* From an August 1st Sun-Times story on Bruce Rauner’s investments in the Cayman Islands…
Three of Rauner’s five Cayman Island holdings trace back to GTCR, the Chicago-based investment company that Rauner founded and headed until 2012 when he stepped down to ramp up his bid for governor. […]
Three of Rauner’s Cayman Islands investments are tied to his old firm: GTCR Golder Rauner II AIV Ironshore LP, GTCR Partners IX AIV Ironshore LP, and GTCR Partners X/A&C AIV LP.
* From today’s Sun-Times…
Republican Bruce Rauner not only has personal investments in the Cayman Islands, but he presided over his former private equity firm as it set up other investment vehicles in the Caribbean tax haven known for its secrecy.
The Chicago Sun-Times verified through the Cayman Islands’ government-run online business registry that a total of a dozen investment funds were established there by Chicago-based GTCR between June 2009 and July 2011, when Rauner chaired the firm. […]
But a top Rauner aide Monday defended the funds’ creation and said they all relate to GTCR’s 2009 investment in Bermuda-based Ironshore, Inc., a specialty insurance company, and a 2011 GTCR acquisition of Gridlock Holdings, a provider of custom news and traffic reports for non-U.S. media outlets.
I’m not sure if there’s much new news there, but “a dozen” is certainly more than “three,” and it provides another opportunity for the Democrats to tee off on him.
* From the DGA…
Republican billionaire Bruce Rauner only recently returned from vacationing at one of his luxury residences in Montana where he dodged questions about why he stashed his cash in the Caymans, a notorious haven for tax dodgers.
Hmmm….any guesses on which estate Rauner goes to now in order dodge questions on the new revelation that he helped to steer company money to the Caymans?
A new Chicago Sun Times story includes an assessment of why Rauner would not only avoid US and Illinois taxes by stashing personal funds, but why he could maximize that profit by steering company money to the Caymans:
“‘By putting the funds in the Cayman Islands, he’s making it easy for his investors to cheat, which means he’ll have more investors than he’d otherwise have, and he’ll earn more fees from it,’ said Rebecca Wilkins, senior legal counsel for the Center for Tax Justice that estimates the federal government loses $100 billion a year in owed tax obligations because of foreign tax havens.’”
This isn’t the only way that Rauner avoids paying his fair share and profiting at the expense of others. Rauner also other exotic loopholes to dodge paying Medicare and Social Security taxes, while banking profits at the expense of middle class workers. Workers in Rauner’s companies have been subjected to massive layoffs, outsourcing and conditions that led to deadly negligence, abuse and outright fraud.
“If he was governor of the Cayman Islands it would allow him to spend more time managing his millions and spare Illinois from being led by a profiteer that puts his money before workers, seniors, families and communities,” said Rikeesha Phelon, Illinois Spokesperson for the Democratic Governors Association.
“He hasn’t been honest with the public about his tax information. And now we see he hasn’t been honest with the people about the extent of his foreign dealings.”