* The JB Pritzker campaign on January 26th…
“JB Pritzker has never taken a disbursement from an overseas trust, and has directed that all disbursements from those trusts go to charity.”
* Today’s Tribune…
A Chicago Tribune investigation found several offshore shell companies created between 2008 and 2011 — long after Abram “A. N.” Pritzker’s 1986 death — that are either wholly owned by J.B. Pritzker, his brother and business partner Anthony Pritzker, or list other close associates as controlling executives. […]
One of Pritzker’s offshore companies, Moreau Capital Holdings Ltd., is part of a venture that plans to buy city-owned land along the Chicago River to launch duck boat tours downtown. Pritzker is the sole owner of Moreau Capital Holdings, which was created in Nassau, Bahamas, in January 2011, according to records. […]
In late 2016, Seadog Ventures Inc. entered into an agreement with the city of Chicago to buy a vacant lot along the Chicago River near the Cermak Road bridge. Seadog, a tour boat company, is a subsidiary of Entertainment Cruises Holdings LLC, which is owned by J.B. and Anthony Pritzker. […]
The filing shows that the Pritzker brothers hold nearly 19 percent of the company in two corporations with addresses in the Bahamas — Moreau Capital Holdings Ltd. and Aman 2 Capital Holdings Ltd.
J.B. Pritzker owns all of the stock in Moreau Capital Holdings, according to the city filing. His brother owns all of the stock of Aman 2 Capital Holdings. […]
In all, 11 of the 18 companies on the list sent to the Bahamian registrar — including Moreau, Aman 1 and Aman 2 — share names similar to Pritzker family trusts that hold Hyatt Hotels Corp. stock, according to filings with the U.S. Securities and Exchange Commission… It is unclear why shell companies were created with similar names to the offshore Pritzker trusts that held Hyatt stock.
* Background from a BGA report…
J.B. Pritzker’s philanthropy is largely derived from assets long protected from taxation in two of those offshore accounts, the Moreau Trust and the Cheyenne Trust. Since 2006, those trusts, which while registered in the Bahamas also have mailing addresses in South Dakota, transferred $97 million in cash to his Pritzker Family Foundation, records show.
Moreau Trust and Moreau Capital Holdings Ltd. (which partly owns that duckboat thingy) are different and it’s not clear how money flows between them.
* So, I asked the campaign a simple question: Do all the disbursements from this particular offshore entity go to charity? The answer from his spokesperson Galia Slayen…
Throughout this campaign, JB has been transparent about his finances and today’s article only confirms what he has always said. First, generations ago there were trusts set up offshore by JB’s family and JB does not manage or oversee them. Second, as the Tribune details, any distributions made from those trusts are directed to charity and JB has never received a personal disbursement from any trust located offshore. Finally, JB’s statement of economic interest lists assets held not only by JB personally, but also trusts and the Pritzker Family Foundation.
Thanks for clearing that up! /s
* Gov. Rauner’s campaign…
“JB Pritzker wants to raise taxes on hardworking Illinois families but will dodge taxes himself. The Chicago Tribune’s report shows that JB Pritzker cannot be trusted. He will game the system for his own benefit and leave hardworking Illinoisans footing the bill.” - Governor Bruce Rauner
* Sen. Daniel Biss’ campaign…
“Today’s report proves that JB Pritzker is disqualified to serve as governor,” said Daniel Biss. “After years of scamming the system out of much needed revenue and repeatedly lying to the voters of Illinois, it’s clear now why JB Pritzker refused to release his full tax returns. This greedy and repeated manipulation shows that JB believes he’s accountable to no one, including the voters of Illinois. These repeated lies means he lacks the credibility to govern.
“These revelations also include Chris Kennedy’s ownership of offshore funds, and raises serious doubt about his own financial holdings. At a minimum, Chris must immediately release his full tax returns to prove to Illinois votes he isn’t also avoiding paying his fair share in taxes.
“While Illinois families have been nickeled and dimed, JB Pritzker has been lying and cheating. He is choosing to play the same billionaire games as Donald Trump and Bruce Rauner, which allows him to live under a different set of rules than the rest of us. Illinois can’t afford another billionaire businessman who’s scammed the system for his benefit, and who doesn’t respect voters enough to be honest with them. The Democratic Party must set an example about the need for full transparency to restore trust in our government.”
* Chris Kennedy…
JB Pritzker thinks the rules don’t apply to him because he is a billionaire. He rigs the property tax system for his own benefit. He tries to engage in pay to play politics with corrupt former Governor Rod Blagojevich while insulting African American leaders. And now, we find out he lied to the voters about moving his billions offshore to dodge taxes. He has proven himself to be a serial tax cheat.
JB Pritzker’s true character has been on full display in this campaign. His character is one of lying, cheating and using his money to try to buy an election. The voters of Illinois won’t stand for it next Tuesday.
His campaign refused to answer questions about this latest revelation. JB ran away from reporters asking legitimate questions about his finances. Tonight at our final debate, he needs to give voters a full explanation on why he lied to them last December about setting up offshore accounts to avoid paying taxes on his billions of dollars that he is now using to try to buy their votes.
* Pritzker campaign…
Chris Kennedy touts his experience on corporate boards, but a closer look reveals his “experience” actually entails cashing in while hiking executive pay at a company that sent jobs overseas.
In September, Kennedy sold nearly 30,000 shares of Interface stock the same day he contributed $250,000 to his campaign. While Kennedy received over $1.18 million from his time on Interface’s board, he repeatedly voted to hike executive pay while the company laid off workers, shuttered plants, and sent jobs overseas. Kennedy also served on the board of a second company, Knoll Inc., where he voted to hike executive pay despite the objections of shareholders.
“While he touts his experience on corporate boards, Chris Kennedy cashed in after hiking executive pay for a company that shuttered plants and sent jobs overseas,” said Pritzker campaign spokeswoman Jordan Abudayyeh. “From the University of Illinois to for-profit businesses, Kennedy has put compensation for top executives and his own bottom line above students and working families.”