Quinn for Illinois TV Ad - Bruce Rauner “APS”
Bruce Rauner cannot be trusted to serve as our next Governor. Vote Quinn/Vallas!
Rauner will inflict pain on our state if he is elected.
Republican gubernatorial candidate Bruce Rauner on Tuesday said he wouldn’t have signed a medical marijuana pilot project now underway in Illinois.
When specifically asked if he wouldn’t have signed the medical marijuana law, Rauner said: “That’s correct. And Pat Quinn shouldn’t have supported this law, because it created a secret process.”
Rauner’s position is significant because the pilot project in Illinois would be up for renewal in 2017. The next governor would be key to allowing medical marijuana to move forward in the state.
When asked if he was just not happy with the current bill or whether he opposed medical marijuana, he said: “Medical marijuana is something I’ve not supported. It’s not a big issue for me either way,” Rauner said.
Rauner’s comments about medical marijuana came at a news conference in which he criticized the current application process, calling it secretive and ripe for corruption.
"Thanks to Pat Quinn’s secret, insider process, there are a lot of questions left unanswered," Rauner said. "But there is something we know for sure: Something stinks, and it’s not the marijuana."
Right now there is a competitive application process for 22 licenses, however the names of those applying are not public.
The governor’s office took exception with Rauner’s comments, calling the process “competitive” and “transparent.”
"The application process was expressly outlined in the law, which was passed with bipartisan support and is one of the most rigorous application processes in the country," said spokesman Grant Klinzman in a statement. "By design, the law requires the confidentiality of application materials to ensure there are not unfair business practices while guaranteeing the selection team cannot be impacted by outside influences and that all decisions are made based on the merits. The process is treated like a double-blind medical study, the scoring teams will not know the identity of the applicants, only their qualifications."
Klinzman then called the selection process “among the most rigorous in the country,” with decisions to be made “with no consideration to politics or other interests.”
"The purpose of keeping information confidential, as approved by legislators of both parties, was to ensure the highest standard of integrity of the selection process," Klinzman said in a statement.
Rauner proposed having an auction for medical marijuana licenses, where companies bid for a license for a defined period of time.
"Then we can actually make money from the process. Why not? Rauner said. "Our taxpayers in Illinois deserve a break."
My Gubernatorial/Senatorial Projections (09.16.2014)
- Safe D: IL, OR, others that are currently Dem-held
- Likely D: CO, IA, MN, NH
- Lean D: NC
- Tilt D: AK
- Tossup: AR, LA (Runoff Likely), KS (Orman-I)
- Tilt R: KY
- Lean R: GA (Runoff Possible)
- Likely R: SD (gain)
- Safe R: MT (gain), VW (gain), others that are currently GOP-held
- Safe D: HI, PA (gain), RI (gain), others that are currently Dem-held
- Likely D: ME (gain), MN
- Lean D: CO, CT, FL (gain)
- Tilt D: IL, KS (gain)
- Tossup: MI, WI
- Tilt R: AR (gain)
- Lean R: AZ
- Likely R: AK, GA (Runoff Possible), NE, NM, SC
- Safe R: IA, OH, OK, TX, others that are currently GOP-held
A new poll commissioned by the Democratic Governors Association shows Gov. Pat Quinn for the first time pulling ahead of his Republican opponent Bruce Rauner by three percentage points.
It is the first time since 2013 that a poll that’s been made publicly available shows Quinn leading Rauner.
Even an August internal Quinn poll showed the governor one point behind Rauner. Since the primary, Rauner has enjoyed a consistent lead that moved in and out of double-digits. Last week, Reboot Illinois published a We Ask America poll showing Rauner with a 9-point lead.
The new Democratic poll shows 5 percent of those queried chose Libertarian Chad Grimm. Republicans had unsuccessfully sought to boot Libertarians from the ballot. Democrats, meanwhile, were successful in blocking a Green Party candidate.
A memo about the internal poll, conducted by the Global Strategy Group, claims Rauner’s popularity has taken a plunge.
"As he has become better known, Rauner’s negative ratings have increased by 20 points among Democrats (16% fav/43% unfav to 9% fav/63% unfav) and by 13 among Independents (35% fav/21% unfav to 35% fav/34% unfav) with no increase in his positive ratings," according to the memo.
The poll, obtained by Early & Often, was a telephone survey of 605 likely Nov. 2014 Illinois voters. It was conducted Sept. 4-7 and had a margin of error is +/- 4.0 percentage points. Cross-tabs were not made available.
"Quinn has strong odds of holding on to the seat as long as he can consolidate his party’s voters," the memo states.
