Connect with us

News

New Hampshire town’s enigma who lived frugally left it millions it never knew he had

Published

on

New Hampshire town’s enigma who lived frugally left it millions it never knew he had

Organizations would be able to apply for grants via a trust through the New Hampshire Charitable Foundation, drawing from the interest, roughly about $150,000 annually.

Hinsdale will “utilize the money left very frugally as Mr. Holt did,” said Kathryn Lynch, town administrator.

Holt’s best friend Smith, a former state legislator who became the executor of Holt’s estate, had learned about his fortune in recent years.

He knew Holt, who died in June at age 82, had varied interests, like collecting hundreds of model cars and train sets that filled his rooms, covered the couch and extended into a shed. He also collected books about history, with Henry Ford and World War II among his favorite topics. Holt had an extensive record collection too, including Handel and Mozart.

Smith also knew that Holt, who earlier in life had worked as a production manager at a grain mill that closed in nearby Brattleboro, Vermont, invested his money. Holt would find a quiet place to sit near a brook and study financial publications.

Advertisement

Holt confided to Smith that his investments were doing better than he had ever expected and wasn’t sure what to to do with the money. Smith suggested that he remember the town.

“I was sort of dumbfounded when I found out that all of it went to the town,” he said.

Some of Geoffrey Holt’s model car and train collection on display in his trailer.Courtesy Ed Smith via AP

A strict and frugal upbringing

One of Holt’s first investments into a mutual fund was in communications, Smith said. That was before cellphones.

Holt’s sister, 81-year-old Alison Holt of Laguna Woods, California, said she knew her brother invested and remembered that not wasting money and investing were important to their father.

“Geoffrey had a learning disability. He had dyslexia,” she said. “He was very smart in certain ways. When it came to writing or spelling, he was a lost cause. And my father was a professor. So, I think that Geoff felt like he was disappointing my dad. But maybe socking away all that money was a way to compete.”

Advertisement

She and her brother grew up in Springfield, Massachusetts. Their father, Lee Holt, taught English and world literature at American International College. Their mother, Margaret Holt, had a Shakespearean scholar for a dad. She was an artist who “absorbed the values of the Quaker Society of Friends,” according to her obituary. Both parents were peace activists who eventually moved to Amherst and took part in a weekly town vigil that addressed local to global peace and justice issues.

A young Geoffrey Holt.
A young Geoffrey Holt. Courtesy of Ed Smith via AP

Their children were well-educated. Geoffrey went to boarding schools and attended the former Marlboro College in Vermont, where students had self-designed degree plans. He graduated in 1963 and served in the U.S. Navy before earning a master’s degree from the college where his father taught in 1968. In addition to driver’s ed, he briefly taught social studies at Thayer High School in Winchester, New Hampshire, before getting his job at the mill.

Alison remembers their father reading Russian novels to them at bedtime. Geoffrey could remember all those long names of multiple characters.

He seemed to borrow a page from his own upbringing, which was strict and frugal, according to his sister, a retired librarian. His parents had a vegetable garden, kept the thermostat low, and accepted donated clothes for their children from a friend.

She said Geoffrey didn’t need a lot to be happy, didn’t want to draw attention to himself, and might have been afraid of moving. He once declined a promotion at the mill that would have required him to relocate.

“He always told me that his main goal in life was to make sure that nobody noticed anything,” she said, adding that he’d say “or you might get into trouble.”

Advertisement

Holt’s sister feels sad he didn’t indulge himself ‘just a little’

They didn’t talk much about money, though he would ask her often if she needed anything.

“I just feel so sad that he didn’t indulge himself just a little bit,” she said.

Geoffrey Holt appears in a collection of family photos provided by his estate.
Geoffrey Holt appears in a collection of family photos provided by his estate. Courtesy Ed Smith via AP

But he never seemed to complain. He also always wasn’t on his own, either. As a young man, he was briefly married and divorced. Years later, he grew close to a woman at the mobile home park and moved in with her. She died in 2017.

