Here’s a video I made explaining why.
Here’s a video I made explaining why.
I interviewed my buddy Nic Shaxson for Longreads. Here’s a clip:
Last year Shaxson published a Vanity Fair article, ‘A Tale of Two Londons,’ that described the residents of one of London’s most exclusive addresses—One Hyde Park—and the accounting acrobatics they had performed to get there.
Here’s how it works: If you’re a Russian oil billionaire or a Nigerian bureaucro-baron and you want to hide some of your money from national taxes and local scrutiny, London real estate is a great place to stash it. All you need to do is establish a holding company, park it offshore and get a-buying. Here’s Shaxson:
These buyers use offshore companies for three big and related reasons: tax, secrecy, and “asset protection.” A property owned outright becomes subject to various British taxes, particularly capital-gains and taxes on transfers of ownership. But properties held through offshore companies can often avoid these taxes. According to London lawyers, the big reason for using these structures has been to avoid inheritance taxes. […]
But secrecy, for many, is at least as important: once a foreign investor has avoided British taxes, then offshore secrecy gives him the opportunity to avoid scrutiny from his own country’s tax—or criminal—authorities too. Others use offshore structures for “asset protection”—frequently, to avoid angry creditors. That seems to be the case with a company called Postlake Ltd.—registered on the Isle of Man—which owns a $5.6 million apartment on the fourth floor [of One Hyde Park].
Shaxson argues that this phenomenon has taken over the U.K. real estate market—extortionate penthouses for the ultrarich sitting empty while the rest of us outbid each other for the froth below.
Originally posted on The Billfold
The first thing that happens is someone tells you.
It’s Tuesday, it’s February, it’s my first day back at work after a week on vacation. I notice the candle in the foyer just as the whoosh of the door blows it out. They never did that for my birthday, I think as I walk past reception.
This is my job. It’s a publisher, we make coffee table books about movies, architecture, political issues that lend themselves to stock photography. Most of us think of ourselves as writers, though that is not really what we do anymore.
Dominic is the one who tells me. He and Naomi are here already, sitting at opposite desks, leaning in like they’re playing Battleship. Dominic bikes here from some distant suburb I’ve never heard of, then showers and changes into the same thing every day: pressed white shirt, pastel v-neck, khakis, loafers. I’ve never been here early enough to see what he’s wearing when he arrives.
“Hey there Mike,” he says. His Dutch accent sharpens the th’s into d’s. Hey der. He turns off his monitor and swivels toward me.
Naomi looks up, holding a mug dangling two teabag strings. She moved here three months ago from Australia, she still has that new-hire enthusiasm, the “let’s make great books!” gusto we’re all waiting to wear off.
“Well hello, Mike!” she says as I de-layer at my desk—hat, scarf, gloves—and turn my computer on.
She’s about to say something else, but Dominic gives a little traffic-cop hand wave and she stops.
“Mike don’t open your e-mails,” he says.
That’s when I notice that our office has a candle in it too.
“You need to know,” he says, trails off, starts again, “that Colin has passed away.”
“Colin in marketing?”
Colin Schwartz. The guy at the back of the external-relations office, a sliver between two big iMac screens.
“Oh fuck,” I say. “How?”
Last Monday, Dominic says, Colin didn’t show up to work and didn’t call or e-mail to explain where he was. On Tuesday his boss told HR. On Thursday the office manager went to his apartment to see if he was home. No one answered her knock. She called the police. They forced open the door and found his body.
“Oh fuck,” I say again. “Was it like a heart attack or something?”
“Well, as you may know, Colin was depressed,” Dominic says. “He had some emotional problems. So it looks like…”
“Oh fuck,” I say. “Are you saying he killed himself?”
“Nothing’s clear right now.”
“They had a meeting yesterday and the MD told us,” Naomi says. “Everyone in marketing went home.”
I stare at my keyboard for a second, type in my password, open Outlook. There’s the official announcement from our president, the meeting cancellations, the invite from comms to record memories of Colin.
“OK Mike,” Dominic says, and swivels back to his desk.
“So, um,” Naomi says, “how was your vacation?”
The next thing that happens is we are terrible.
“I don’t want to say I saw it coming or anything, but it’s not exactly out of the blue,” says Bill, who runs our Twitter feed.
The roof of our building is the size of a soccer field, but we’re bunched together by the door, hoods up, facing away from the wind. Bill is the only one smoking out here, the rest of us are just listening.