Here’s more from the memo:
Quinn has taken the lead over Rauner. Quinn leads the race with 43% of the vote compared to 40% for Rauner and 5% for Libertarian Chad Grimm.
Rauner’s popularity is sinking. Rauner is 13 points better known now (72% familiar) than in June (59%), but his favorability has held steady while his negative ratings have shot up by 13 points (34% fav/26% unfav to 33% fav/39% unfav). Rauner has become an unpalatable choice for the state’s Democrats and an increasingly divisive figure among Independents over the course of the campaign. As he has become better known, Rauner’s negative ratings have increased by 20 points among Democrats (16% fav/43% unfav to 9% fav/63% unfav) and by 13 among Independents (35% fav/21% unfav to 35% fav/34% unfav) with no increase in his positive ratings.
Quinn enjoys the support of 81% of Democrats, matching Republican consolidation behind Rauner (83%). Self-described conservatives are the only ideological segment of the electorate that afford Rauner an advantage in the race, while Quinn leads among moderate voters (40% Quinn/37% Rauner) and by a double-digit margin among non-conservative Independents (42% Quinn/31% Rauner). — Global Strategy Group
Here’s an overview of polls in a Rauner-Quinn matchup.
Wendy Davis, the Democratic candidate for Texas governor who sprung to fame when she held back sweeping abortion restrictions, reveals in a new memoir that she terminated two pregnancies for medical reasons.
Davis writes in a new campaign memoir that in the 1990s she had two abortions, including one where the foetus had developed a severe brain abnormality.
Davis writes in Forgetting to be Afraid that she had an abortion in 1996 after an examination revealed that the brain of the foetus had developed in complete separation on the right and left sides. She also describes ending an earlier ectopic pregnancy, in which an embryo implants outside the uterus.
Davis disclosed the terminated pregnancies for the first time since her 13-hour filibuster in the state legislature – she talked non-stop to try to run out the time on proposed legislation bringing in tough new Texas abortion laws.
Both pregnancies happened before Davis, a state senator from Fort Worth, began her political career and after she was already a mother to two young girls.
She writes that the ectopic pregnancy happened in 1994 during her first trimester. Terminating the pregnancy was considered medically necessary. Such pregnancies generally are considered not viable, meaning the foetus can’t survive, and the mother’s life could be in danger. But Davis wrote that in Texas it’s “technically considered an abortion and doctors have to report it as such”.
Davis said she and her former husband, Jeff, wound up expecting another child in 1996. After a later exam revealed the brain defect, doctors told her the baby would be deaf, blind and in a permanent vegetative state if she survived delivery.
“I could feel her little body tremble violently, as if someone were applying an electric shock to her, and I knew then what I needed to do,” Davis writes. “She was suffering.”
Davis is running against Republican attorney general Greg Abbott, who is a heavy favourite to replace the incumbent Republican governor, Rick Perry, in 2015.
Davis’s filibuster in June 2013 set off a chaotic scene in the Texas Capitol that extended past midnight. Thousands of people packed watched it live online, with President Barack Obama at one point tweeting: “Something special is happening in Austin tonight.”
The bill required doctors who perform abortion to obtain admitting privileges at nearby hospitals and mandated that clinics upgrade facilities to hospital-level operating standards. A federal judge in Austin last month blocked a portion of the law that would have left Texas with only seven abortion facilities statewide.
SPRINGFIELD — In a newly unearthed radio interview, Republican private equity investor Bruce Rauner admitted earlier this year that he once favored the outright elimination of Illinois’ minimum wage.
That little-known acknowledgment marked the first time the multimillionaire from Winnetka is known to have gone on the record as having ever favored ditching the state’s $8.25-an-hour minimum wage entirely for 1.1 million Illinois workers.
Targeting that voting bloc, the minimum wage issue has been at the heart of Democratic efforts to hold on to the Executive Mansion. Once again drawing attention to the issue, Gov. Pat Quinn announced this week that he planned to go seven days living on the minimum wage to dramatize the plight of the state’s working poor and to underscore the need for hiking the state’s $8.25-an-hour minimum wage.
While acknowledging that he once supported an elimination of the minimum wage, Rauner said later in that Jan. 10, 2014, interview on Bloomington-based WJBC-AM that either ending or reducing the state’s minimum wage to the lower national standard, as he advocated during a candidates’ forum in the Quad Cities last December, was ill-advised on his part.
“I have said, on a number of occasions, that we could have a lower minimum wage or no minimum wage as part of increasing Illinois’ competitiveness. I’ve said that many times,” Rauner told WJBC host Scott Laughlin.
“It’s a mistake for me to focus on lowering the minimum wage or eliminating it because there are better ways to increase Illinois’ competitiveness,” Rauner said at the time.
