Missouri Senator Claire McCaskill isn’t the only embattled Democrat on the ballot with substantial money invested in a notorious tax haven.
Brent Scher, at the Washington Free Beacon, reports:
Financial disclosure forms for Minnesota senator Tina Smith, a still little-known lawmaker who inherited her seat last December after Al Franken resigned, reveal an investment valued at between $500,000 and $1 million in a hedge fund based on the island territory of Bermuda, one of the world’s most notorious tax havens.
The offshore asset is held by her husband, Archie Smith, an independent investor who had a prolific investment career working for various funds—he was once named the Wall Street Journal’s stock picker of the year. Smith’s financial disclosure reveals a vast investment portfolio valued at up to $12 million, mostly consisting of assets owned by her husband.
One of the larger investments on the disclosure is the up to $1 million in “Pine Grove Offshore Fund Exempted Company Class A,” which, though described in the filing as a hedge fund based in New Jersey, is actually based in Bermuda, according to its initial filing with the Securities and Exchange Commission.
The fund’s most recent filing, from February 2018, shows it remains in Bermuda. The fund declines to disclose the amount of assets under its control.
Bermuda, like the Cayman Islands, has long attracted investment funds because of its lax tax laws.
A 2013 study estimated Minnesota alone lost $2 billion a year in income tax revenue thanks to such offshore havens.
AAN Staff
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