David Rockefeller opened his mouth to Bloomberg about the secret Glenn Lowry compensation-sweetener, and admitted that one mistake was made.
Actually, David, there were two.
Patrick Cole reports:
Rockefeller said he had no regrets about setting up a trust with MoMA board member Agnes Gund that paid Director Glenn D. Lowry $5.35 million in addition to his museum compensation between 1995 and 2003. The arrangement was criticized because it wasn’t initially reported in the museum’s tax filings or to the entire MoMA board.
“We had several lawyers go over it before we did it, and I think clearly there is nothing we did that was in any way illegal,” Rockefeller said….
“I think we should have told the members of the board, and we didn’t.”
David, do you think maybe “we” should also have told the IRS—by reporting the director’s full museum-related compensation on the Museum of Modern Art’s tax return, instead of devising a secret side-payment to avoid creating waves with low-paid staffers?