Rauner appeared on Laughlin’s program to tamp down the possible impact of a series of Chicago Sun-Times stories at the beginning of the year that outlined how Rauner, in the span of five months, had staked out three conflicting positions on the minimum wage.
Last September, Rauner told a downstate audience that he was “adamantly, adamantly opposed” to raising Illinois’ minimum wage. Then in December, he proposed moving Illinois’ rate back to the national $7.25-an-hour rate.
Last January, he said that stance from December was “flippant” and a mistake and said he’d be open to actually increasing Illinois’ minimum wage if it was paired with business-friendly reforms.
Rauner’s campaign stopped short Wednesday of saying Rauner misspoke in the interview with his first-of-its-kind radio mention about eliminating the minimum wage.
“In this interview, Bruce acknowledges — as he has repeatedly — that his past statements about the minimum wage were a mistake and he supports a federal minimum wage increase that would raise Illinois’ minimum wage and he supports raising the state minimum wage in conjunction with pro-business reforms,” Rauner spokesman Mike Schrimpf told Early & Often, the Chicago Sun-Times online political portal. “The online story that accompanied the interview also confirms that.”
Quinn’s campaign pounced on the new disclosure.
“We’re not surprised to learn that Republican billionaire Bruce Rauner advocated eliminating the minimum wage just this year. This is his real position, the one he’s trying to hide from voters to get elected,” Quinn spokeswoman Brooke Anderson said.
“Whether he’s dropping $140,000 on a luxury wine membership or pushing to eliminate the minimum wage, Bruce Rauner is the most out-of-touch candidate for governor in Illinois history,” she said.
The Rauner camp countered that the attack was mere political diversion from fallout over a patronage hiring scandal during Quinn’s watch at the Illinois Department of Transportation.
“This is simply another misleading attack from a governor desperate to distract from the fact that he handed out illegal patronage jobs to political cronies at the expense of our veterans,” Schrimpf said.
Bruce Rauner = unfit to govern Illinois.
h/t; Dave McKinney at Chicago Sun-Times' Early and Often
It’s safe to say that this past week was not the best for Nathan Deal. It must be hard to be the governor of Georgia, what with all those pesky whistleblowers, journalists and students. In the …
1. While speaking to college students, he assumed (wrongly) that an immigration activist was undocumented.Via pinterest.com
No really. It went like this:
Gov. Deal: I presume you are…. [undocumented]
Woman: I don’t know why you thought I was undocumented. Is it because I look Hispanic?
Apparently you can tell a person’s citizenship status just by looking at them. #NewSuperpower
2. An investigation showed Gov. Deal rewarded the families who bankrolled his campaign with plum seats on the state’s top boards.Via tumblr.com
Yea, we did a spit take too when we saw the headline.
Side note: Gov. Deal appointed only 5 women and 1 African-American out of 51 seats. #Diversity
3. A leaked email from Gov. Deal’s staff promised favors for state legislators in return for campaign contributions.Via blogger.com
4. On Wednesday, a watchdog group filed a complaint against the governor’s top staff for illegal conduct.Via tumblr.com
The governor’s top staff intervened in an ethics investigation of his campaign, allegedly even threatening the top ethics official. The silver fox has seen a lot in his day, but we think he would agree this is just wrong.
5. Now the governor is struggling to explain why he takes $10k a month from a business that owes Georgia $74 million in back taxes.
Because earning millions for yourself always takes priority over funding education or helping middle-class families…
6. And a judge is questioning why the state hid evidence in a major ethics trial that kept the governor off the witness stand.Via i.imgur.com
What memos? There were no memos? We promise!
7. When you act like this, it’s probably better to keep the press away. Maybe that’s why he stayed silent as a journalist was dragged out of a GOP rally Gov. Deal was headlining.Via i.imgur.com
Gov. Deal sat idly by as a videographer was dragged from a public rally.
Did we mention that she was invited to the event? So much for transparency.
Gov. Deal, of course, had no comment.
What. A. Week.Via giant.gfycat.com
7 scandals in 7 days.
We know, it’s hard to keep up.
We think it’s safe to say that #GeorgiasReady for an honest government. #ChangeTheDeal
Source: Team Carter for Buzzfeed Community
Oh really?Here’s some more info:Republican Bruce Rauner Tuesday dismissed questions about his financial ties to the secretive Cayman Islands as a Democratic-driven “red herring,” calling it a “distraction” by Gov. Pat Quinn from his failed tax policies. In Chicago, Quinn hit Rauner over outsourcing allegations with regard to the venture capitalist’s former firm.