Neither Alison nor Geoffrey had any children.

Holt suffered a stroke a couple of years ago, and worked with therapist Jim Ferry, who described him as thoughtful, intellectual and genteel, but not comfortable with following the academic route that family members took.

Holt had developed mobility issues following his stroke, and missed riding his mower.

Advertisement

“I think for Geoff, lawn mowing was relaxation, it was a way for him to kind of connect with the outdoors,” Ferry said. “I think he saw it as service to people that he cared about, which were the people in the trailer park that I think he really liked because they were not fancy people.”

Residents are hoping Hinsdale will get noticed a bit more because of the gift.

“It’s actually a forgotten corner in New Hampshire,” said Ann Diorio, who’s married to Steve Diorio and is on the local planning board. “So maybe this will put it on the map a little bit.”

A woman crosses Main Street in Hinsdale, N.H.
A woman crosses Main Street in Hinsdale, N.H. Robert F. Bukaty / AP

News

Centenarian Pearl Harbor survivors return to honor those who were killed 82 years ago

Published

on

Centenarian Pearl Harbor survivors return to honor those who were killed 82 years ago

Pearl Harbor survivors, from left, Harry Chandler, Ken Stevens, Herb Elfring and Ira “Ike” Schab salute while the National Anthem is played during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Mengshin Lin/AP


hide caption

toggle caption

Advertisement

Mengshin Lin/AP


Pearl Harbor survivors, from left, Harry Chandler, Ken Stevens, Herb Elfring and Ira “Ike” Schab salute while the National Anthem is played during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Mengshin Lin/AP

PEARL HARBOR, Hawaii — Ira “Ike” Schab had just showered, put on a clean sailor’s uniform and closed his locker aboard the USS Dobbin when he heard a call for a fire rescue party.

He went topside to see the USS Utah capsizing and Japanese planes in the air. He scurried back below deck to grab boxes of ammunition and joined a daisy chain of sailors feeding shells to an anti-aircraft gun up above. He remembers being only 140 pounds (63.50 kilograms) as a 21-year-old, but somehow finding the strength to lift boxes weighing almost twice that.

Advertisement

“We were pretty startled. Startled and scared to death,” Schab, now 103, said. “We didn’t know what to expect and we knew that if anything happened to us, that would be it.”

Eighty-two years later, Schab returned to Pearl Harbor Thursday on the anniversary of the attack to remember the more than 2,300 servicemen killed. He was one of five survivors at a ceremony commemorating the assault that propelled the United States into World War II. Six of the increasingly frail men had been expected, but one was not feeling well, organizers said.

Not many of those who were there are still here

The aging pool of Pearl Harbor survivors has been rapidly shrinking. There is now just one crew member of the USS Arizona still living, 102-year-old Lou Conter of California.

Pearl Harbor survivor Harry Chandler, 102, of Tequesta, Fla., represents all other survivors during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Mengshin Lin/AP


hide caption

Advertisement

toggle caption

Mengshin Lin/AP


Pearl Harbor survivor Harry Chandler, 102, of Tequesta, Fla., represents all other survivors during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Mengshin Lin/AP

Advertisement

Schab, the oldest of those who attended this year’s ceremony, arrived in a wheelchair with his son, daughter and other family.

A crowd of a few thousand invited guests and members of the public joined them in holding a moment of silence at 7:55 a.m., the same time bombs began falling decades ago.

Four F-22 jets flew overhead and broke the quiet, one splitting away from the rest in a “missing man formation” that honored the fallen.

Thursday’s ceremony was held on a field across the harbor from the USS Arizona Memorial, a white structure that sits above the rusting hull of the battleship, which exploded in a fireball and sank shortly after being hit. More than 1,100 sailors and Marines from the Arizona were killed and more than 900 are entombed inside.

David Kilton, the National Park Service’s interpretation, education and visitor services lead for Pearl Harbor, noted that for many years survivors frequently volunteered to share their experiences with visitors to the historic site. That’s not possible anymore.