“They were working him too hard,” says Will, one of the copy editors. “Marketing’s way understaffed.”
I barely knew Colin. He sat two offices down from me, but we never worked on anything together, never laid eyes on each other after 5 p.m. Our relationship consisted, in its entirety, of work-related small talk in the break room, his lunch rotating behind us in the microwave. Ding, stir, have a good rest of your day.
After Dominic told me, I spent an hour thinking things like, Was it something I did? Could I have reached out to him? Then I spent at least twice that long thinking, Of course not, asshole.
“I was on a conference call with Colin two weeks ago. He stopped talking in the middle of a sentence and just started breathing really loud,” Bill says.
I’ve been having conversations like this all over the building. It’s Wednesday, it’s right after lunch, it’s been two days since they announced Colin died. And this is how we’ve spent it: Bunched up in corners, whispering things to see if they are true.
Sarah from finance wonders if Colin’s death has anything to do with the department restructuring. Mark in HR heard Colin didn’t take a vacation for the last two years. Tina from photos heard Colin moved here to study at the London School of Economics, but dropped out.
None of these people knew Colin any better than I did. We’re just magnifying what we know, zooming in on the crumbs as if it will reveal where they lead.
“You know they changed his job title without consulting him.” Bill says, and the rest of us nod solemnly.
I wish I could say I was the grown-up here, the one who pointed out that none of us really knew Colin, that his death was none of our business, that we should all get back to work. But I wasn’t.
“He was gay,” I say. I only found this out yesterday, when Dominic mentioned Colin’s boyfriend had been notified. “Do you think that has anything to do with it?”
“The weird thing is, Colin never struck me as the unhappiest person here,” says Jessica, the receptionist. “I would have put Colin way down the list. Like, look at Chris in Online. That guy puts in earbuds when he walks to the bathroom.”
“I saw Lucy talking to the external relations director yesterday,” Will says. “I think she’s applying for his job.”
“Oh shit I hope it’s not her,” Bill says. “Remember that presentation she gave at the annual meeting last year?” I smirk along with everyone else. Bill lights another cigarette, giving us all permission to stay out here at least five more minutes.
The next thing that happens is we mourn.
It’s Thursday, it’s 10 a.m., it’s our weekly staff meeting. Colin’s picture is projected on the wall. The senior management team is sitting in suits at the big conference table, each with their own box of tissues.
I’m leaning against the wall. There’s only room in here for about 50 chairs, most of us are standing. Naomi is in sitting down next to me, she’s already crying.
The managing director starts talking, the only voice in the room. He tells us how this is going to work. For the last two days, comms has been recording employees talking about Colin, how they want to remember him. Today we’re going to watch the video.
“The speculation has to stop,” he says. “Colin died of natural causes.”
He nods over to the comms director, who hits play. The video begins with Colin’s work—excerpts of promos he made, books he launched, conference presentations he gave—then the rest is testimonials from his colleagues. They’re edited together in reverse hierarchical order.
Interns, then assistants, then peers, describe working with Colin. The time they bumped into him at the printer, the time his soup exploded in the microwave, the time they sat together on a bus from the airport to a conference, each with their headphones on.
Story after story, they’re all like this, proximity aspiring to intimacy, and it’s clear that no one here knew him, not the people in his department, not his managers, not the people he had lunch with and traveled with. They talk about his cluttered desk, his e-mail forwards, his cocktails at the Christmas party. They try to pull a person out of the time he spent here and they can’t.
“I always said hi to Colin when I passed him in the hall,” says someone on the video.
Naomi stops crying. She makes a little sound like she’s surprised, like she’s discovered the exact borders of her compassion. She takes a shallow breath, puts her purse on her lap, starts looking through it for tissues.
Colin’s boss is on vacation this week. He recorded a message by webcam. He’s lying on his side on a hotel bed. He talks about the clarity of Colin’s press releases as palm trees shudder in the wind behind him.
“I wish I had gotten to know him better,” he says. “He seemed nice.”
That comment, those three words, and I jerk my head away from the screen. I look out the window and there is a huge piece of bird shit on the windowsill. People on the screen keep talking, managers and directors now, but their memories of him are all the same hellos and bump-intos and chit-chats, and I realize this is it, this is what he left behind, his lunch and his e-mails and the clever thing he wrote on his boss’s birthday card. I close my eyes and the video goes on and on and then I open them and everyone around me is crying.
