What’s worse than a millionaire giving advice to the poor and middle class? Eric Hovde distancing himself from his avarice. I can hear him saying now, 'Gee, I only made money buying companies that got bailed out, don’t blame me.'
Even worse is the point blank jaw dropping advice given in one of his companies newsletters:
Wisconsin Senate candidate Eric Hovde distanced himself … declaring that one of the companies he once headed made a “stupid-ass” move in a newsletter urging investors to profit off a shift in U.S. tax law ... published under Hovde company letterhead and advised clients to “Let Uncle Sam Pay for Your Acquisition.”
Hovde skips the moral and ethical vacuousness of the headline...
wispolitics: Hovde said he understands what the firm was getting at from a “technical” standpoint, but said that “doesn’t mean I was any less disappointed in how they phrased it … I just think it’s a stupid-ass way to phrase an industry update.”
Yeah, what a bad way to phrase…the truth.
The Treasury Department allowed firms to write off larger pre-acquisition losses of distressed companies they acquired. But the document seems at odds with Hovde’s image as a political candidate on a free-market, anti-bailout, anti-“crony capitalism” platform. One of Hove’s current firms, Hovde Capital, invested in companies that received millions of dollars in government bailout funds following the 2008 collapse of the financial sector.
Poor Hovde had to make money buying them.
Hovde acknowledged that his company made those investments, but rejected the implication that it conflicts with his views on federal bailouts. Asked if Hovde Capital deliberately sought bailed-out banks to invest in, the Republican answered: “Quite to the contrary.”
Hovde expects you to believe that Hovde Captial, a firm that acquires distressed companies, didn’t seek out distressed bailed companies?
The AP reported in February that candidate Mark Neumann, who is running as a hard-core small-government conservative and has been endorsed by the Club for Growth, owned a solar-energy company that received many thousands of dollars in stimulus benefits.
I know what my conservative friend would say; “so what, everybody does it.”