Al Franken's Blog, page 44

Crookston Times: “Is McFadden his own guy, or is someone pulling his strings?”

By Mike Christopherson, [Editorial, 9/9/14]

Most of us are certainly well aware of politicians saying something and then backtracking and/or running for cover later, or taking a position on an issue and then flip-flopping as a matter of convenience and/or political survival. And the notion that most of the people we plug our noses and vote for on Election Day have been essentially bought by the special interests who fund their electoral aspirations is certainly not foreign to us.

But, still, Mike McFadden’s comments of late on a couple of subjects and his subsequent scrambling and flip-flopping when the you-know-what has hit the fan is no less troubling.

McFadden, a Republican, is running against U.S Sen. Al Franken, a first-term incumbent Democrat from Minnesota. At FarmFest in Redwood Falls earlier this summer, McFadden said he’d support using Chinese steel to build the proposed Keystone XL pipeline if it were cheaper than American-made steel. Iron-clad DFLers from Minnesota’s Iron Range went into predictable uproar mode, and McFadden quickly went into damage-control mode, saying he supports Iron Range steel and that he wouldn’t support using any steel subsidized by China to build the pipeline.

Then why did he, at first, say otherwise?

In actuality, you could almost give McFadden a free pass on the steel blunder. Republicans love to save money, after all, except when they’re elected into positions of power and then they proceed to spend, spend, spend with the best of them, on wars and corporate welfare and things like that.

McFadden uttered his other apparent misstatement in St. Cloud, when he told reporters that he supported a gas tax increase as a way to bolster the cash-strapped Highway Trust Fund. McFadden was quick to add that the tax increase would have to be offset by “other cuts.”

But in today’s Grover Norquist- and tea party-influenced Republican Party, offsetting a tax hike with spending cuts elsewhere doesn’t cut it. You can’t support any tax increase whatsoever, period, even if you’re talking about a Highway Trust Fund that’s basically out of money because fuel taxes haven’t been increased since 1993.

After McFadden finished his session with the reporters in St. Cloud, his aides got in his ear and he immediately returned, telling the reporters that he’d misspoken moments earlier and that he absolutely opposes a gas tax hike. He said he’d rather shore up the trust fund through a larger overhaul of federal tax codes.

Makes sense. Who wouldn’t like a simpler tax code?

But that’s not the issue here. The issue is that McFadden, almost immediately after winning the primary, on two occasions said one thing and then almost immediately did a 180-degree flip. As noted earlier, this doesn’t qualify as shocking in a nation run by special interest-controlled politicians, but when it comes to saying something and sticking with it, McFadden is off to an especially discouraging start.

Read the full article >>>

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“I support Al Franken because he cares about people like me”

Destiny admits she could have spent her summer like most college-bound freshmen – at the lake, on vacation. But that didn’t make a while lot of sense to her with so much at stake this fall.

“If we’re going to expect Al to keep working hard for us, we have to return the favor.”

As a youth volunteer in the North Metro region, Destiny has been spending her time canvassing, registering voters and recruiting the kind of grassroots team that will talk to thousands of more voters heading into Election Day.

“We need more young people than ever engaged in the political process. Political apathy is pretty high among my peers. That’s why I stepped up.”  

When it comes to the issues, it was Al’s work on mental health that really resonated with Destiny. A staggering five million children in America today struggle with serious mental illness, and 80 percent never receive treatment.

“The Mental Health in Schools Act will do great things – I know, because I’ve struggled with ADHD. What was once an obstacle is now something I’ve been able to live with. I had a good support system between my family and school, but I know that’s not a reality for many other kids. Mental health is a tough issue to take on, and Sen. Al Franken got it done.”

Destiny hopes that these kinds of accomplishments will motivate more Minnesotans to get involved as the campaign heats up this fall.

“At the end of the day, I support Al because he cares about people like me.”

Sign up to volunteer with Destiny in the North Metro or at a field office near you.

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ICYMI: Al on MSNBC’s ‘The Last Word with Lawrence O’Donnell’

Sara Cederberg, Digital Director

Al stopped by The Last Word with Lawrence O’Donnell last night to talk about Citizens United and ISIS.