The last clip is the MD, chest heaving. He’s telling the camera, us, how Colin prepped him for his first TV interview.
“Don’t gesture so much,” Colin told him, “Gesturing looks awkward on TV. Emphasize with your words, not your hands.”
The MD did his interview, a whole hour, with his hands in his lap, as instructed. And afterwards he asked Colin, “how did I do?” and Colin said “You were like a statue up there! Why didn’t you use your hands?!”
And we all laugh, and the camera stays pointed at the MD, and his smile fades, his eyes go wet, he lets out a sob and the camera turns off and the screen shows Colin’s picture again.
The next thing that happens is it makes us close.
After the staff meeting, we shut the door to our office and Naomi asks me if I knew anyone else who died. I tell her about my godmother who got brain cancer when I was 12.
“Did you know her well?” she asks.
“In whatever way kids know adults, I guess. We spent a lot of time together when I was little. I mostly remember her mac and cheese.”
Then I ask Naomi and she tells me about the principal of her Catholic school who died in a car accident when she was seven. It was her first funeral, and she raised his hand in the middle of the eulogy to ask a question. As she’s telling it she lets herself smile a little, and I realize I never knew she went to Catholic school.
It’s like this the rest of the week. Maybe it’s because the MD asked us to stop speculating, or maybe everyone else saw the video like I did, felt the same urgency to populate this place, but we stop talking about Colin and we start talking about us.
On the roof, Bill tells me that his parents died when he was 22. He had just finished his first triathlon, and was so tired he fell asleep on the note his roommate had left on his bed. He woke up, pulled it out from under the covers and read it, still in his little running shorts.
In the break room, Jessica is hanging up a picture of Colin. She tells me that when she was 10 years old she accidentally took a big handful of children’s Tylenol because it was flavored and she thought it was candy.
“For years, my parents thought it was a suicide attempt,” she says, yanking out a strip of scotch tape.
On Friday Dominic and I walk to the train station together and he tells me about the cat he buried in his backyard when he was seven.
“I dug him up two years ago,’ he says, “and he was just a box of bones.’ He makes two fists, huge in his mittens, to show me his size.
The next thing that happens is it’s all over.
Monday morning, in the corridor past reception, I walk past marketing and hear someone say. “Did you see Jessica crying at the staff meeting? She barely even knew him.”
Dominic is already here, and I wonder if his khakis, his pianist posture, are the things I would say about him if he died.
“Did Naomi send the invite last week for the meeting with research?” he says.
“I don’t think so,” I say. “With everything happening last week, she must have forgotten.”
“Well if people are going to be here,” he says, “they might as well be working.”
It’s not that we forget, it’s just that we’re done remembering together. As the memorial fades from memory, as the tasks pile up and dwindle, as we all settle back into our boxes on the org chart, our dead colleague becomes just another thing we think about but don’t say.
The last time we talk about Colin at work is in a budget meeting. It’s March, it’s six weeks since Colin died, it’s me and Dominic in a conference room with Marketing, getting an overview of our spending before the quarterly board meeting.
“What’s this 40,000 that appeared in the budget in February?” Dominic asks.
“That’s Colin,” says Bill. Dead people don’t get salaries, so Colin’s appears as a surplus.
“OK,” Dominic says. “And why has this travel spending figure been adjusted?”
And that’s it, we just move through the rest of the budget. I think about looking up, making eye contact across the table, sharing an acknowledgement of the moment that just passed. Instead, I just keep my eyes on the Excel sheet, keep following the numbers with my pencil.
The last thing that happens is Naomi quits.
“I’m going back to my old job in Adelaide,” she says. It’s April, it’s Friday, it’s two months since Colin died. We’re sitting on the stoop of a church near work, holding paper coffee cups with two hands, watching rain drip from the awning.
“Why?” I ask.
“Do you remember Colin?” she says.
I tell her I barely knew him.
“Neither did I,” she says. “But do you remember the week after he died?”
We talk about the memorial, everyone crying, how we were with each other afterwards, how we’re not anymore.
“I keep making these pledges to get to know people here,” she says, “and then in the very next second I know that I’m not going to, that it’s too hard. At least back in Australia I have family waiting for me at the end of the day.”
I feel like we should hug now but we don’t. I stand up, take the empty coffee cup out of Naomi’s hand, throw it in the trash.
It’s later, it’s after Naomi left, it’s me and Dominic in the break room, his lunch rotating in the microwave. He’s looking at the picture of Colin posted on the wall.
