Thursday, April 04, 2013

Bill Kelly: Republicans selling out to Rahm's billionaire in GOP race

Kelly in the Washington Times.  Not everyone drinking the Rauner kool aid.
Rauner's firm's purchase of SecurityLink from SBC Ameritech was one of the first big deals Rahm Emanuel put together after his sudden conversion to investment banker in the 1990s. The SBC deal would not have happened but for Rahm's insider connections to the Clinton White House.
According to the Chicago Tribune at the time, a Clinton-era regulatory deadline would have forced SBC to divest itself of SecurityLink. Instead, SBC financed all but $100 million of GTCR's $479 million purchase of the firm. Less than six months later, GTCR, under Rauner's leadership, resold the company for $1 billion, earning a quick $500 million on its investment.
In a two year stint, Rahm picked up $16.2 million in fees and was made managing director of the investment banking firm Wasserstein Perella. No experience required. Emanuel had never had a job outside of politics before.
Rauner has been a close friend, key advisor, and donor to Emanuel ever since.

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