Fitz-Gerald questions Polis
July 30, 2008
The charges keep flying in the 2nd Congressional District. The latest: Joan Fitz-Gerald’s campaign on Tuesday challenged Jared Polis to “explain his ties” to an investment fund that includes an offshore account in the Cayman Islands.
Polis is listed as managing director of Jove Partners, which includes companies “heavily invested in power generation facilities, energy speculation, oil and gas development, and war profiteering,” Fitz-Gerald’s campaign said.
“Jared cannot continue to say, as he has in the past, ‘I don’t manage the money,’ because he lists himself as the managing director of Jove Partners,” said Fitz-Gerald’s campaign manager, Mary Alice Mandarich.
“As Jared talks about Big Oil, war profiteers and progressive values, he needs to explain the investments in this fund and his association with Jove Partners,” she said.
Polis campaign manager Robert Becker shot back, complaining that the attack reflects financial ignorance on Fitz-Gerald’s part and shreds any claim Fitz- Gerald has made to running an ideas-based campaign.
Becker said Polis isn’t involved in day-to-day operations of the fund and insisted there is nothing sinister about a fund, headquartered in New York, that includes an offshore account.
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“Hedge funds, private equity funds, IRAs, pension funds – virtually every single one of them sets up an offshore account,” Becker said. Among the reasons: to attract foreign investment.
He also made no apologies for the companies included in the fund, which he said includes utilities and firms that have contracts with the Department of Defense.
“They’ve invested in companies that provide power. Is (Fitz-Gerald) opposed to the lights being on?” Becker asked.
The latest flare-up follows weeks in which Fitz-Gerald, a former state Senate president, has attacked Polis’ private investments. Polis, an Internet entrepreneur self-financing most of his campaign, has spotlighted Fitz-Gerald’s donations from political groups associated with energy and mining companies.
The Aug. 12 Democratic primary race includes another candidate, land preservationist Will Shafroth, who has largely avoided the Fitz-Gerald-Polis fray.