Rauner responded publicly for the first time to word that his former private-equity company set up a dozen investment vehicles in the Caribbean tax haven between 2009 and 2011, including three partnerships in which has disclosed having a personal financial stake.
“This issue of the Cayman Islands, this is a red herring,” Rauner told reporters in Springfield, where he was urging quick action by a state appeals court by the end of the week to allow a term-limits initiative on the fall ballot.
“This is a distraction. This is being foamed up by Pat Quinn and his allies to create a distraction in the media for the voters. It is not a real important issue one way or another in this election,” Rauner said. - Chicago Sun-Times, 8/19/14Latest polling shows that voters are paying attention to this issue and it is taking a toll on Rauner’s numbers:A dozen funds in total were set up in the Caribbean nation between June 2009 and July 2011 by private equity firm GTCR which, according to the Chicago Sun-Times, was chaired by Rauner at the time. He had a personal financial interest in three of those funds.attribution: None Specified
Bermuda and the Cayman Islands are popular tax shelters for U.S. corporations, as both island nations have no corporate income taxes, and disclosure requirements there are less stringent.
The Cayman Islands government agreed in August 2013 to comply with the Foreign Account Tax Compliance Act, which requires foreign financial entities to notify the U.S. Internal Revenue Service about American offshore accounts if they exceed $50,000. The intergovernmental agreement took effect in July.
Campaign spokesman Mike Schrimpf offered a full-fledged defense of Rauner to the paper:
Caribbean vehicles are common for private-equity funds as well as institutional investors like the Illinois’ pension fund that [Gov.] Pat Quinn is invested in, especially when the companies they are investing in already have international operations and headquarters … Bruce was also comfortable with it because that kind of investment does not reduce the taxes paid by individual investors on their income. It didn’t reduce taxes on Bruce’s income, and it doesn’t reduce Pat Quinn’s taxes either.
Rauner has refused to release a certain portion of his tax returns further detailing the investments, and GTCR has remained mum on the matter.
Brooke Anderson, a spokeswoman for Gov. Pat Quinn’s (D) campaign, responded to the revelations by saying that “not only does Republican billionaire Bruce Rauner stash his own riches in the Cayman Islands to avoid taxes, he also parked his firm’s money there.”
"Mr. Rauner is great at gaming the system for his own financial benefit while the rest of us play by a different set of rules," she added. - Huffington Post, 8/19/14And Quinn isn’t the only one hitting Rauner on this issue:All of those TV ads targeting Bruce Rauner appear to be taking a toll on the popularity of the GOP nominee for governor.
A new poll out today from Garin Hart Yang Research Group, which usually polls for Democrats, shows Mr. Rauner ahead of incumbent Democratic Gov. Pat Quinn just 44 percent to 41 percent among 802 likely voters in the November general election. An additional two percent of voters lean toward each candidate, with 11 percent undecided.
The three-point difference is within the survey’s plus-or-minus 3.5-point margin of error, and definitely is less than the seven-point average margin Mr. Rauner has enjoyed in several recent surveys.
But a Garin Hart Yang survey released on May 14 had Mr. Rauner up six points, 46 percent to 40 percent. And an earlier one, in April, had the race 49 percent for Mr. Rauner to 39 percent for Mr. Quinn.
All of those polls were taken before the Quinn campaign and an independent group, Illinois Freedom PAC, began dropping millions in ads that slash Mr. Rauner for not paying enough income taxes, investing overseas and other rich guy sins. But the new survey was taken after those ads hit, specifically last week, on Aug. 12 to 14. - Crain’s Chicago Business, 8/20/14Even this guy is hitting Rauner on this issue:The business record of Bruce Rauner, the Republican candidate for governor, was called into question by Paul Vallas, the Democratic lieutenant governor candidate, during a stop Tuesday at the Peoria Labor Temple.
“Bruce Rauner is in the business of vulture capitalism. That’s the Wall Street Journal’s characterization — not mine,” said Vallas, who accused Rauner of outsourcing jobs rather than creating them.
“Rauner has profited to the tune of millions of dollars from outsourcing American jobs and shipping those jobs overseas. He believes in cheap labor — both at home and abroad.”
Earlier this month, a Chicago Sun Times poll had Rauner ahead of Gov. Pat Quinn by a spread of nearly 51 percent to 38 percent, with 11 percent undecided.
Vallas referenced a recent story in the Sun Times that noted that, in addition to having personal investments in the Cayman Islands, a so-called tax haven, Rauner also had established a dozen investment funds there through his Chicago-based investment firm.
