Recent Articles

FOLEY TAX RATE: 0%

Hartford, CT — Today, Tom Foley made his federal tax returns available — to media only — in an extraordinarily staged exercise in Hartford. Bringing reporters in small groups and refusing to distribute copies, it’s clear they were trying to hide information. What are they hoping no one will notice?

Tom Foley paid a federal tax rate of 0% in 2011 and 2012.

He supports tax breaks for millionaires while he paid a tax rate of 0%.

The Foley campaign refused to release his state returns, as well as denied Connecticut residents the ability to view his financials.

“Tom Foley made tens of millions of dollars by hurting middle class families, shutting down mills, and exploiting his workers. Now we find out he paid a zero percent effective tax rate for 2011 and 2012, while supporting tax breaks for millionaires. Tom Foley’s tax rate for the last two years would even make Mitt Romney blush — it’s no wonder they’re trying desperately to hide it,” said Devon Puglia, Democratic Party spokesman. “This tops an extraordinarily bad week for Tom Foley in which he got caught plagiarizing work and made clear that he would shut down schools like mills and factories. Now, we find out he paid zero federal taxes for the last two years available.”

###

STATEMENT FROM WILLIAM TONG ON TOM FOLEY’S EDUCATION AD

“As a parent of three kids, two in Stamford Public Schools, I am deeply troubled by Tom Foley’s aggressive plan to actually cut funding for our schools and leave thousands of families and children out in the cold.  On most issues, Tom Foley speaks generally and avoids specifics.  But on education, Tom Foley’s been painfully clear about one thing – he wants to introduce a dog-eat-dog, free-market system for Stamford schools – and he wants to cut money for classrooms that need it most.

“Our school systems are not stock markets.   We don’t invest in one child over another.  We don’t bet on our highest performing schools while pushing struggling schools into bankruptcy.  We all know Tom Foley’s record in driving the Bibb Company into bankruptcy.  Now he wants to do it to schools across our state?

“I stood with Governor Malloy as he made the hardest decisions in the worst economic crisis of our lifetime.  And even in those dark hours, Governor Malloy refused to cut state funding for public schools.  People like Tom Foley wanted him to make those cuts so his taxes wouldn’t go up.  But Governor Malloy would not back down. Governor Malloy saved our schools from massive cuts, and Stamford’s seen its share of state education funding nearly double in the last few years.

“Bottom line is, Governor Malloy has protected our schools, children and families from catastrophic funding cuts.  Tom Foley has said that those cuts are the centerpiece of his education plan.  I just don’t know how Tom Foley expects us to educate our children in his world.”

###

BREAKING: AFTER WORKERS SUFFERED, TOM FOLEY MADE MILLIONS IN ANNUAL SALARY AND BONUSES

Hartford, CT — Yesterday, new details emerged about Tom Foley’s management of the T.B. Wood’s Co. in Pennsylvania. Newly unearthed reports show that Foley walked away with nearly $40 million despite an almost three year strike that saw some — trying to get into the middle class — lose their homes, go bankrupt, and even divorce because of the hardship.

Tom Foley offered those striking workers a mere fifty cent raise after years of flat salaries. Yesterday, he called that “very generous”, claiming it was all the company could afford.

But new details show that he made millions in annual salary and bonuses after workers suffered through the almost three-year strike – $1,884,584 in the years immediately following and $4,215,536 over the decade after. While workers went bankrupt and suffered, he received bonuses. Then, he walked away with $40 million.

Foley Salary and Bonuses as Head of T.B. Wood’s Co.

1996 – $479,167 in salary and bonus

1997 – $572,917 in salary and bonuses

1998 – $453,750 in salary and bonuses

1999 – $378,750 in salary and bonus

Total salary and bonuses from 1996-1999 alone: $1,884,584

Total salary and bonuses from 1996-2006: $4,215,536

These numbers also do not include the salary he made through other companies and investments, including Bibb.

“Workers suffered, and Tom Foley lined his pockets with millions of dollars as he refused to take a pay cut. Workers fighting to get in the middle class lost homes and marriages, and Tom Foley collected massive bonuses. This encapsulates his priorities – he has destroyed the lives of people who were just fighting for a fair wage. If Connecticut voters want to know his attitude towards the middle class, look no further than this. Tom Foley is a risk we cannot afford,” said Devon Puglia, Democratic Party spokesman.

