New ad: Mike McFadden’s business made millions on merger that moved U.S. company offshore

New ad: Mike McFadden’s business made millions on merger that moved U.S. company offshore
American taxpayers, not so lucky

ST. PAUL [9/17/14]— Today, the Franken campaign released a new TV ad that highlights a recent Associated Press report about how investment banker Mike McFadden’s business made $11 million on a merger that moved an American company offshore to avoid paying U.S. taxes.

The 30-second ad, titled “Lucky,” informs voters that “‘Mike McFadden’s investment firm was involved in a merger that moved an American pharmaceutical company to Ireland’ to avoid paying U.S taxes.” Ireland is a well-known tax haven for American companies.

In 2012, McFadden’s business managed a merger between then American-based Jazz Pharmaceuticals and the Irish drugmaker Azur Pharma. The transaction led Jazz Pharmaceuticals overseas to Ireland where it could avoid paying U.S. taxes, a practice commonly referred to as an “inversion.” The ad notes that McFadden’s company made out big — more than $11 million — from the deal. But American taxpayers weren’t so lucky: they lost millions.

“It’s clear investment banker Mike McFadden has a long history of putting profits over people. His company made a fortune on a merger that moved an American company offshore to avoid paying U.S. taxes, while American taxpayers got stuck with a multi-million dollar tab. Minnesotans need a Senator who puts people first, not profits,” said Alexandra Fetissoff, Franken campaign spokeswoman.

TRANSCRIPT:

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

ANNOUNCER: Ireland. Famous for its lucky leprechauns. And corporate tax shelters. Minnesota newspapers just revealed that “Mike McFadden’s investment firm was involved in a merger that moved an American pharmaceutical company to Ireland” to avoid paying U.S taxes. McFadden’s company “made more than 11 million dollars”. But American taxpayers weren’t so lucky…we lost millions. Mike McFadden. This guy’s not for us.

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