“The philosophy here is to maximize profits and minimize tax liability,” said Vallas, who called on Rauner to disclose complete tax records and identify his business partners. - Peoria Journal Star, 8/19/14I always knew this race was still ours to win. Polling has been crappy in Illinois in the past but this issue is taking a toll on Rauner. We can still hold onto this seat, we just have to get our base out to the polls. Click here to donate and get involved with Quinn’s campaign:Mayor Rahm Emanuel urged his buddy Bruce Rauner on Tuesday to release his full tax returns, calling it a “rite of passage” that candidates for public office simply cannot avoid.attribution: None Specified
Days after releasing his own 2013 tax returns, including schedules, Emanuel joined Gov. Pat Quinn in urging Rauner to do the same.
“Running for office and releasing your taxes is like a rite of passage. You have to do it,” the mayor said.
“When I ran for Congress, I released my taxes. When I ran for mayor, I released my taxes. I released my taxes when I was [White House] chief of staff, even though I was not in elected office, but it was an office in the public trust. I do believe in a separation. You’re still allowed a personal life and a private life. Your taxes, though … they speak to what I think is the right thing to do. And it’s a rite of passage running today for office, especially chief executive.” - Chicago Sun-Times, 8/19/14https://www.quinnforillinois.com/
I beg to differ, Mr. Rauner.
h/t: poopdogcomedy at Daily Kos
Republican Gubernatorial candidate Bruce Rauner revealed to a small group in a private meeting that the closest he was to “punching someone” in the governor’s race came after a dust-up before last Spring’s Greek parade with Gov. Quinn’s camp. Quinn’s campaign says it doesn’t know what Rauner is talking about.
In a video of Rauner obtained by Early & Often, Rauner ramped up his rhetoric against Quinn. The video is from a Saturday, July 26, closed-door event with supporters in Edwardsville. The Quinn camp, however, says it doesn’t know what the gubernatorial candidate is talking about.
Here’s what Rauner says:"I was the only Republican in this parade. There were hundreds and hundreds of people in line. You know what Pat Quinn said: ‘Holy cow, Rauner’s coming after my base. You know, I’m out working ‘em, I’m working ‘em. He’s running around chasing me … he’s never been to a Greek parade in his life. He came to that parade because he said, "Uh-oh, Rauner’s taking my votes.’""You know what, they tried to, his people tried to kick me out of the parade. You know what, it’s the closest I’ve come to punching someone in this race. I said, I said I ain’t leaving this parade, this is not a Democratic parade, this is a Greek-American parade, and I’m working for every family in this state. You know what, I pushed those guys aside, we went to the front of that parade, high-fives and selfies all up and down. You know what, they were clapping and cheering. They loved every part of the message.""The Governor has attended numerous Greek events in recent years and throughout his career, including the Greek Independence Day Parade in 2010 and most recently on March 30 along with his Greek-American running mate Paul Vallas," says campaign spokeswoman Brooke Anderson. "Mr. Rauner has a history of making things up in his stump speeches and his negative attack ads, so we’re not surprised he is continuing that trend.”
Rauner’s campaign has yet to respond. As far as attack ads, both campaigns have unleashed on each other.
More reasons to vote to keep Quinn in office.
H/T: Natasha Korecki at Chicago Sun-Times
SPRINGFIELD, Ill. • Faced with a crucial midterm election where Republicans are seeking to reclaim the governor’s mansion, Illinois Democrats used an annual party gathering Wednesday to provide an early look at their strategy for victory this fall.
Hundreds of county party leaders and volunteers had breakfast at a Springfield hotel and later kicked back with beer, barbecue and music during a picnic at the State Fairgrounds. Because turnout among the Democratic base typically drops off in Illinois during nonpresidential elections, officials reminded the activists of the importance of emphasizing five referendums that will be on the ballot in addition to the candidates.
Ballot questions, approved by the Democrat-controlled Legislature in the spring, largely advance the party’s focus on the working class. They ask such things as whether Illinois should raise the minimum wage, require prescription birth control to be covered in health insurance plans and place an additional tax on income over $1 million to fund education.
Attendees were also reminded of the importance of emphasizing close ties with labor unions — also crucial to driving turnout — as Gov. Pat Quinn is facing a tough, nationally watched bid against wealthy Republican businessman Bruce Rauner. While Quinn has tussled with unions in the past over his support for a pension overhaul cutting benefits for state employees and retirees, Rauner made fighting “government union bosses” a theme during the March GOP primary, bringing labor squarely to Quinn’s side.
“Illinois is a blue state and we want to keep it a blue state,” Michael Carrigan, president of the Illinois AFL-CIO, dressed in a green Quinn T-shirt, told the group. “You start with your core groups. Your core group is in this room right now. Labor is a part of that, and you are a part of labor.”