You can watch the clip below:

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RELEASE: Mike McFadden would protect billionaires over students, families

For Immediate Release:
September 9, 2014

Contact:
Alexandra Fetissoff
Alexandra@alfranken.com
612-888-3221





McFadden would protect billionaires over students, families
Franken student loan bill would help over half a million Minnesotans

St. Paul [9/9/14]—Investment banker Mike McFadden would protect millionaires and billionaires over giving half a million Minnesotans the ability to refinance their high-interest student loans.

Today, Sen. Al Franken called on his colleagues to pass his student loan bill, which would give Minnesotans with outstanding student loan debt the chance to refinance their public and private student loans at lower rates.  McFadden does not support the bill.

The Bank on Students Emergency Loan Refinancing Act is paid for by enacting the Buffett rule, which would ensure millionaires and billionaires pay their fair share in taxes. 560,000 Minnesotans stand to benefit from the lower interest rates in the bill.

“Mike McFadden is again showing us who he stands for — he would rather protect millionaires and billionaires instead of helping Minnesota students and their families with student loan debt,” said Alexandra Fetissoff, Franken campaign spokeswoman. “That’s putting the interests of less than one percent of the richest people in this nation above more than 25 million borrowers — at least half a million in Minnesota alone.”

McFadden told MinnPost in July he did not support the student loan refinancing bill because it raised taxes on millionaires and billionaires.

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RELEASE: McFadden refuses to join bipartisan effort to solve immigration crisis

For Immediate Release:
September 8, 2014

Contact:
Alexandra Fetissoff
Alexandra@alfranken.com

BREAKING: McFadden refuses to join bipartisan effort to solve immigration crisis
McFadden reversal shows he’s not a “problem solver” after all

St. Paul [09/08/14]—Investment Banker Mike McFadden revealed today that he is refusing to support the Senate’s efforts to solve the nation’s immigration problem and back the bipartisan bill that passed the Senate 68-32. The bill passed with support from 14 Republicans, including Sens. John McCain (R-AZ), Marco Rubio (R-FL) and John Hoeven (R-ND).

The Senate’s immigration bill, which had the support of Republicans and Democrats, as well as business groups and labor unions, would make significant investments in border security — including doubling the number of Border Patrol agents — and help bring millions of undocumented immigrants out of the shadows. Sen. Franken played a key role in the markup of the bill and included several bipartisan provisions to help Minnesota.

“The Senate passed a comprehensive, bipartisan immigration reform bill that would go a long way toward solving our immigration crisis, and rather than supporting this effort and being part of the solution, Mike McFadden has made it clear that he’d only be part of the problem,” said Franken campaign spokesperson Alexandra Fetissoff.

In August 2013, McFadden announced his support for the bipartisan Senate immigration bill.  

“Republican U.S. Senate candidate Mike McFadden says he supports an immigration bill that passed the Senate but is languishing in the U.S. House amid opposition from conservatives.” [St. Cloud Times, 8/28/13]

Today, one year later, McFadden refused to tell the Star Tribune he supports the bill he once embraced.

“McFadden declined to say whether he supported the Senate immigration reform bill.” [Star Tribune, 9/8/14]

 

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RELEASE: WCCO fact check confirms McFadden’s business “fully a part of the Bermuda parent company”

News coverage and a fact check of a recent TV Ad put out by the Al Franken for Senate campaign confirms that investment banker Mike McFadden’s business is exploiting a Bermuda tax haven to avoid paying millions in U.S. taxes.

WCCO’s Reality Check told Minnesotans McFadden’s business is “fully a part of the Bermuda parent company,” which moved overseas “to avoid U.S. taxes.” Watch it here:

McFadden’s own campaign even “stressed” to the Associated Press that the investment banker’s business is the “parent company incorporated in Bermuda.”

And during a radio interview on “Ox in the Afternoon” earlier this year, McFadden himself even referred to Lazard Ltd., which is based in Bermuda, as “my firm.”

Bottom line: McFadden’s company is using a special tax loophole to list its headquarters on the tropical island of Bermuda and avoid paying millions of dollars in taxes in America.

The fact check confirmed it. His campaign confirmed it. Even Mike McFadden confirmed it.

 

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RELEASE: Facts That Investment Banker Mike McFadden Can’t Escape

Investment Banker Mike McFadden is trying to distract from the fact that his company is headquartered in Bermuda in order to avoid paying its fair share of U.S. taxes. His problem: The facts aren’t on his side, and they’re inescapable.