Advertisement

“Those who lived it sharing their stories firsthand”

“We could be the best storytellers in the world and we can’t really hold a candle to those that lived it sharing their stories firsthand,” Kilton said. “But now that we are losing that generation and won’t have them very much longer, the opportunity shifts to reflect even more so on the sacrifices that were made, the stories that they did share.”

The destroyer USS Shaw explodes after being hit by bombs during the Japanese surprise attack on Pearl Harbor, Hawaii, December 7, 1941.

U.S. Navy/via AP


hide caption

toggle caption

Advertisement

U.S. Navy/via AP


The destroyer USS Shaw explodes after being hit by bombs during the Japanese surprise attack on Pearl Harbor, Hawaii, December 7, 1941.

U.S. Navy/via AP

The U.S. Department of Veterans Affairs doesn’t keep statistics for how many Pearl Harbor survivors are still living. But department data show that of the 16 million who served in World War II, only about 120,000 were alive as of October and an estimated 131 die each day.

There were about 87,000 military personnel on Oahu at the time of the attack, according to a rough estimate compiled by military historian J. Michael Wenger.

Advertisement

Schab never spoke much about Pearl Harbor until about a decade ago. He’s since been sharing his story with his family, student groups and history buffs. And he’s returned to Pearl Harbor several times since.

The reason? “To pay honor to the guys that didn’t make it,” he said.

Front row seat then and now

Harry Chandler, 102, recalled raising the flag at a mobile hospital in Aiea Heights in the hills above Pearl Harbor in 1941. He was a was a Navy hospital corpsman 3rd Class at the time.

Sitting in his front row seat on the ceremony grounds overlooking the harbor on Thursday, Chandler said the memories of the USS Arizona blowing up still come back to him today.

“I saw these planes come, and I thought they were planes coming in from the states until I saw the bombs dropping,” Chandler said. They took cover and then rode trucks down to Pearl Harbor where they attended to the injured.

Advertisement

He remembers sailors trapped on the capsized USS Oklahoma tapping on the hull of their ship to get rescued, and caring for those who eventually got out after teams cut holes in the ship.

“I look out there and I can still see what’s going on. I can still see what was happening,” said Chandler, who today lives in Tequesta, Florida.

Asked what he wants Americans to know about Pearl Harbor, he said: “Be prepared.”

“We should have known that was going to happen. The intelligence has to be better,” he said.

U.S. Marines prepare to fire a salute in front of the USS Arizona Memorial during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Mengshin Lin/AP

Advertisement


hide caption

toggle caption

Mengshin Lin/AP


U.S. Marines prepare to fire a salute in front of the USS Arizona Memorial during the 82nd Pearl Harbor Remembrance Day ceremony on Thursday, Dec. 7, 2023, at Pearl Harbor in Honolulu, Hawaii.

Advertisement

Mengshin Lin/AP

Schab’s ship, the Dobbin, lost three sailors, according to Navy records. One was killed in action and two died later of wounds suffered when fragments from a bomb struck the ship’s stern. All had been manning an anti-aircraft gun.

A collective humility of military service

Marine Corps. Capt. Daniel Hower, the 29-year-old grand-nephew of Conter, the last remaining USS Arizona survivor, delivered the keynote address, reading from a podium as he faced the survivors seated in the front row, Pearl Harbor sitting still behind them beneath a light blue sky and scattered white clouds. Hower acknowledged the collective humility of their military service.

“Whenever my Uncle Lou or any other veteran of World War II is recognized or thanked for their service, they humbly answer: ‘We just did what we had to do,’” Hower said.

Hower then hailed their sacrifice, determination, heroism and courage.

Advertisement

“The legacy that you all built remains unmatched and a lesson that keeps on teaching,” Hower said.

That Sunday morning had started peacefully for Schab. He was expecting a visit from his brother, who was also in the Navy and was assigned to a naval radio station in Wahiawa, north of Pearl Harbor. The two never did get together that day.

