Lowry Compensation: Rockefeller Acknowledges One of the Two Mistakes
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?
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LEE ROSENBAUM I'm a veteran cultural journalist with many pieces in the New York Times, Wall Street Journal and major art magazines. I have been a cultural contributor on New York Public Radio (WNYC and WQXR) and have provided arts commentary on NPR and public radio stations in Philadelphia and Los Angeles. I am a HuffPost Arts writer. I've been profiled on the PBS NewsHour with Jim Lehrer's Art Beat and in the Chicago Reader. I've appeared as an art-market commentator on BBC-TV and have published numerous Op-Ed pieces in the New York Times and Los Angeles Times. I am author of The Complete Guide to Collecting Art (Knopf) and have lectured on cultural property issues at the New Acropolis Museum and the University of Pennsylvania, on deaccessioning at at Investigative Reporters and Editors 2011 Annual Meeting, Columbia Law School, the University of Iowa and a conference of the Museum Association of New York, on museum governance and cultural property issues at Seton Hall University, on arts blogging at American University and on Smithsonian exhibition controversies at Rutgers University.
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