Blog #3
"THE SMEAR"
Leave it to those who believe in "class warfare," to resort to some
distortion and innuendo early in the campaign
for governor.
The democrats have done the math-they can't win as long as
Independent candidate Eliot Cutler scoops up democrat votes.
Libby Mitchell and Cutler are polling combined 46 points, compared
to Paul LePage's 38. Most of Cutler's votes are coming from democrat
defectors.
Plus, independents are not voting for democrats this year.
So, let's destroy Cutler and get those votes back for the democrat
nominee.
The Democrat Party, aided by some questionable press coverage, has
seized upon an otherwise innocuous bit of information-in an attempt
to turn it into an indictment.
(Get ready for the negative TV attack ad that is coming.)
In no way should this treatise, a product of my own research, be
considered a personal candidate endorsement.
I am a Republican.
I write this out of a sense for the need for truth and justice.
Like most of the country, I am fed up with smear tactics.
Here are the facts:
In 2009 Thornburg Mortgage, Inc., closed and filed for bankruptcy.
Highly regarded as the number two top lender of high quality "jumbo"
mortgages in the country-they were "taken out" by an investor panic
in the credit markets as a liquidity crisis overtook the world economy.
Many top financial companies suffered the same fate.
Any lawsuits filed by disgruntled stock-holders have been dismissed
except for one not yet officially closed because of a lawyer's with-
drawal back in 2008-one year before the bankruptcy.
That is the one the press is using, turning it into an ugly story
intended to to impugn Eliot Cutler's reputation.
Candidate for Governor Cutler was an independent non-executive
director of Thornburg Mortgage.
A fact that he clearly included in his biography.
From definitions of independent director on the Web (Google):
"A non-executive director or outside director is a member of the
board of directors of a company that does not form part of the
executive management team.
He or she is not an employee of the company or affiliated with it in
any other way."
Also see http://businessdictionary.com.
Cutler, because of his successful business career and standing in the
community was named an outside non-executive director of
Thornburg Mortgage for the purpose of lending his prestige to the
company. A common practice.
At the time-he had already created the second largest international
environmental law firm.
He also had extensive experience in the mutual fund industry.
Cutler is no villain in the Thornburg Mortage saga-in fact he was
almost a hero.
He never sold any of his personal investment-and through his
world-wide contacts attempted to identify possible sources of
continuing support for the company.
In the final analysis, Cutler has no reasonable culpability for
the eventual closing of TMI real estate investment trust.
He did everything personally to help, including not selling his
own investment, eventually losing it all.
A $22,000 directors fee that he received was for many months
of service trying to help during the mortgage credit meltdown when
so many companies succumbed.
Cutler's involvement in Thornburg Mortage was exactly the same
as that of you or your neighbor who serves as an independent,
non-executive, outside director of a local bank or as an appointee
to a local municipal board or trust.
Cutler grew up in Bangor, in a family of immigrant background.
He worked his way through Harvard and Georgetown, and
eventually served his country as assistant director of OMB (office
of management and budget).
He worked with the late Senator Ed Muskie in writing the Clean
Air-Clean Water act.
Conclusion:
There are at least three candidates qualified to be our next Governor.
Let them fight it out-fairly.
The politics of personal destruction should not be allowed to unfairly
damage the reputation of any man who spent a lifetime to earn it.
I wonder if the "American Dream" is being replaced with "Class
Warfare?"
If Cutler and his family live in a nice house-that he can afford and
earned through years of hard work-is that somehow a dis qualifier,
as continually suggested in the press and various columns ?
Cutler is risking a lot; his reputation, his money, his family's security
and comfortable way of life, because he thinks he can help his native
state of Maine.
It reminds me of the line in the Declaration of Independence penned
by our founding fathers-
"we (mutually) pledge our lives, our fortunes, and our sacred honor."
You may not vote for him-but cut the guy some slack-
he doesn't deserve to be smeared.
disclosure:
I eventually sold the shares that I owned in Thornburg Mortgage
Real Estate Investment Trust (REIT), after enjoying a steady stream
of high dividend income for many years.
As a former stockholder in Thornburg, in no way do I hold Eliot
Cutler responsible for its' termination.
He, as an independent, non-management, outside director, did
his best to help in an impossible situation not of his making.
-0-
Footnotes...
Just a couple quick observations on the Rasmussen poll.
Basically no change. LePage has a solid 8 point lead.
A few things to note:
LePage's support among independents did drop from
44% to 33%.
4% are listed in favor of "other". I would assume that
is probably Moody beginning to show up on the radar screen.
Moody (and Scott) could get 8- 10% combined.
Since an historical study of Maine's gubernatorial elections
that I have done (we'll review it in a future blog)- shows
the Maine Democrat base to be in the range of 38%, Libby
Mitchell's current 30 would indicate she has only one
way to go-up from here.
LePage's 38 is seven points higher than the Republican
average (31) -but this year all bets are off, because of the
great wave of national discontent bringing independents
into the Republican column.
LePage will probably come down some.
This could be close by November, but only if Cutler's
campaign stalls and takes no more democrat defectors.
(Assumes Mitchell wins some back).
Cutler did jump from single digits to 24% among independents.
Remember that 11% remain undecided.
My early call:
(Definitely subject to change during the campaign and debates.)
Mitchell will get some of her base back, but
Cutler will be the spoiler in the race.
35% may be enough for the eventual winner.
LePage by 2 or 3 points.
Personal:
Finally a great big thank you for making the earlier launch
of donrobertspolitical.blogspot.com a huge success.
Over 2200 hits (views) in the first few days from this site
and AMG.
I hope you all become regular followers.
Don Roberts
Augusta
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