Editor’s note: This commentary is by Ron Jacobs, of Winooski, who has lived in Vermont for 19 of the past 26 years. He is a writer whose most recent book is titled “Daydream Sunset: ’60s Counterculture in the ‘70s.”
[T]here is one interaction that I had with Bruce Lisman in the 1990s that convinced me forever that he was not good for Vermont.
It was soon after Judith Ramaley had been hired as the president of the University of Vermont. I worked in the Bailey/Howe Library at the time. Ms. Ramaley had decided to meet with staff and faculty in every department of the institution. To this end, mandatory staff meetings were scheduled, with the library being the first such meeting. As part of the introductory tour, Ramaley was to travel with a member of the UVM board of trustees at the time. Bruce Lisman was her companion for the library meeting.
The two came to the meeting. Ms. Ramaley gave a talk explaining her hopes and ideas for the university. Some of it was just the same-old same-old, while other elements of her presentation were quite innovative and promising.
Then Lisman spoke for a few minutes. Afterwards, he threw the floor open for questions. Perhaps about 20 minutes into the give-and-take, someone brought up the issue of the board of trustees and their occasionally closed meetings. Now, this particular moment in UVM history was rather contentious. A union drive was well underway among the staff after being told their health care premiums would increase while their pay would not, among other things. There was not a lot of trust or love between the employees of the university and the administration and trustees.
While he might be a decent man to his family and friends, his opposition to open government and his willingness to profit from questionable (and I believe immoral) scams at the expense of hardworking people investing their retirement money is enough to forcefully challenge his belief he would be good for Vermont.
Before the new president could utter a word, Lisman stepped in and stated quite plainly that he thought Vermont’s sunshine laws were too open. If he had his way, he continued, there would be less openness. I know I wasn’t the only person in the room whose surprise showed on their face. Essentially, Lisman was telling the assembly that he thought there should be more closed meetings and that committees like the UVM board of trustees had every right to keep the taxpaying citizens of Vermont from knowing what was going on behind closed doors in meetings where their money and futures were being discussed. If my memory serves me well, the meeting ended quickly after that statement and Ramaley ended her introductory tour after her library visit.
Let’s jump ahead to March 13, 2008. The Wall Street economy was in crisis. Bear Stearns was in the center of it. Lisman, an executive at the firm, and one of the many believers in the credit default swap scam responsible for the Wall Street crash then occurring, was freaking out along with many other members of the brokerage house. Here is how the Wall Street Journal described the scene: “In the middle of the afternoon, Bruce Lisman, the usually taciturn 61-year-old co-head of Bear Stearns’s stock division, climbed atop a desk near his fourth-floor office and demanded his traders’ attention. ‘Let’s stay focused,’ he bellowed. ‘Keep working hard. Bear Stearns has been here a long time, and we’re staying here. If there’s any news, I’ll let you know, if and when I know it.'” (WSJ 5/28/2008) Less than a week later, Bear Stearns was gone. Lisman and several other executives walked away with millions of dollars. Those whose retirement accounts were with Bear Stearns did not fare nearly as well.
I believe these two anecdotes from Mr. Lisman’s career explain everything Vermont voters need to know about this man. While he might be a decent man to his family and friends, his opposition to open government and his willingness to profit from questionable (and I believe immoral) scams at the expense of hardworking people investing their retirement money is enough to forcefully challenge his belief he would be good for Vermont. There are already too many such big money wheeler-dealers leeching off our state. Too many tax breaks are given to corporations with minimal allegiance to the state and people of Vermont; too many developers and landlords charge exorbitant prices for their units because greed rules their conscience and there are no restraints on them doing so. Bruce Lisman and his supporters think this is a good thing.
In Vermont and the nation, we have been told over and over that the market will make things better, that the riches the wealthy are accumulating will help everyone. Instead, the historical and current evidence makes it clear it is the opposite that is true. Vermont needs a governor who puts people first, not profits for cronies and the firms they control. Bruce Lisman is not that person.
