Tuesday, February 11, 2014

New TV ad attacks Rauner, ties him to Stu Levine
Tuesday, Feb 11, 2014 

Reposted from Capitalfax.com

* Labor unions funding a new campaign committee, Illinois Freedom PAC, have unveiled their first TV ad. Subscribers know more about the buy’s cost and reach and flight length, but this is basically a statewide buy and backed by big bucks. Rate it

* Script…
Bruce Rauner says he’d shake up Springfield.
News reports tie Rauner to Stu Levine. Remember him? He’s the Blagojevich crony now in prison.
Levin testified that a company financed by Rauner’s firm gave him $1 million to get state contracts by “whatever means,” including payoffs.
At the same time, Levine voted to help Rauner’s firm get $50 million in state pension funds.
Trust Bruce Rauner to shake up Springfield? He’s tied to people who shook it down.
check out the complete story by clicking on the link above.

There is much more to this story.... 

Joe Cari (convicted felon), former Chair of the Democratic National Committee was the link between Stuart Levine (convicted felon) TRS Board Member, Bruce Rauner and David Wilhelm (former Chair DNC).

In 2003, just after Blagojevich was elected Illinois Governor, there were numerous pay-to-play private investments rammed through the TRS board (all unanimous votes) engineered by Levine to politically connected firms who found an angle to legally grab "Management Fees" that were not tied to the performance of the investments. These results in personal gain at the expense of the funds.

The TRS Investment Agreements negotiated with GTCR (Rauner - $50 Million), Healthpoint Partners (Cari - $35 Million) and Wilhelm (Hopewell Ventures $10 Million) are protected from FOIA specifically by the Illinois Legislature as "trade secrets". 

These TRS agreements preclude disclosure by the private investment firm of the destination of the investment or individual performance. In fact, the TRS cannot direct the private investor to pull the investments that are performing poorly. No rational investor would give complete control of their assets to a manager that loses investment monies.

GTCR lost 17.5% in 2009 and 7.9% in 2012.
Healthpoint lost 20.10% in 2009, 0.7% in 2010, 11% in 2011 and 9.9% in 2012.
Hopewell has lost money from 2003 to 2012.

Wilhelm (Hopewell) pulled $3 Million in Management Fees out of a $10 Million initial investment currently worth just over $4 Million! At this rate, the TRS will lose the complete $10 Million in the next few years.

The TRS refuses to terminate these shady investments despite requests by CorruptionBusters since 2011 to do so.

Illinois faces a substantial deficit to fund the pensions in accordance with negotiated labor agreements. Wired investment deals to politically connected individuals severely impacts the TRS' ability to make payments into the future.

We call for an investigation by the United States Attorney to recover TRS funds that have become a pot of gold for these cronies.

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