This is what demutualization gets you. Granted, Eastern Bank’s Bob Rivers is downplaying the idea that his institution is for sale amid reports that an activist shareholder, HoldCo Asset Management, is pushing for Eastern to sell itself, preferably ASAP. Maybe Rivers, the bank’s highly respected executive chairman, sincerely doesn’t want to sell now or at any time. But c’mon. The die was cast five years ago when Eastern demutualized and became a publicly traded company. Rivers, who was CEO and chair at the time, knew what that potentially meant – and now that ‘potentially’ appears increasingly ‘likely,’ with or without Rivers, who has headed Eastern since 2017. … When it comes to demutualization of banks or insurance companies, I take the old “Fool me once, shame on you. Fool me twice, shame on me” position. The demutualization of Boston’s John Hancock Insurance – and its controversial sale just three years later to Manulife — taught me that hard lesson. … The BBJ and B&T have more on the Eastern/HoldCo drama.

I’m thoroughly enjoying the Pats’ run this season. But it’s so much better knowing how miserable they are 200 miles away after yesterday’s dual debacles. … Cartoon above via the New Yorker. The Post page below via the obvious.

She was in over her head. And most everyone who follows state government knew it. Monica Tibbits-Nutt resigned yesterday as secretary of the state Department of Transportation, after a number of embarrassing and head-scratching controversies, including Plaza-gate. How bad was she? Ten months ago, Bruce Mohl at the Globe was describing her as a “timid shell of a Cabinet secretary at a time when a strong leader is needed.” And in the Globe’s news section Shannon Larson was reporting on her apparent tendency to curl up in a fetal position during key policy-making moments. … Needless to say, Tibbits-Nutt was increasingly becoming a political liability to Gov. Healey – and had to go.

Update — 10.21.25 – From the Globe: “Departing transportation secretary Monica Tibbits-Nutt said it was time to leave her ‘dream job’”

I was going to say that the Herald’s Peter Lucas was right about the GOP having three surprisingly solid novice candidates running for governor – even though none of them is likely to beat Maura Healey next year. But then I saw the image above via MassterList and thought, well, maybe they have two solid candidates. … Granted, Brian Shortsleeve’s campaign didn’t run the sorry digital ad portraying Gov. Maura Healey wearing a sombrero, an allegedly hilarious GOP antic borrowed from a certain Washington D.C. resident and other Republicans. But a Super PAC supporting Shortsleeve did run the ad, as MassterList reports.  … From a Charlie Baker devotee to MAGA groveler. It’s not that big of a leap these days.

— Our local version of the The Onion sums it up well: “President Biff Tannen threatens to take World Cup games away from ‘Boston’” (UH)

— And weekend traffic has increased even in eastern Massachusetts: “New Englanders Are Fed Up With Leaf-Peeping Tourists Ruining Their Fall” (WSJ)

— Breaking news: Dan Koh still wants to be a congressman: “With Moulton chasing Markey’s seat, candidates flood 6th District race” (WBUR)

— Economic historians will look back at this era and wonder: ‘What were they thinking’? “PayPal’s crypto partner mints a whopping $300 trillion worth of stablecoins in ‘technical error’” (CNBC)

— True, but there’s still comparatively great deals out west: “The Home-Price Crisis Came for Western Mass., and It Isn’t Leaving” (B&T)

— Another stereotype of Illinois proves all too true: “Illinois Gov. Pritzker reports $1.4 million in Las Vegas gambling winnings” (Washington Post)

— Not even Nixon went this far: “Trump Team Plans IRS Overhaul to Enable Pursuit of Left-Leaning Groups” (WSJ)

— Answer: yes: “Is it too early to discuss the P-word for the Patriots?” (MassLive)

— Maybe it’s the location?: “Thai place to replace Thai place that replaced Thai place in West Roxbury” (UH)

I don’t want him to lose. But I think Seth Moulton is indeed going to lose in his bid to oust near-octogenarian U.S. Sen. Ed Markey for the same reason that I cited last month: Democratic primary battles in Massachusetts tend to favor incumbent progressives. No matter what he says, Moulton is more of a moderate than Markey – and Markey is more of a progressive than Moulton – and that’s how activist progressive voters will see the two next year. Forget Markey’s age. Progressives will support Markey ‘cause he’s one of them. Moulton? He’s too impure and unpredictable for many lefties. … Also, forget the recent poll by the conservative Fiscal Alliance that shows Moulton beating Markey among general election Dems, as the Herald reports. This is a primary fight, not a general-election fight. … Bottom line: it’s going to be a tough race. But unless Markey, normally a terrific campaigner, pulls an on-stage Biden and is forced to step aside, I just don’t see him losing.