FACT : LAZARD LTD. IS INCORPORATED IN BERMUDA IN ORDER TO AVOID PAYING ITS FAIR SHARE OF U.S. TAXES

Lazard Ltd.’s Official Corporate Headquarters Is In Bermuda. According to company filings with the SEC, Lazard Ltd.’s address is:

CLARENDON HOUSE

2 CHURCH STREET

HAMILTON D0 HM II

[Lazard Ltd 10-K Annual Report, 2/27/13]

Wells Fargo: Lazard Is One Of Several U.S. Companies “Lowering Their Tax Burdens By ‘Giving Up Their U.S. Passport’ And Relocating To A Lower Tax-Rate Country.”According to a July 2014 Market Update, “One way companies are lowering their tax burdens is by ‘giving up their U.S. passport’ and relocating to a lower tax-rate country … Over 40 public U.S. companies have become so-called ‘expatriated entities’ following a tax inversion since 1998.” The report listed several of these “expatriated entities,” including Lazard. [Wells Fargo Market Update, “Tax Inversion Strategy: A Primer,” 7/8/14]

FACT : LAZARD MIDDLE MARKET, IS A “FULLY INTEGRATED” SUBSIDIARY OF LAZARD LTD.

Lazard Middle Market Is Owned By Lazard Ltd. According to a March 2013 filing with the Securities and Exchange Commission, “Lazard Middle Market LLC (the ‘Company’) is registered securities broker-dealer with the U.S. Securities and Exchange Commission (SEC) and is member of the Financial Industry Regulatory Authority, Inc. (FINRA) … The Company is wholly owned subsidiary of Goldsmith, Agio, Helms & Lynner, LLC (the ‘Parent’). The Parent’s outstanding shares are held 100% by Lazard Freres & Co. LLC (‘Lazard Freres’), an investment banking firm. Lazard Freres is limited liability company and is owned by Lazard Ltd., a publicly held company.” [Lazard Middle Market, Annual Audited Report, 3/1/13]

McFadden’s Firm Is “Fully Integrated” With Lazard Now, Became “Part Of A Larger Organization.” In December 2008, Investment Dealers Digest reported, “Lazard would let the investment bank be run independently, but yet it would be fully integrated and have access to its parent’s extensive resources.” [Investment Dealers Digest, 1/21/08]

FACT : MCFADDEN AND HIS PARTNERS EVEN BOASTED THAT ONCE THEY WERE “FULLY INTEGRATED” INTO THE LARGER LAZARD, IT WOULD ALLOW THEM TO MAKE EVEN MORE MONEY

McFadden Boasted That By Joining Lazard, His Firm Would Gain Access To Lazard’s International Brand, Industry Relationships, And Financial Resources. “McFadden said Goldsmith will gain access to Lazard’s international brand, not to mention its industry relationships and vast financial resources. Lazard, which raised $850 million in its initial public offering in 2005, had revenue of $1.6 billion last year.” [Star Tribune, 7/11/07] 

McFadden On Joining Lazard: “The strategy is simple … We are [Lazard’s] middle-market platform … we have access to Lazard’s information, industry contacts and international footprint through 29 offices in 16 countries.’” [Star Tribune, 10/23/07]

Merging With Lazard Also Allowed McFadden And His Firm To Branch Out Of Middle Market. In May 2009, The Deal reported, “The Lazard takeover has also introduced Solomon and McFadden to clients who had little to do with the middle market. Case in point: Dow Chemical Co., which with Lazard Middle Market’s help sold parts of its automotive sealer and adoptive business to Katzberg Invest AG of Switzerland in February.” [The Deal, 5/1/09]

Merging With Lazard Allowed McFadden And His Firm To Take Advantage Of “Lazard’s Global Presence And Breadth Of Relationships.” In May 2009, The Deal reported, “McFadden praises Lazard’s high professional standards and says it’s a fun place to work. It has also made him a better banker, he says. Two big reasons: Lazard’s global presence and breadth of relationships.  To illustrate his point, McFadden mentions the recent sale of Lazard Middle Market client Kurtzman Carson Consultants LLC to Australia’s Computershare Ltd. ‘We received significant help and counsel from [Lazard’s] Australian office, which had a relationship with Computershare,’ says McFadden. Computershare on March 16 agreed to pay at least $97 million and as much as $135 million (depending on earnings growth targets) for the El Segundo, Calif., bankruptcy consultant.” [The Deal, 5/1/09]