Schab spent most of World War II in the Pacific with the Navy, going to the New Hebrides, now known as Vanuatu, and then the Mariana Islands and Okinawa.

After the war, he worked on the Apollo program sending astronauts to the moon as an electrical engineer at General Dynamics.

Schab has slowed down in recent years. But he still gets together each week for cocktails over Zoom with younger members of his fraternity, Delta Sigma Phi. He drinks cranberry-raspberry juice.

Advertisement

At his age, he’s thankful to still be able to return to Pearl Harbor with his family and caregivers. The family has a GoFundMe account to help them raise money for the pilgrimage.

“Just grateful that I’m still here,” Schab said. “That’s really how it feels. Grateful.”

Continue Reading

News

UK Treasury under fire for lack of progress on post-Brexit financial reforms

Published

on

UK Treasury under fire for lack of progress on post-Brexit financial reforms

Stay informed with free updates

The government has exaggerated progress on its plan to reinvigorate the City of London, the chair of the Commons Treasury select committee said, as she called on the ministers to speed up delivery of the so-called Edinburgh reforms.

But City minister Bim Afolami rejected the criticism of the pace of implementing the policies and vowed to do everything in his power to deliver them in full before the next general election.

Last December, ministers unveiled a 31-point plan to boost the UK’s financial services sector in the wake of Brexit, as part of an initiative initially billed as Big Bang II.

Advertisement

Harriett Baldwin, head of the Treasury select committee which scrutinises the expenditure and policy of the department, told the Financial Times the package of reforms had not proved as “major as had been presented” and that headway had been slow.

She made the comments ahead of the release on Friday of a report by the committee into the government’s progress on delivering the full suite of the Edinburgh reforms.

While the government has repealed controversial rules to cap bankers’ bonuses, the reforms have failed to stem an exodus of companies from the London Stock Exchange. Most recently, Tui, Europe’s largest tour operator was considering delisting in the latest blow to the UK market.

Baldwin, Conservative MP for West Worcestershire and a former economic secretary to the Treasury, said six of the “achievements” claimed by the government were for things that had not yet been completed.

Another six related to pledges such as launching consultations rather than implementing reforms.

Advertisement

“We gave them [the Treasury] slightly lower marks than perhaps the chancellor marked himself in [an assessment] in September,” Baldwin said, referring to the committee’s findings.

“The overall impression I think one gets . . . is there have been some measures that have been completed but quite a lot of them have not been legislated for or implemented yet.”

She added that she would advise new City minister Afolami “to be absolutely relentless in . . . completing the things that were set out”. 

Afolami in turn stressed his huge respect for Baldwin, adding: “What I would say is that . . . we’ve done 22 of the 31 things we have promised. All of these things take time to really come to fruition and, to be honest, I don’t apologise for that.”

The City minister and economic secretary to the Treasury said: “We’re not saying that all of these reforms are going to absolutely fix everything in one year, but that these provide a key foundation for the medium- and long-term success of the City of London.”

Advertisement

Asked if he expected to deliver the full package within the term of this government, which has to call an election by January 2025, Afolami said: “That’s what we’re working to do, we are absolutely trying to deliver these as quickly as we possibly can.” 

Baldwin said listings reform was an “important piece of work” amid continuing losses to London’s equities markets, a situation she described as “worrying”.

The government has taken action including overhauling prospectus regulation, consulting on scrapping short selling bans on government debt, and taking steps to repeal regulations on packaged retail and insurance based investment products, known as PRIIPS.

Baldwin called out proposals to reform the UK’s post-crisis personal accountability regime, saying the process was “slowing the progress and growth of the [financial] sector”. Regulators have launched a discussion paper on the topic while the government has issued a call for evidence.

Baldwin also called for clarity “one way or another” on what the government is planning to do with the ringfencing regime that forced the separation of large banks’ retail and trading arms after the financial crisis.

Advertisement

A call for evidence was launched in May and the government has promised a response in the first half of 2024.

