Rauner: ‘Nothing Sinister’ About Investments In Cayman Islands
The Republican nominee for governor has come under political scrutiny after a report revealed his connections to offshore investments. But Bruce Rauner insists that the practice is common.
Rauner's campaign has largely been propelled by his fortune.
A recent report by the Chicago Sun-Times details that a portion of his earnings have connections to the Cayman Islands - considered a tax haven for the wealthy. Until he stepped down to run for governor, Rauner was head of a capital investment firm, GTCR, which has several investment pools there.
At an appearance at the Illinois State Fair Thursday night, Rauner insisted it's a "widespread, common practice."
"What my firm did is what many, many financial firms do and I think the majority of venture capital firms and private equity firms do, and that is - when they invest in a foreign company, a non-U.S. company, they'll set up an investment vehicle, often in the Caymans, so that their limited partners are treated, for tax purposes, the same was as, as if it was a U.S. company," he said.
Gov. Pat Quinn's campaign has long tried to paint Rauner as so rich, he's out of touch. This week, he said stashing money in foreign countries is "not patriotic."