Background

Mr. Foley’s Salary Of $229,167 (Prorated For The Period Beginning After The Company’s Initial Public Offering) Was Set At A Base Amount Of $250,000 At The Time Of The Company’s Initial Public Offering. “The Compensation Committee determined the 1996 compensation for Mr. Foley in accordance with the guidelines described above.  Mr. Foley’s salary of $229,167 (prorated for the period beginning after the Company’s initial public offering) was set at a base amount of $250,000 at the time of the Company’s initial public offering.  Mr. Foley’s bonus of $250,000 was based upon his strategic expertise which contributed significantly to the successful completion of the Company’s initial public offering and several acquisitions during 1996.” [TB Woods Inc, SEC Proxy Statement, 03/25/97]

In 1997, Foley Was Paid $272,917 In Salary By TB Woods Corp. “The Company paid an aggregate of $61,500 of directors’ fees in fiscal year 1997 for directors who were not employees or officers of the Company. Mr.Foley is compensated by the Company for his services as Chairman in an amount equal to $272,917 per annum plus a cash bonus and other incentive compensation to be determined by the Company. Directors who are employees of the Company do not receive additional compensation for serving on the Board or Committees. Each outside Director receives an annual fee of $30,000, a meeting attendance fee of $1,000 and reimbursement of applicable travel and other expenses.” [TB Woods Corp., Form DEF 14A, 1/2/98]

Foley’s 1997 Bonus From TB Woods Was $300,000. [TB Woods Corp., Form DEF 14A, 1/2/98]

Foley’s 1998 Salary Was $288,750 And He Received A Bonus Of $165,000. [TB Woods Corp., Form DEF 14A, 4/27/99]

Foley’s 1999 Salary Was $303,750 And He Received A Bonus Of $75,000 From TB Woods. [TB Woods Corp., Form DEF 14A, 4/25/00]

Foley’s 2000 Salary Was $318,750 And He Received A Bonus Of $150,000 From TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Foley’s 2001 Salary Was $318,402 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Foley’s 2002 Salary Was $332,800 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Following His Return From Iraq, Foley Signed A Consulting Contract With TB Woods, Paying Him $250,000 In Base Salary. [TB Woods Corp., Exhibit 10- Material Contracts, 8/25/04]

In 2006, Foley Was Paid $711,000 By T.B. Wood’s. “His holding includes 85,500 shares that have been donated by Mr Foley to the Foley Family Foundation, a charitable trust controlled by the ambassador. The trust’s holding is worth more than $2.1 million, based on the acquisition price. TB Woods was founded in 1857 and employs 800 people, half of them in the United States. As chairman, Mr Foley received remuneration of $711,000 in 2006 from the company. Mr Foley has been a major supporter of US president Bush, having helped to raise more than $100,000 in funds for his 2000 electoral campaign. He also attended Harvard Business School with president Bush.” [The Irish Times, 03/07/07]

###

SHOCKING: TOM FOLEY’S 47% VIDEO

Hartford, CT — Today, new reports were unearthed about Tom Foley’s past business dealings, this time at T.B. Wood’s Co. in Pennsylvania. As workers suffered — through a nearly three-year strike, personal bankruptcy, and broken marriages — Tom Foley personally walked away with $40 million.

At his availability today, his responses were shocking.

When asked if he knew how much he made, he said “No…”. When told he personally made nearly $40 million, he said “It’s possible, I don’t remember.”

$40 million. “It’s possible, I don’t remember.” Tom Foley can’t recall making almost $40 million?

Then, when asked whether making that much profit off the backs of suffering middle-class workers would undermine his ability to connect with Connecticut residents, he said “I don’t understand what this has to do with that.”

That’s right — Tom Foley doesn’t understand why making $40 million off the backs of hundreds of workers fighting for decent wages is relevant to residents of this state.

If that were not enough, when asked if he was involved with the day-to-day operations of the company, Tom Foley said, “Not really. I was the…owner of the company.”

And, even though he walked away with $40 million, he called his offered fifty cent raise “very generous”.

To watch the full availability, click here.

“Tom Foley can’t remember how many tens of millions he made off of workers fighting for fair wages? That is shocking. It’s to be expected from someone who is so out of touch with middle-class families, because after all, he’s ‘the owner,’” said Devon Puglia, Democratic Party spokesman. “This is a pattern with Tom Foley — with Bibb Co., Sprague and now T.B. Woods. Working families suffer, and Tom Foley makes tens of millions. Connecticut can’t trust Tom Foley to stand up for working families because he never has.”

###