King Releases Tax Returns, Says Raimondo Refuses To

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Tuesday, June 29, 2010

Stephen Beale, GoLocalProv Politic Editor

Republican candidate for General Treasurer Kerry King yesterday said he was releasing his tax returns—and he called out Democratic opponent Gina Raimondo for not doing the same.

“Of course I will release my tax returns. I practice complete transparency,” King said. “Rhode Island taxpayers have the right to know where their money is coming and going.”

King is a former insurance executive at New England Mutual Life Insurance and Met Life. At the latter company, he headed up a sales and marketing division with a budget of $900 million and a staff of 11,000 employees. King retired in 2002 and entered politics as a candidate in the 2006 election for lieutenant governor. After losing in the primary, he was hired as Executive Counsel for Gov. Don Carcieri, a position he left last month.

Raimondo is currently a partner in Point Judith Capital Partners, which manages $100 million in investments in over 20 start-up companies.

She has decided not to release her tax returns because it would infringe upon the privacy of her partners, according to campaign manager Joe Shekarchi. “For her to release her income tax returns would mean (releasing) the income taxes of her partners,” Shekarchi told GoLocalProv.

But Raimondo is “winding down” her involvement with Point Judith Capital Partners and is not taking any new clients, according to Shekarchi. If elected, he said she would resign from the company. Moreover, after the election, he said the investment firm would not be doing any business with the state—nor would any of the more than 20 companies in which it invests. (Click here to read a detailed explanation of why Raimondo won't release her tax returns.)

Shekarchi downplayed King’s release of his tax returns. “I’m not surprised Mr. King is releasing his taxes because he is a state employee and it’s already public,” Shekarchi said.

King was hired as Executive Counsel for Gov. Don Carcieri in fall 2007. He held the position until last month, when he stepped down.

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• Raimondo Explains Why She Won’t Release Tax Returns

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