Quinn told reporters that he expects a “very close race” where tried and true shoe-leather campaigning will help him to emerge the victor over his opponent. He painted Rauner as an out-of-touch billionaire “who has more money than King Midas and likes to stash some of it in a place called the Cayman Islands.”
“We have to stand together as a party and a people to do the right thing,” he said.
Still, top officials weren’t shy about noting the difficulties that lie ahead, in the party retaining its tight grip of power in President Barack Obama’s home state.
Secretary of State Jesse White said he is concerned Rauner has made “inroads into the African-American community,” shifting reliable votes away from Quinn by spending money in heavily black areas of Chicago.
The Illinois GOP will celebrate Republican day with their own breakfast and rally at the fairgrounds today.
#ILGov: Capitol Fax.com - Your Illinois News Radar » Rauner focus shifts from the Caymans to Bermuda
Bruce Rauner says there’s “nothing sinister” about venture capital firms using the Cayman Islands as a tax shelter, but says he has never used the investment vehicle for his personal benefit. […]
Until he stepped down to run for governor, Rauner was head of a capital investment firm, GTCR, which has several investment pools there.
At an appearance at the Illinois State Fair last night, Rauner — wearing a plaid shirt, jeans and brown boots — insisted it’s a “widespread, common practice.”
“What my firm did is what many, many financial firms do and I think the majority of venture capital firms and private equity firms do, and that is - when they invest in a foreign company, a non-U.S. company, they’ll set up an investment vehicle, often in the Caymans, so that their limited partners are treated, for tax purposes, the same way as, as if it was a U.S. company.”
He ran GTCR, so if his firm made money off Caymans investments, then he personally profited.
* But the focus is shifting today to another island nation, Bermuda…
The onetime head of a company tied to Bruce Rauner and an associate — men the GOP candidate for governor Thursday called “rogue employees” — have been indicted in federal court in New Jersey on charges they stole millions of dollars in a sophisticated trading fraud.
Anthony Blumberg, 49, of New Jersey, and Craig Marshall, 47, of Bermuda worked for ConvergEx Global Markets Limited, a Bermuda-based broker and subsidiary to a firm Rauner’s former private equity company helped found.
Blumberg and Marshall were indicted late Wednesday on criminal charges of securities fraud, wire fraud and conspiracy to commit securities and wire fraud.
The indictment is here.
“These were rogue employees at a subsidiary of a company GTCR had invested in,” Rauner campaign spokesman Mike Schrimpf said. “The employees were fired, and ConvergEx cooperated with the investigation. What they are alleged to have done is unacceptable, and they are rightfully being prosecuted.” […]
Rauner joined GTCR in 1981 and was its chairman until stepping down in October 2012 but “had no say in hiring either of the two people,” Schrimpf said.
* Background info from the Quinn campaign…
GTCRauner formed ConvergEx in October 2006 and installed Blumberg as CEO that very month until 2011:http://www.convergex.com/about-us/history
GTCR was the largest shareholder and controlled the board (they had more seats than any other partner)
GTCR features ConvergEx on its website as an example of a successful company: http://www.gtcr.com/our-focus/financial-services-technology/portfolio/convergex-group
Rauner told Chicago Magazine in 2011 that GTCR’s - his- whole business strategy was handpicking executives. Here’s the profile.http://www.chicagomag.com/Chicago-Magazine/June-2011/GTCRs-Bruce-Rauner-Talks-Investments/ Here’s Rauner’s q&a in the article:
Q: Most private equity firms buy mature companies and unwanted divisions of large corporations, managements intact. But you seem to go out and find management and then, together with them, go buy the companies.
Rauner: We’re in two businesses: industry research and executive recruiting. We study industries, and we network like crazy to find the superstars. Today, we’re partners with two dozen CEOs. Some we’re backing for the second, third time. It can take from six months to nine years from the time we meet someone until we actually become partners with each other.
Q: But sizing up the executive is nearly everything?
Rauner: A lot of reference checking. Are they winners? How did they handle failure in their careers? We go to all the trade shows. We call it the leader strategy. Deal flow comes to them. Talented executives come to them.
Key Point: Now GTCR Chairman Rauner wants to pretend he has nothing to do with the guy who was put in place by GTCRauner to be the CEO of ConvergEx from Day One when GTCR was in charge every step of the way? How stupid does he think we are?
* Background info from the Rauner campaign…
BNY and GTCR were equal investors in Convergex. Convergex though was staffed with BNY executives. As shown below, Blumberg was already with BNY and had been since 2002. He came with the deal.