AND LEST MIKE MCFADDEN TRY TO CLAIM HE HAD NOTHING TO DO WITH BEING PART OF A FIRM INCORPORATED IN BERMUDA, HE PERSONALLY PLAYED “THE BANKER” AND BROKERED THE DEAL TO JOIN LAZARD

McFadden Played “The Role Of The Dispassionate Investment Banking Advisor” To Goldsmith Agio Helms During The Sale To Lazard. “McFadden knew Helms, who he describes as embodying the twin attributes of tenacity and poise, would manage just fine. ‘It’s the combination of that duality that creates a very unique, exceptional dealmaker and epitomizes what we try to do as a firm.’ In order to keep things moving smoothly McFaddentook on the role of the dispassionate investment banking advisor. ‘I viewed my role to be the banker. I checked my emotions at the door and advised Jack the way I would any other client,’ McFadden says.” [Investment Dealers’ Digest, 1/21/08]

 

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RELEASE: New ad: McFadden’s business exploits offshore tax havens

ST. PAUL [09/05/14]— Today, the Franken campaign released a new TV ad informing Minnesotans that investment banker Mike McFadden’s business is exploiting a Bermuda tax haven to avoid paying millions in U.S. taxes.

The ad hits airwaves across the state as major American companies like Burger King are making national news for leaving the United States to avoid paying their taxes.

The 30-second ad, titled “Bermuda,” explains that the tropical island isn’t just a popular tourist destination but a place where companies set up shop to avoid paying U.S. taxes. Those companies include McFadden’s firm, Lazard Ltd., a global investment bank that is incorporated in Bermuda for tax purposes. The ad notes, “McFadden’s company uses a special tax loophole to list its headquarters offshore and avoid paying millions of dollars in taxes in America.”

Dozens of American companies — including McFadden’s — have incorporated in Bermuda to avoid paying U.S. taxes while remaining American companies for all intents and purposes, and benefiting from U.S. protections. Republican Senator Chuck Grassley called the practice “immoral.”

“Investment banker Mike McFadden says his business record is a reason Minnesotans should vote for him. But what he doesn’t want voters to know is that his company is dodging millions in U.S. taxes by exploiting an offshore tax haven,” said Alexandra Fetissoff, Franken campaign spokeswoman.

Documentation of the ad can be found here.

TRANSCRIPT:

AL FRANKEN: I’m Al Franken, and I approved this message.

ANNOUNCER: Bermuda. Known for its beauty. Its pink beaches. And for businesses trying to avoid paying taxes. Meet investment banker Mike McFadden. He’s running for Senate in Minnesota. But McFadden’s business is based right here in Bermuda. That’s right, McFadden’s company uses a special tax loophole to list its headquarters offshore and avoid paying millions of dollars in taxes in America. Mike McFadden. He’s definitely not for you.

 

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“Al gets what students are going through.”

Kaitlin L., Communications Intern

Iris, from Hibbing, is a junior Music Education major at the University of Minnesota. She spent much of her time this summer as an organizing fellow – and is taking what she’s learned to the student body with her campus team to help get out the vote for Election Day.

Iris’s motivation to get involved was driven by Al’s hard work on making the cost of a higher education more affordable.

“Al gets what college students – and recent graduates – are going through. His work to cut interest rates and help students and families better estimate the cost of college – that’s huge.”

Having grown up on Minnesota’s Iron Range, Iris knows that a traditional 4-year college wasn’t always a path for everyone in her community. That’s why she’s doubly supportive of Al’s work to increase opportunities for job training.

“I know Al comes up north a lot and sees what’s important to everyone across the state. He’s fought to make sure that partnerships between community colleges and businesses can result in skilled, good-paying jobs.”

That’s why Iris is committed to building and mobilizing her campus team for an unprecedented get-out-the-vote effort.

“Young voters tend to drop off in the midterms – and we can’t let that happen. I want to work as hard for Senator Franken and other DFLers as they’ve worked for us.”

Click here to join Team Franken today.

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Join us for the “Great Minnesota Knock-Together”

Aaron Rothe, Deputy Field Director

We’re sad to see the State Fair go, but we’re excited to move ahead with our biggest weekend of action yet — which we’re dubbing the “Great Minnesota Knock-Together.”

Can you commit to a shift — or three? We’ve made it easy to find an event near you — just click on your region below:

Minneapolis
St. Paul
North Metro
West Metro
South Metro
Southern Minnesota
Duluth/Northeastern Minnesota
Northwestern Minnesota

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