“It’s too close to the microwave,” he says. “The steam is going to make it come down.”
As if agreeing, the microwave dings.
“Here,” he says.
He leans in, grabs it from the wall, moves it higher, sticks it back to the wall. “That’s better.”
He grabs his soup from the microwave, stirs it.
“OK Mike,” he says. “Have a good rest of your day.”
Originally posted at The Billfold
Last weekend in London I had a cute little lunch at a cute little patisserie in Soho, and was feeling all satisfied with myself until I was on the Strand later in the day and saw the same patisserie—same food, same interior, same smell coming out the door.
Oh, I thought, deflated. It’s a chain.
Suddenly I felt scammed. These punks tricked me! They made me think their little bakery was all artisanal and small-scale, when actually it’s some venture-capitaled, focus-grouped, conveyor-belted profit factory. They probably have a corporate headquarters in midtown Manhattan, some Yale econ grad staring at the surveillance cam footage of my purchase, trying to moneyball me into buying more next time.
So my immediate reaction was Well! Never going there again. But now that I’ve thought about it, I’m less sure of my reaction.
First, let’s get the obvious out of the way: Of course it’s a chain. Soho is one of the most expensive neighborhoods in the world. Thatcher, gentrification, celebrity chefs, they ran mom and pop outta there decades ago. The only businesses that can afford Soho rents do so through high volume, high margins and manufactured cosiness. That “grandma’s cinnamon roll” smell coming out the door is as deliberate as the font above it. What did I expect?
So I should have known. Next up: Who cares? I had a tasty meal at a reasonable price in a pleasant environment. It was precisely what I wanted. What’s the difference if there is a duplicate of my experience happening elsewhere? Or 100 duplicates? Or 1,000?
When I lived in Copenhagen, my favorite bakery was called Lagkagehuset (“layer cake house”), and it had the best bread on the planet. There was only one location in Copenhagen, family owned, and I glowed with self-satisfaction every time I bought a dense loaf of bread or a misshapen (artisanal!) breakfast roll there.
A year after I left Denmark, it was bought by a private equity firm. Now there are nine of them in Copenhagen (industrial!), and last time I visited I walked past one at the airport (monetizers!).
But you know what? The products are exactly the same. Still dense, still misshapen, still crazy-overpriced, still so salty you want to dip them in a cup of water like a hot dog eating contest. The only difference, as far as I can tell, is that now I can buy them in nine places instead of one.
Which brings me to my last point: What am I actually against?
Among my people (urban, lefty, low BMI), places like Starbucks, McDonald’s and Applebee’s have take the role of a kind of punchline, the culinary equivalent of Coldplay. For us, they’re not restaurants or cafes, they’re totems of America’s—and the world’s—relentless, inevitable march toward sameness.
I’m generally sympathetic to this. Starbucks kills independent cafes, McDonald’s cuts down rainforests, Applebee’s wants you to have diabetes.
But in every other aspect of my life, this doesn’t bother me. I wear Nikes, I shop at Safeway, I use rapper-endorsed headphones to drown out the clacking on my MacBook. All of this is just as mass-produced as anything from Starbucks, and yet I willingly (OK, maybe grudgingly) submit.
But chains underpay their workers, my conscience shouts. They get foodstuffs from poor farmers and nonrecyclable lids from petroleum! They donate to ugly political causes!
All that’s probably true, but there’s no reason to think an independent restaurant or café is any better by default. Maybe the guy handmaking the gluten-free scones at that ‘small batch’ bakery makes the same minimum wage as the teenager at McDonald’s. Or maybe he owns the place, and thinks women never should have been given the vote. Just because I have no way of knowing his conditions, impacts or beliefs doesn’t mean they’re not there or that they’re not problematic.
So if I don’t object to chains in principle, and I don’t object to the goods and services of some chains in particular, then all I’m left with is opposition to chains as a class signifier. I reject them not because the food is bad or they’re worse for the planet than other corporations, but because I personally don’t want to be associated with them. Starbucks is for tourists, Applebee’s is for flyovers, McDonald’s is for the poor.
I’m not defending chains, really, I’m not going to start actively seeking them out or anything. I just need to be honest with myself about what I’m avoiding, and why.
My favorite cafe in Berlin is called The Barn. Silky lattes, snobby staff, handwritten prices, brownies dense as Jupiter—it’s perfect. Just before Christmas they opened a second location, closer to my house than their first. If I’m lucky, next year they’ll open a few more.