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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The post RELEASE: WCCO fact check confirms McFadden’s business “fully a part of the Bermuda parent company” appeared first on U.S. Senator Al Franken, Minnesota -- Official Campaign Website.