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Obama has Chinese and Cayman Investments via his Pension

Posted by FactReal on October 23, 2012

Obama has Chinese and Cayman Investments via his Pension

Barack Obama bows to China’s Dictator Hu Jintao at the Nuclear Security Summit in Washington, April 12, 2010. (REUTERS/Jim Young)

Via The Daily Caller:

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. […]

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. […]

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.

The pension fund has also invested in a series of Chinese companies, including government-run companies.

In 2011, 19 percent of board’s funds, worth $2 billion, was invested in foreign companies. Obama’s share of that foreign investment is less than $20,000. […]

The board’s 2011 report said it owned a $1 million bank loan held by Sensata Technologies. Obama’s share of that loan is under a dollar. […]

When Romney was criticized by Obama during last week’s presidential debate for his overseas investments, the former business executive and GOP presidential nominee pushed back.

“Any investments I have over the last eight years have been managed by a blind trust,” Romney countered.

“They do include investments outside the United States, including in — in Chinese companies … [and] you also have investments in Chinese companies … [and] investments through a Cayman’s trust,” Romney said.

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One Response to “Obama has Chinese and Cayman Investments via his Pension”

  1. […] of Terror” in Rose Garden Speech (Video) – Obama’s Same Words in 2008 & in 2012 (Video) – Obama’s Chinese and Cayman Investments – Obama Era: Income Down, Poverty Up (CBS report) – Obama Added $6 Trillion to US Debt in 4 Years; […]

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