King Releases Tax Returns, Raimondo Won’t
Wednesday, July 07, 2010
King said he was releasing his returns because the public deserved to know that their next General Treasurer will not use the office for personal benefit or to help friends.
“Gina Raimondo preaches transparency but refuses to practice it. We need new leadership in Rhode Island that is open, honest, and respects the tax payers. No more special interests—no more back door deals,” King said. “You cannot be a person in charge of people’s money and refuse to disclose how you make your living.”
Raimondo didn’t back down from her position that releasing her returns would reveal what her two business partners earn, which she says would violate their privacy.
A GoLocalProv investigation has shown that their firm, Point Judith Capital Partners, has received a $5 million investment from the state pension fund, which is managed by the General Treasurer. Raimondo has said she will avoid any conflict of interest by resigning from Point Judith and cutting off her financial ties with the firm—but only if she is elected, not during her campaign.
But King said taxpayers need to know how she is making her money before she is elected.
Raimondo’s firm earns its money by investing money in start-up companies in several industries, including energy, health care, Internet, and software. Her firms manages about $100 million worth of investments—including the money the General Treasurer has invested with her firm. Her firm will receive 20 percent of the profits from the $5 million in state money that it is investing.
Instead of making her tax returns public, Raimondo said yesterday that she would release more information about her sources of income.
“I’m glad to see my opponent is taking the issue of transparency seriously,” Raimondo said. “I am releasing my personal financial disclosure in the next several weeks which will have a detailed list of my entire personal stock portfolio and will provide voters with a completely transparent picture of my personal finances.”
She will also file a Yearly Financial Statement and Financial Disclosure Form with the State Ethics Commission in two weeks, according to campaign manager Joe Shekarchi. He said those documents would show her and her husband’s sources of income, their personal stock holdings, investments, and liabilities.
- King Releases Tax Returns, Says Raimondo Refuses To
- Raimondo Explains Why She Won’t Release Tax Returns
- Treasurer Candidate Denies $5 Million Deal a Conflict of Interest
- Something Rotten in Landfill Deal?
- A Friendship Worth $1.5 Million
- King Denies Role, but Letter from Governor Says Otherwise
- King Responds to GoLocalProv Investigation
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