Bruce Rauner changes tune on secret Cayman Islands accounts

From Governor Pat Quinn

Pattern Emerges of Rauner Hiding the Truth

CHICAGO – The Chicago Tribune is reporting that Bruce Rauner changed his story about whether he set up accounts in the Cayman Islands, the notorious overseas tax shelter.

After originally telling the Chicago Tribune earlier this summer he did NOT have investments in the Cayman Islands, Rauner admitted on Sunday that he does indeed have at least five accounts only when presented with evidence to that effect.

The latest belated admission was detailed by today’s Chicago Tribune, following a Chicago Sun-Times report that Rauner, in fact, had personally channeled part of his wealth to the Cayman Islands.

Today’s Tribune report documents its own, earlier, efforts to nail Rauner down on the subject:

During a June interview, the Tribune asked Rauner about the SEC documents that listed GTCR’s Cayman investments. “I don’t think that’s true,” Rauner said at the time. “No GTCR fund that I’m aware of has its base in the Cayman Islands.”

On Sunday, however, Rauner offered a different answer when asked about the firm’s Cayman investments: “GTCR has its own structure for just a couple of investments. When they invest in overseas companies, they set up that particular structure.”

This is not the first time that Rauner has changed his story after being confronted with evidence to the contrary. Earlier this year, Rauner denied using clout and making a call to the then-head of Chicago Public Schools to get special treatment at the exclusive Walter Payton Prep High School. After Rauner changed his story several times, the outgoing Inspector General of CPS confirmed last month that special treatment is exactly what Rauner got.

In addition, Rauner is running television attack ads that feature false headlines that his campaign either made up or doctored.

Elected officials and opinion leaders across the state have called on Rauner to release his complete tax records to clear the air about the billionaire’s finances and give the public the transparency they deserve.

See also iNews Cayman story posted today in iNews Briefs “Quinn camp explains the ‘Cayman Menace’ in new video” .

EDITOR Note: the reference to Cayman Islands as “the notorious overseas tax shelter”.

See iNews Cayman story “Super-Rich Gubernatorial Candidate used controversial Cayman tax gimmick to maximize his fortune” at: http://www.ieyenews.com/wordpress/super-rich-gubernatorial-candidate-used-controversial-cayman-tax-gimmick-to-maximize-his-fortune/

Related story:

Pat Quinn’s double standard – Will he divest his own pension from Cayman Islands?

From Bruce Rauner

Quinn should end his war on teachers and state workers who are heavily invested overseas, including in the Cayman Islands

In his desperate attempt to distract voters from his 67% income tax hike, record job losses, skyrocketing property taxes and multiple criminal investigations, Pat Quinn has painted himself into a corner.

The governor’s own pension fund — just like the state pension fund for teachers and all state workers — is heavily invested overseas, including in the Cayman Islands.

Pat Quinn either needs to apologize to Bruce Rauner for lying about the facts or apologize to Illinois teachers and state workers for calling them unpatriotic. If Pat Quinn refuses to apologize and tell the truth, he should immediately move to divest all state investments from companies and funds domiciled overseas, including in the Cayman Islands.

Pat Quinn never tells the truth. He doesn’t mention that Bruce and Diana have paid more than $25 million in taxes over the last three years alone — including full taxes owed on income earned abroad. The facts don’t fit his fiction; but they are the same facts that show Bruce’s record of delivering huge returns on investment for Illinois retirees.

Background on Quinn’s Double Standard:

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Background on Quinn’s War on Teachers:

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To read the whole Press Release that lists 14 companies domiciled in the Cayman Islands go to: http://admin.deliciousmail.com/t/ViewEmail/r/E79E0FC4AE7E83022540EF23F30FEDED/94C1CF25038F536F38A555EB6E97B45B