Oct 20, 2012 No Comments ›› Pat Dollard
Excerpted from THE DAILY CALLER: Barack Obama and his supporters continue to slash at Gov. Mitt Romney for keeping some of his private-sector wealth overseas, even though the president’s Illinois pension is also invested in Chinese companies and a fund in the Cayman Islands.
“When he talks about getting tough on China, keep in mind that Gov. Romney invested in companies that were pioneers of outsourcing to China, and is currently investing in countries — in companies that are building surveillance equipment for China to spy on its own folks,” Obama insisted during the Oct. 16 presidential debate at Hofstra University.
The president’s overseas wealth is part of the pension he earned from his six years in Democratic-run Illinois legislature. The pension, which is worth between $50,000 and $100,000, is managed by the Illinois State Board of Investment. The board has invested its assets — which include money owed to Obama and numerous other Illinois Democrat legislators, political appointees and civil servants — in a variety of revenue-generating funds and companies.
The board operates under state rules that bar investments in companies that do business with the Islamic government of Sudan. But there are no limits on investments in funds and companies that aren’t connected with Sudan.
One of the board’s funds, Advent International Group VI-A, is based in the Cayman Islands.
The fund is run by Advent CR, Inc., which is a subsidiary of Advent CR Holdings, Inc., a Delaware corporation and the legal “parent” of “Advent International GPE VI-A Limited Partnership, a Cayman Islands limited partnership,” according to a August 2009 filing with the Securities and Exchange Commission.
The board’s 2011 report says that Cayman fund is worth $17.5 million, or 0.00015 percent of the $11.5 billion fund, which is split among hundreds of investment vehicles.