Capitol Fax.com - Your Illinois News Radar

*** UPDATED - Quinn response *** Rauner complains that Quinn “stole” his accomplishment

Thursday, Oct 30, 2014 - Posted by Rich Miller

* From a press release…

“With five days left before a close election, Pat Quinn is so bankrupt of ideas he has to steal one of Bruce Rauner’s accomplishments to get positive press coverage.” – Rauner spokesperson Mike Schrimpf

Fact: Bruce Rauner was an early supporter and helped create the plan for the recently launched UI Labs, a research and commercialization collaborative. The Chicago Tribune reported on it in January 2013:

“Some students and researchers prefer the city to a smaller community … so this could increase the quality of the faculty,” said Bruce Rauner, a prominent Chicago venture capitalist who has worked on the development of this plan. “This can drive better research.”

The intent is to develop a “junior year abroad program” as well, with the aim of attracting top students from overseas.

Fact: With five days left before a close election, Pat Quinn is so bankrupt of ideas he has to steal one of Bruce Rauner’s accomplishments to get positive press coverage. #desperate #shameless #timeforchange

But that Tribune story also noted…

The goal of this project, supported by Gov. Pat Quinn and Mayor Rahm Emanuel, is to retain the next generation of Illinois-trained innovators.

* From February, 2013…

The University of Illinois is taking its second big step in a month to sharply increase its involvement in a Chicago-area economy that arguably could use some help.

Gov. Pat Quinn will announce today in his State of the State speech that the Urbana-Champaign school, in partnership with its National Center for Supercomputing Applications and private companies, will be forming an Illinois Manufacturing Lab likely to be located in the central area of Chicago.

* From December, 2013…

Plans for Chicago to become a hub for advanced manufacturing technology are moving down the assembly line with people, money and pilot projects.

Gov. Pat Quinn, who laid out the idea for a manufacturing lab in February, is expected to announce this morning that it will be the first assignment for UI Labs and will begin pilot projects with 10 manufacturers.

Mr. Quinn’s Illinois Manufacturing Lab was launched with a $5 million commitment from the state. University of Illinois trustees are expected to vote today on providing matching funds for the project. Chicago manufacturing consultant Scott Miller has been named interim director of the IML.

More here.

…Adding… If Quinn did steal it, and he may have, he’s been stealing it for almost two years now.

…Adding More… From Quinn’s press release…

Governor Pat Quinn today was joined by U.S. Senator Dick Durbin, Mayor Rahm Emanuel and leadership from UI LABS to break ground on UI LABS’ future headquarters and the new Digital Manufacturing and Design Innovation Institute (DMDII). The event is part of Governor Quinn’s agenda to create jobs and drive Illinois’ economy forward.

“I’ve made this facility a major priority for Illinois by personally making our case to both the White House and Secretary of Defense, as well as securing key private sector partners because I know how important this institution will be to revitalizing our manufacturing industry,” Governor Quinn said. “The Digital Manufacturing and Design Innovation Institute will help keep Illinois’ economic comeback going. I’m pleased to break ground on this facility that will solidify Illinois’ position as a high-tech manufacturing hub, support our growing technology and innovation sectors and create jobs across the state.”

The Governor personally petitioned the Secretary of Defense twice and made the case to key White House officials about the benefits and importance of DMDII. The Governor also worked to bring key private sector partners into the initiative, including CAT, Deere & Company, Lockheed Martin, Boeing and many more.

…Adding Still More… The Rauner folks have been pushing back on this all morning and moments ago sent me a link to this Greg Hinz piece…

Mr. Rauner put out a rather overblown press release today terming today’s news “one of Bruce Rauner’s accomplishments.” That’s a bit overstated, and I’ll put that down to an overeager press aide. But it is an absolute fact that the first person I heard about UI Labs from a year and a half ago was Mr. Rauner, who had been quietly pushing the concept for some period.

The press release said Quinn stole Rauner’s “accomplishment.” That implies that Rauner did the whole thing, which is completely bogus. He didn’t say that Quinn stole his idea. He was most definitely in on the original idea. But the record is obvious that he did not “accomplish” this thing entirely on his own. Period.

Greg also wrote this…

Credit also goes to Mr. Quinn, Michael Sacks at World Business Chicago, U.S. Sen. Dick Durbin and — legitimately — Mayor Rahm Emanuel. All were heavily involved in lining up companion state and local funding, and in pushing the Obama Administration to just say yes.