Anthony Blumberg Came Into Convergex From Bank Of New York-Mellon. “BNY ConvergEx management includes Velli, Kerry Pack, John Meserve, Anthony Blumberg, George Costafos and Charlie Raphold from BNY. The trading grossed $297 million last year. Tom Gavin, David Quinlan and Jeff Shoreman make up the Eze contingent. The vendor grossed $43 million last year. Much of that is recurring or commission-like coming from routing orders to brokers. Goldman Sachs, previously a large owner of Eze Castle, does not have a stake in BNY ConvergEx. Operations will be split between New York and Boston, Eze’s current headquarters. The deal is expected to close this year.” (Peter Chapman, “BNY ConvergEx Eyes Hedge Funds with Eze Merger,” Traders Magazine, 8/1/06)
Anthony Blumberg Originally Worked For Credit Lyonnais, And Then Bank Of New York-Mellon, Before Joining Convergex. “Prior to the formation of ConvergEx Group, Mr. Blumberg served as a Managing Director at Credit Lyonnais Securities where he established G-Trade Services, one of the world’s largest global portfolio trading groups, which was later acquired by The Bank of New York and became a part of BNY Securities Group in 2002.” (“Our Leadership Team,” Archived Convergex Webpage, 2/10/11)
…Adding… More from the Rauner campaign…
(T)he Quinn fact sheet you just put up on ConvergEx is false and intentionally misleading. It’s not a typo, the Quinn campaign has repeatedly tried to mislead the public over the last 16 hours by claiming Mr. Blumberg was the CEO of the entire CovergeEx company to give the false impression that he was hired by or otherwise directly connected to Bruce Rauner.
That’s simply false. He was the CEO of a subsidiary to ConvergEx who was hired by Bank of New York Mellon in 2002, four years before GTCR invested. Additionally, GTCR was not the “largest shareholder” of Convergex. It was an equal investor with BNY Mellon, which is why the firm’s and its subsidiary’s leadership, including Blumberg, came over from BNY Mellon.
Republican Greg Abbott has taken the war on women a little too far. Sure, he’s against paycheck fairness and equal pay, and he chose a corporation over a rape victim. But to spy on an elderly woman through her bathroom window seems a bit far fetched, even for a Texas Republican.
But the ends justify the ever increasing desperate means it seems. Republicans figuratively donned their James O’Keefe investigative pimp kits and headed out to frighten elderly minority women in a desperate and misguided attempt to prove that non-existent voter fraud was a thing. Why not spy on naked citizens using their bathrooms in the name of small government?
Yes. In 2006, Texas Attorney General Greg Abbott, charged with upholding the law, deployed his office in an “investigation” to prove voter fraud that was dubbed a “wild goose chase.” It was during this “investigation” that an elderly woman said in a sworn statement that two investigators from Greg Abbott’s office were peeking in her bathroom window.
The Houston Chronicle reported at the time:
Gloria Meeks of Fort Worth, also 69, said she stepped out of her morning bath last month and screamed.
Two voter fraud investigators from Attorney General Greg Abbott’s office were peeking in her bathroom window, Meeks said in a sworn statement.
Ms. Meeks said she was being investigated for helping the elderly and disabled vote, according to the New York Times.
Via a Lonestar Report on her sworn statement, we learn that she was naked and the agents justified this because they thought it was a kitchen window:
According to the sworn statement of Ms. Gloria Meeks, a 69 year- old Fort Worth community activist, two of Abbott’s voter fraud agents came on to her property and looked into her bathroom window while she was unclothed and leaving the shower. Incredibly, the agents justified their privacy violation by explaining, that they thought they were peeping in the “kitchen window.”
Oh. So that’s what Texas would be like if Abbott wins. Good times.
Lest you get caught up in the whole spying on an elderly woman through her bathroom window, the effort was much more widespread than that. The Lonestar Project revealed in 2008 that the results of Abbott’s very expensive “investigation” proved that voter fraud was practically non-existent. But also, “Texas Democratic Party officials and legal counsel became aware and concerned about the Texas Attorney Genera’s vote suppression efforts following the release of reports from the Lone Star Project. The reports raise questions about the legality of Texas Attorney General Greg Abbott’s use of federal grant funds to investigate and prosecute citizens who have participated in mail ballot programs that benefit seniors and the disabled.”
Mail in your ballot? The Abbot team might be peeking in your bathroom windows! You know, just to be sure. Not to worry, though, if you are a Republican. Republican voters were not under “investigation” in this effort to get rid of a non-existent problem. But it’s totally legitimate to prosecute just your opposition, right? Like a witch hunt, but without the public aspect. This is what we want from our Attorney Generals – to take us back to before the American justice system.
