Tuesday, September 30, 2014

Pat Quinn Stretches Truth To Pin Mortgage Biz Fallout On Rauner

The Chicago Tribune says that Pat Quinn isn't telling the truth to all of us voters on his latest attack on Bruce Rauner.

This company filed for bankruptcy in 2007, but Rauner's firm didn't have anyone on the board after 2005.  But...that little fact isn't stopping Governor Pat Quinn.
Quinn on Monday launched a new ad attacking a business deal of Republican challenger Bruce Rauner, though the dots the Democrat uses to attack the Republican don’t necessarily connect. 
The new ad focuses on HomeBanc Mortgage Corp., which filed for bankruptcy in 2007. A narrator contends the bankruptcy came after Rauner “took millions out of” the firm, noted HomeBanc’s CEO got a $5 million “bonus” and 1,100 employees who lost their jobs “got a $20 gift card.” 
The equity firm Rauner formerly chaired, GTCR, partnered in 2000 to create HomeBanc Mortgage. While GTCR once held a majority stake in the firm, it reduced its holdings after a public stock offering, selling the last of its shares in September 2006, Security and Exchange Commission records show. 
GTCR’s actions came just months before the sudden financial unraveling of the mortgage company in 2007 led first to the January firing of CEO Patrick Flood, followed by an August bankruptcy filing. But GTCR had no board members on the mortgage firm involved in its management since 2005, prior to Flood’s firing and severance, and the bankruptcy filing. Records show Rauner was not a board member of HomeBanc in the lead up to its public offering in 2004.
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