In 30 years of covering this kind of thing, I’ve not seen anything that’s drawn this much potential. Try working together some more, gang. And don’t blow it.

Exactly.

…Adding Quinn Response… From a press release…

Quinn Communications Chief Responds to Bruce Rauner’s Arrogant “It Was All Me” Claim

As Governor Pat Quinn stood with Mayor Rahm Emanuel and Senator Dick Durbin this morning to break ground on a new digital manufacturing hub that they worked together to make possible, Quinn for Illinois communications director Brooke Anderson responded to billionaire Bruce Rauner’s false and arrogant claim that this hard-fought manufacturing win for Illinois was all about Rauner:

“Only billionaire Bruce Rauner - who couldn’t name a single one of his companies that created any jobs - would resort to arrogantly taking credit for the Governor’s work and partnership with other leaders to bring this advanced manufacturing hub to Illinois.

“All week, Mr. Rauner has complained about good economic news that he views as detrimental to his doomsayer campaign. Fortunately for the people of Illinois and unfortunately for Mr. Rauner, Illinois is making a comeback and currently leading the Midwest in job creation.

“Given that Mr. Rauner’s whole career has been about eliminating jobs, making millions at other people’s expense and always passing the buck when things go wrong, we’re not surprised that he’d be exemplifying this behavior down to the very end. ”

39 Comments

*** UPDATED x2 Siedle responds - Rauner response *** Today’s must-read

Thursday, Oct 30, 2014 - Posted by Rich Miller

* Ted Siedle at Forbes…

In short, I learned from my experience with Rauner that you don’t have to be brilliant to be successful in the silly business of buying and melding together established businesses—businesses you really know very little about—using state workers’ retirement savings. Access to public pension assets is the key prerequisite.

Trust me, any money manager with workers’ monies committed to funding his professional development for a protracted period of time, eventually—assuming he’s reasonably intelligent and capable of learning from his mistakes—will stumble upon a winner. Worse case, he’ll lose much of the workers savings over the course of the standard ten-year lock-up commitment period and pocket millions in asset-based management fees along the way.

Just being around all that pension cha-ching, tweaking purchase and sale agreements and engaging in thinly-disclosed rampant self-dealing virtually guarantees the manager blessed with Other People’s Money under his care will end up wealthy himself. Call it a “wealth transfer.”

Better still, thanks to private equity secrecy agreements, your clients may never know just how much you profited potentially at their expense.

Read the whole thing.

*** UPDATE 1 *** The Rauner campaign responds by attacking the author…

EDWARD SIEDLE IS A UNION ATTACK DOG

Siedle Wrote Articles Attacking Rhode Island Treasurer Gina Raimondo For Investing In Private Equity Funds. “In an online column for Forbes on April 4, Siedle blasted Raimondo for dramatically increasing both risk and fees by steering a sizable chunk of Rhode Island’s $7-billion state pension fund into ‘alternative investments,’ including hedge funds. He accused her of enabling a ‘Wall Street feeding frenzy.’” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)

Shortly After Attacking Raimondo, Siedle Was Paid $20,000 By A Union Hostile To The Treasurer. “A month later, he was having lunch in Providence at Capriccio with Rhode Island union officials and retirees who had read his columns, including two top officials of the state’s largest public employees union, Council 94 of the American Federation of State, County and Municipal Employees. Shortly thereafter, Council 94 hired Siedle for $20,000 to investigate Rhode Island’s pension funds. Siedle declined to reveal his fee, but Council 94 president J. Michael Downey confirmed it after questions from The Providence Journal.” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)

Forbes Forced Sielde To Stop Writing About Rhode Island. “Raimondo immediately attacked Siedle’s credibility and motives. ‘This was a bait and switch,’ said Raimondo spokeswoman Joy Fox. ‘He sold himself as a journalist while pitching a local union for business.’ Raimondo complained to Forbes, which says it has asked Siedle, an unpaid contributor since 2006, to ‘cease writing about Rhode Island.’” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)

*** UPDATE 2 *** The author has responded to the Rauner camp’s claims…

While Gina Raimondo, Democratic Treasurer of Rhode Island (and candidate for Governor) did indeed complain to Forbes about my writings exposing her Wall Street agenda, Forbes never asked me to stop writing about her. I have written a dozen articles on Forbes about her since her complaint which have been read by hundreds of thousands.

Check the record Bruce before you embarrass yourself with bogus allegations.

What about the red flags I’ve identified at GTCR, conflicts and secret dealings? Will you make public the potentially damning evidence?

29 Comments

« NEWER POSTS