Surprise! Obama Has Investments
in Cayman Island Trusts Too

by C.M. Jacks, for ElectionDebates.com

One of the more dramatic moments of the second presidential debate came when Mitt Romney challenged President Obama on his pension account. As part of their ongoing class warfare campaign, Obama and Democrats have hammered at Romney for his wealth and investments. An Obama campaign ad in July claimed Romney had millions in the Cayman Islands, and other so-called "tax havens."  The claim happened to be true, but Romney is hardly alone in holding such accounts -- and having them is perfectly legal.

Here's how it looked when Romney turned the tables:

Romney: "Mr. President, have you looked at your pension? Have you looked at your pension?"

Obama: "You know, I don’t look at my pension. It’s not as big as yours so it doesn’t take as long. I don’t check it that often."

Romney: "Let me give you some advice. Look at your pension. You also have investments in Chinese companies. You also have investments outside the United States. You also have investments through a Caymans trust."

Romney's campaign is referring here to investments made by the Illinois State Board of Investment, on behalf of the state employees’ retirement system (Obama was an Illinois state senator from 1997 to 2004).

• The Illinois State Board of Investment's pension fund has a holding in a financial partnership, "Advent International GPE VI-A", which is part of Advent International. That partnership is organized in the Cayman Islands. Public filings corroborate this fact.
• The Illinois pension fund also has many foreign investments, which include Chinese companies, as part of its diversified portfolio.

What President Obama is doing with these investments is perfectly legitimate. But that's beside the point. When his campaign tries to tar Governor Romney with making shady investments, they naturally invite scrutiny – and charges of hypocrisy.

Further Information

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