* The Democratic Governors Association is trying to gin up the animosity toward Rauner…
As Chairman of GTCR, Bruce Rauner was a central figure in the formation of ConvergEx. As news breaks that ConvergEx’s CEO will be added to the list of Rauner’s indicted business associates - Rauner is again trying to distance himself from the CEO and the company he formed.
The truth is the that GTCR’s investment model includes picking company managers and management strategies. But Bruce Rauner is banking on the fact that you won’t understand how he made this money through private equity.
Rauner actually said, “Your average voter will never understand what private equity is and I’m not going to try to explain it too much. They’re not going to know.”
OK, first of all, the head of ConvergEx wasn’t indicted. The head of ConvergEx Global Markets Limited was indicted. It’s a subsidiary.
The video of the quote is here. Go to the 44:45 mark.
* Rauner also said this right after that above DGA-supplied quote (which I corrected after watching the video)…
“I help companies grow. I provide capital to help companies grow and that’s about the level of detail that I’m going to get into.”