captured the U.S. public consensus that the Four Freedoms  became the subject of an iconic series of paintings by Norman Rockwell, the most popular commercial artist of the mid-20th century. Rockwell’s artwork, which first appeared in consecutive issues of  The Saturday Evening Post, made each of the four ideals seem like accomplished facts of American life.

Today, no U.S. politician would openly reject the first two of these–why, freedom of speech and freedom of worship are enshrined in the Constitution! But what about the last two–freedom from want and freedom from fear?

Forget about it. Instead, we are told we should want individual liberty–i.e., the right to be hungry, lonely, and poor if you’re not one of the fortunate few. And freedom from fear? Why, there’s nothing to fear but unemployment, sickness, and discrimination. Best to change the subject…particularly if you are a politician.

Don’t expect the GOP presidential candidates to mention the Four Freedoms as they court voters in New Hampshire. They never will. But what about Obama? We should only be so lucky as to have a president who forcefully articulates ideals that seemed like accomplished facts a mere 71 years ago.

 

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How Corporate America Conquered the Suburbs

October 21, 2011

Who can stand the city? It’s all noise, dirt, and hassles. In 1942, the Bell Labs division of American Telephone & Telegraph Co. declared it had had enough and was relocating to the suburbs. Over a few decades, this path-breaking move would set off a corporate stampede. Purchasing 213 acres of rural land in Union [...]

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Anarchy in the U.K.: How the Pundits Got it Wrong

August 15, 2011

There’s a temptation to see a simple correlation between the recent riots in Britain and high levels of youth unemployment and lack of economic opportunity. A recent Guardian books blog, for example, takes note of how the rioters showed no interest in looting vulnerable Waterstone’s bookstores–reflecting the fact that bookstores are full of stuff that [...]

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Dollars to Doughnuts: One Way to Save Main Street

May 25, 2011

Slow food, microbrewing, real simple living: Call it the rebellion of the hipoisie. Young Urban Professionals with a Won’t Be Fooled Again agenda. And now comes the investing counterpart, locavesting. “Across the country people are figuring out ways to invest in their local businesses and communities. In the process, they are rebuilding economies, revitalizing downtowns [...]

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Appearing at Rhodes College next week

April 17, 2011

I will be speaking on “The American Company Town: Yesterday, Today, and Tomorrow” at Rhodes College in Memphis on Monday, April 25: http://cal.rhodes.edu/cal_event.php?id=1379012 Promoting the talk, I will also be appearing that morning on the local CBS television affiliate, WREG:  http://www.wreg.com/shows/liveat9/

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Roebling, N.J., and the Company Town Tradition

April 8, 2011

Last night, I spoke at the Roebling Museum, a history museum dedicated to preserving the memory of the town where steel for many of America’s architectural wonders was produced. Here is a shortened version of my remarks: In 1895, George M. Pullman was called to testify before a federal commission investigating the causes of the [...]

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Can ‘Airworld’ Truly Be the City of the Future?

February 22, 2011

Business travel is in long-term decline. Rather than holding meetings at the Best Western in Kansas City, business has turned to teleconferences, Webinars, and facetime on Skype. IBM staffers conduct virtual-reality work meetings via Second Life, with avatars taking the place of people who’ve never actually seen each other. So who could believe that the City [...]

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“The Company Men” and The Family Firm

January 31, 2011

There’s a theory that family-run businesses have inherent limitations: If a modern company is to attain any measure of “scale and scope,” the theory says, control by owners has to give way to decision-making by a cadre of trained and experienced professional managers. “Personal” management by original entrepreneurs and their too-often-incompetent relations often results in [...]

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Need Shelter? Just Google It…

January 26, 2011

Maybe Google should have its own Secretary of Housing & Urban Development. After all, somebody there seems very into giving shelter, not only to company employees but to other deserving folks as well. Back in November, I wrote about Google’s expanding California real-estate holdings, which amounted to over 4 million square feet. The company had [...]

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