“The first time you see yourself in an attack ad is an awkward moment,’’ Malt said in an interview at his office on the 47th floor of the Prudential building. “I’m not used to it, but I think it goes with the territory.’’
Malt, a lanky 57-year-old with a penchant for pulling office pranks, has been at Romney’s side at pivotal moments in his career for the past two decades - whether it was saving Romney’s old consulting firm from bankruptcy, helping him stay on the state election ballot in 2002, or defending his investments in his current run for president. Malt has made investment decisions for Romney since 2003, when Romney became governor and put his money into a blind trust to avoid conflicts of interest.
It’s a job that requires Malt to look out for Romney’s political as well as financial well-being.
In 2007, as Romney prepared his first run for president, Malt sold stock in dozens of potentially controversial companies, including casino operators, tobacco growers, and firms with ties to Iran. Last year, after Romney pushed for tougher trade sanctions against China, Malt dumped a number of Chinese holdings. He recently shed a money market mutual fund that had invested in government-backed mortgage companies, Fannie Mae and Freddie Mac, which are blamed for exacerbating the housing bust.
In early 2010, as Romney advanced toward a second presidential campaign, Malt decided to close the $3 million UBS account he set up in Switzerland seven years earlier, realizing it could become a political issue. In 2009, the US government sued UBS to obtain the names of thousands of Americans who secretly held billions of dollars in Swiss accounts.
Malt said he opened the Swiss account not to hide assets, but to diversify Romney’s investments into foreign currencies. If the value of the dollar declined, for example, a rise in the Swiss franc might offset it. The account, Malt stressed, was listed on Romney’s 2010 tax return and Romney paid taxes on the interest, just as he pays taxes on all the earnings from other foreign investments.
