Offshore hedge funds, self-enrichment, and a new ad
Welcome to another edition of Transplant Turmoil—the weekly series spotlighting the ways Republican carpetbaggers continue to prove themselves as out-of-touch with the state they’re running in.
“With less than 100 days left until the election, these untested, out-of-state candidates haven’t been able to prove that they are running for any reason besides their own self-enrichment,” said End Citizens United Spokesperson Grace Silva. “They don’t care about anything beyond their bottom line and pleasing their billionaire buddies. A vote for these carpetbaggers is a vote for an extreme MAGA agenda that will raise prices for working families while making the wealthy elite even wealthier.”
Here’s what the GOP’s out-of-touch candidates have been up to:
#WISen: California Bank Owner Eric Hovde Invested Millions in Offshore Hedge Funds
- A new report revealed Hovde oversaw hedge funds that stashed hundreds of millions of dollars offshores. According to disclosure forms, his asset management firm oversaw four hedge funds based in the Cayman Islands. Between the years 2004 and 2023, their combined value ranged from $13 million to $920 million. Records show Hovde reported personal holdings in several of these hedge funds, ranging from $1 million to $5 million in one and then $25 million in another. These offshore hedge funds allow investors from outside the U.S. to avoid paying U.S. taxes and the hedge funds may also be able to defer paying U.S. taxes on their profits. Hovde has previously said he “wouldn’t necessarily” crack down on offshore banking—which makes sense, as he’s personally benefited from offshore accounts.
- Hovde, who has previously spoken against the crypto market, has changed his tune, now that crypto PACs are throwing millions of dollars towards Republican candidates. He attended the same Bitcoin conference as Donald Trump and Nevada GOP Senate Candidate Sam Brown, supporting “decentralized finance and Bitcoin in our country.” This is a far departure from his previous comments describing the crypto market as “insanity” with “nothing backing it,” and using an antisemitic slur to describe the people running crypto.
- Wisconsinites across the state see Hovde for who he truly is—a California millionaire who is out-of-touch with voters—and have taken to writing letters to the editors in opposition of him. One voter slammed Hovde for only caring about his millionaire buddies and benefactors, writing that he must “think Social Security, Medicare, veterans benefits and anything else that helps non-millionaires is wasteful government spending.” Another Wisconsinite slammed the Republican party for consistently running wealthy out-of-staters, including Ron Johnson, Tim Michels, and now Eric Hovde. He adds, “If you’ve just got to have your millionaires, why not pick richies…who at least live in the state?”
#MISen: Florida-Man Mike Rogers Puts Personal Wealth Above Michiganders
- With a week until the Michigan primary, End Citizens United joined Michigan Democrats in a press call to slam Rogers’ history of self-enrichment and how he used his position in office to abuse the revolving door and make an “explosion of wealth” after leaving Congress. Mike Rogers is a self-serving opportunist who can’t be trusted.
- A new poll shows Congresswoman Slotkin holding a 5 point lead over Florida-Man Rogers, 46% to 41%. She has a strong lead over Rogers when polling independent voters, with a 15 point advantage of 44% to 29%. The Senate race is only heating up but it’s clear that Michiganders trust Congresswoman Slotkin to represent working families in the Senate.
#NVSen: Scam Brown’s Record of Working Against Women
- As JD Vance campaigned across Nevada this week, Scam Brown’s previous comments disparaging women without children resurfaced. In 2014, Brown refused to endorse a female candidate in Texas because she was “not married with children to provide for or nurture and has refused to plant roots.” It’s no surprise that Brown enthusiastically endorsed Vance given his previous claims that Americans without children should have their votes count less. From his staunch anti-abortion record to these offensive comments, Brown has shown he cannot be trusted to fight for women in Nevada.
#MTSen: Wannabe Cowboy Millionaire Tim Sheehy’s Plot to Sell Public Land Adopted into MT GOP Platform
- Sheehy’s scheme to sell public land to millionaires was just adopted into the Montana GOP’s party platform. In their newly released platform, the party writes “The Montana Republican Party supports relinquishing federally managed public lands to the states in order to secure statehood equality and provide for better management of public lands.” It’s no surprise this language mirrors Sheehy’s calls to transfer public lands when just last month, Sheehy attended and spoke at the Montana GOP platform convention. He’s doing everything he can to make it easier for out-of-state millionaires—like himself—to buy land in Montana and, in turn, raise the cost of living for working Montanans.
#PASen: Connecticut Hedge Fund Millionaire Dave McCormick Cannot Be Trusted
- With less than 100 days until November’s election, voters in Pennsylvania are making sure their voices are heard across the state. In a new letter to the editor, one Pennsylvanian sums up the millionaire’s record, “Each time, it was the same: McCormick got rich while hardworking Pennsylvanians lost their jobs. We can’t trust McCormick. Pennsylvanians deserve better. We deserve Sen. Bob Casey, who will work for all Pennsylvanians.”
- Senator Bob Casey’s campaign released a new ad on McCormick’s record of investing nearly $2 million in China’s biggest fentanyl producer. The ad slams McCormick for profiting off people’s pain and getting rich off the investment to the fentanyl producer—the drug that kills over 4,000 Pennsylvanians a year. Watch the ad here.
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