Fyi: The Globe’s James Pindell has the obvious Kennedy-vs-Markey angle covered. The Globe’s Joan Vennochi thinks Markey should retire, but doubts he will. It’s all about ambition for both men, she writes.

Update — 10.16.25 – From Scott Van Voorhis at Contrarian Boston: “Is this Seth Moulton tilting at windmills again? Or does the North Shore congressman truly spy a path to victory? Time will tell, but Moulton faces long odds as he takes on Sen. Ed Markey.”

Update II — 10.16.25 – From the Herald’s Joe Battenfeld: “Seth Moulton’s campaign on a superficial, shaky foundation: age.” … And the Herald is separately reporting Markey’s campaign is already on the attack.

Hub Blog may be retiring the ‘Drake Maye Bust Watch’ (see post below), but I’m not giving up on the Abundance Watch, i.e. monitoring whether local Dems are capable of standing up to their bases. In this case, it’s standing up to Raise Up Massachusetts, as it attempts to pass yet another massive tax increase in the state. Not satisfied with the recent passage of the millionaire’s tax — which has raised so much tax revenue that lawmakers literally have problems figuring out how to spend it all – the coalition of unions and various ‘advocacy’ groups is now gunning to raise taxes on offshore corporate income, as the Globe’s Jon Chesto reports. … Hey, I’m in favor of closing the income gap between the rich and poor, such as by closing obscene tax loopholes that even President Trump finds troublesome. But not through taxes that harm the state’s economic competitiveness in order to feed government’s voracious appetite for ever more tax money. … Bottom line: Hub Blog is watching you, Dems. 

Hub Blog has officially retired the ‘Drake Maye Bust Watch,’ which was started when it appeared we might have another Mac Jones on our hands. … But, hell, even Mac Jones is no longer Mac Jones. … Anyway, Drake is turning out to be the real deal, as the Globe’s Christopher Gasper notes. They’re heaping praise on him here and here as well, etc. … As for Mac Jones, Nick Saban has been taking subtle digs at the Pats for how they handled Jones, noting the offensive-coordinator craziness Mac endured under Belichick (though Saban doesn’t mention his old pal Bill by name). … And, OK, the Joe Milton trade doesn’t look so awful now, I guess. 

First San Francisco. Now New York. Neither city’s office market is back to pre-Covid levels, but they’re no longer considered basket cases either. In the case of NYC, the WSJ reports that developers are even pushing ahead with new office-tower projects. … I’m becoming more convinced that it’s just a matter of time before Boston experiences its own mini-office boom. Employers are increasingly calling workers back to offices – and leasing is slowly picking up here and there. … Btw: the New York resurgence comes as Manhattan goes through “one of its most active waves of office-to-residential conversions since World War II,” the Journal reports. In other words: the conversions are helping both the office and housing markets, reducing supply for the former and increasing supply for the latter. Similar conversions are happening in Boston.

Update — 10.15.25 –– From the Boston Business Journal: “Boston’s office industry may be turning a corner.” …. Then again, maybe not. Also from the BBJ: “Downtown Boston office building headed to auction block.”

— This is good news, but notice how support dramatically falls off as housing projects get bigger: “Poll Shows Big Support for Upzoning in Boston” (B&T)

— Just two words sank a worthy program: “Veterans program at Suffolk canceled over use of ‘restorative justice’ term” (BBJ)

— Peggy Noonan is right: give credit where insane credit is due. And he does deserve some credit: “Trump’s Big Beautiful Gaza Peace Plan” (WSJ) Btw: Tom Friedman (NYT) agrees.

— A new candidate for next year’s Nobel Peace Prize? “Billionaire Trump Ally Emerges as Key Broker in Harvard Fight” (NYT)

— Breaking news: After two decades, they’ve finally filled the old Barnes & Noble space! “Uniqlo to take long-vacant Downtown Crossing space” (BBJ)

— Shirley Leung rightly identifies the real threats: “From Houston to the ‘other Cambridge,’ rising biotech hubs want to steal Boston’s bacon” (Globe)

— I used to be a ranch-home snob. No longer: “The 1950s American Ranch House Makes a Comeback” (WSJ)

— Microsoft is forging an interesting local alliance: “Microsoft Tries to Catch Up in AI With Healthcare Push, Harvard Deal” (WSJ)

— A reader alerted me to this wake-up-call editorial from the Herald: “Today’s high costs = tomorrow’s retirement nightmare” (Herald)

— If this leads to a stronger two-point game, then I’m all for it: “Celtics using training camp as preparation to be a faster, more physical team this season” (Globe)