The Lonestar Project busted the AG again:
The Lone Star Project issued numerous open records requests to the AG and found that virtually all the prosecutions were of minority senior citizens who were doing nothing more than helping their neighbors vote. Additional research showed that ALL those prosecuted were Democrats. This research was confirmed by a Dallas Morning News investigative report this month detailing that:
“26 cases – all against Democrats, and almost all involving blacks or Hispanics… In 18 of the 26 cases, the voters were eligible, votes were properly cast and no vote was changed – but the people who collected the ballots for mailing were prosecuted.” (Dallas Morning News, May 18, 2008)
Intimidating minorities to rig the vote? No problem! Greg Abbott has been trying anything he can think of to keep minorities from voting, which is the opposite of upholding the law.
In fact, his office is back in court this week defending Republican-championed redistricting maps (congressional and legislative) from charges that they intentionally discriminate against African Americans and Hispanics. It’s not like he did an investigation that only went after mostly minority Democrats and spied on an elderly minority woman in her bathroom. What can go wrong?
Abbott has only spent $3.9 million of Texas taxpayers’ money on the defense, though, so it’s not like he’s going full pimp O’Keefe yet. But the meter is still running at full speed. Anything to give the Republicans an edge.
The ad, which goes for a little over a minute, tells the story of a woman who was brutally raped by a vacuum cleaner salesman. The woman, the ad says, went to court against the vacuum cleaner distributor for failing to do a background check on the salesman. The state Supreme Court sided with the woman 6-3 with Abbott on the losing end.
"Six judges, Democrats and Republicans, ruled in their favor and they won," the narrator in the ad said. "But Greg Abbott sided with the company against the victim," saying that the company against the victim saying that the company had no responsibility.
"Thank god this time Greg Abbott lost," the narrator in the ad said.
The Davis campaign, on Friday, said it had not spoken with the victim before releasing the ad late Thursday, according to The Houston Chronicle. Davis spokesman Zac Petkanas told the Houston paper that the victim had discussed the case before and thought a Democratic organization said earlier in 2014 it might bring up the case in the governor’s race.
Watch the ad below:
Businessman Bruce Rauner, the GOP’s gubernatorial nominee in Illinois, seems to be having trouble getting his Cayman Islands story straight. After the Chicago Sun-Times revealed on Monday that Rauner, a billionaire investor, maintained part of his fortune in offshore accounts in the Caymans, the Chicago Tribune reported that back in June, Rauner told them the private equity firm he once ran and still invests with had no funds there.
Oops: GTCR, Rauner’s former company, does indeed have money in the Caymans, a notorious tax haven. Caught red-handed, Rauner’s now trying to claim it’s all de minimis, because we’re only talking about “just a couple of investments.” I’m sure that those “just a couple of investments” are larger than what most people earn in a lifetime.
Rauner’s also not helping himself by repeatedly swearing that “[t]hose particular setups had no impact on my personal tax rate—none whatsoever.” That’s created another problem for Rauner, because he’s steadfastly refusing to release his tax returns, almost certainly because the Tribune previously reported that he’s paid an effective tax rate of just 15 percent on his earnings. Seriously, bro, you can’t claim that some exotic offshore investment vehicles didn’t affect your bottom line and expect us to take you at your word.
Rauner needs to put up or shut up. Instead, he’s doing neither. God bless him.
#ILGov: Billionaire Bruce Rauner, GOP candidate for Illinois governor, stashed part of his wealth in Caymans
Bruce Rauner: Three cheers for offshore tax havens!
Here’s the thing about really rich guys: Odds are, they’ve done a thing or two along the way to becoming really rich that ordinary folks probably wouldn’t approve of. Balzac may have been exaggerating when he said that behind every great fortune lies a great crime, but a little offshore tax evasion, the likes of which little people would never be able to take advantage of? You bet!
And billionaire venture capitalist Bruce Rauner, the Republican nominee for governor in Illinois, has turned out to be no different than the Mitt Romneys of the world. According to a new report in the Chicago Sun-Times, Rauner’s stashed some unknown part of his fortune in the Cayman Islands, where their zeal for secrecy is matched only by their aversion to income taxes (they have none).
Of course, Rauner’s refused to release his tax returns, so it’s impossible to know just how much offshore money he’s got parked in the Caribbean. Rauner, as these zillionaires always do, swears that everything is above board, but as ever, the crime is what’s legal. And compliance with the letter of the law is hardly insulation against devastating political attacks. Remember this?Democratic Gov. Pat Quinn, who’s been well behind in the polls and could really use a break, has already issued a couple of press releases slamming Rauner, and attack ads can’t be far behind. After all, Rauner wants to become governor of a state whose taxes he tried to avoid paying. For 99 percent of us, that’s no winning message.