Report: Rauner funneled money into Caribbean - DC News FOX 5 DC WTTG

Report: Rauner funneled money into Caribbean

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(BruceRauner.com) (BruceRauner.com)

CHICAGO (AP) - A published report says Republican gubernatorial candidate Bruce Rauner funneled part of his wealth to the Caribbean.

The Chicago Sun-Times reports (http://bit.ly/USDIkM )some of the venture capitalists' Cayman Island holdings are tied to GTCR, the Chicago firm he founded.

A spokesman says the holdings didn't involve expenditures of Rauner's personal funds. And that he met legal tax obligations and disclosed information to the government.

But political experts say it's a matter of optics.

Rauner is trying to unseat Gov. Pat Quinn, whose campaign accused Rauner of "stashing" money abroad to avoid U.S. taxes.

Cayman is considered a haven for mutual funds and private equity. International companies and investors have taken advantage of offshore financial centers there, drawn by regulations and legal systems making it easy to move capital internationally.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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