Continue Reading

News

Hunter Biden hit with 9 tax-related charges in new indictment

Published

on

Hunter Biden hit with 9 tax-related charges in new indictment

Hunter Biden has been indicted on nine tax-related charges, including three felony counts, according to court documents filed Thursday in a federal court in Los Angeles.

The 56-page court filing laid out a series of charges, including allegations that the president’s son failed to pay taxes, failed to file, evaded an assessment and filed a fraudulent form. The indictment alleges that “rather than pay his taxes, the Defendant spent millions of dollars on an extravagant lifestyle.”

“Between 2016 and October 15, 2020, the Defendant spent this money on drugs, escorts and girlfriends, luxury hotels and rental properties, exotic cars, clothing, and other items of a personal nature, in short, everything but his taxes,” the indictment said.

The charges, which include six misdemeanor tax offenses, were brought by special counsel David Weiss. The case was assigned to Judge Mark Scarsi, who was appointed by former President Donald Trump.

The maximum penalty the president’s son could face if convicted is 17 years in prison, according to Weiss’ office.

Advertisement

“According to the indictment, Hunter Biden engaged in a four-year scheme in which he chose not to pay at least $1.4 million in self-assessed federal taxes he owed for tax years 2016 through 2019 and to evade the assessment of taxes for tax year 2018 when he filed false returns,” Weiss’ office said in a news release.

The White House declined to comment on the charges and referred NBC News to Hunter Biden’s personal attorneys as well as the Justice Department. The attorneys did not immediately provide a comment.

A White House official said they learned of the charges from public reporting and did not have advanced notice.

The indictment does not appear to reference President Biden or his role as president or vice president.

The additional charges against the president’s son mark a significant development in a federal investigation that has drawn scrutiny from congressional Republicans, who have seized on Hunter Biden’s legal woes as rhetorical ammunition against his father. House Republicans subpoenaed Hunter Biden in November, and his legal team has said that he’s open to testifying publicly before the House Oversight Committee next week.

Advertisement

“The first sweetheart deal came after whistleblowers came forward,” said a source familiar with the House GOP investigation into Hunter Biden. “Now Weiss files charges on [the] eve of Hunter Biden testimony and after the whistleblowers testified again. No such thing as a coincidence in Washington.”

In July, Hunter Biden pleaded not guilty to federal tax charges following the collapse of a plea deal. A federal judge dismissed the misdemeanor charges in August. He had originally been expected to plead guilty to two federal misdemeanor counts of failing to pay taxes.

Hunter Biden was indicted on federal gun charges in September related to the president’s son being in possession of a gun while using narcotics. Two of the counts allege that Biden completed a form saying he was not using illegal drugs when he bought a gun. Another count asserts that he possessed a firearm while using a narcotic. He pleaded not guilty.

Attorney General Merrick Garland appointed Weiss as special counsel in August to oversee the investigation into Hunter Biden.

“As special counsel, he will continue to have the authority and responsibility that he has previously exercised to oversee the investigation and decide where, when and whether to file charges,” Garland said when announcing Weiss’ appointment. “The special counsel will not be subject to the day-to-day supervision of any official of the Department, but he must comply with the regulations, procedures, and policies of the Department.”

Advertisement

Weiss was nominated by Trump in 2017 and started serving as U.S. attorney in Delaware the next year. He remained in office through the start of the Biden administration, even as most U.S. attorneys appointed during the Trump administration were asked to resign.

On Monday, Weiss asked a federal judge to deny Hunter Biden’s request to subpoena Trump, former Attorney General William Barr and other Trump administration officials.

“His allegations and subpoena requests focus on likely inadmissible, far-reaching, and non-specific categories of documents concerning the actions and motives of individuals who did not make the relevant prosecutorial decision in his case,” Weiss’ team said.

President Biden is expected to attend fundraisers this weekend in Los Angeles, the city where the charges against his son were filed. The trip was planned long before Thursday’s indictment.

Continue Reading
Advertisement

Trending