May 17, 2012

D.C. Hedge Funder Eric Hovde Can’t Get His Fiscal House in Order

Earlier this week, it was reported that Washington D.C. hedge fund banker, Eric Hovde, not only missed deadlines for filing his taxes and a financial disclosure, but his campaign has refused to release his state and federal tax returns from the last 10 years.

In one news report, it stated that “Hovde's tax returns were still being processed” but that he had missed the April 15 tax filing deadline. The story also stated that “Hovde had filed with the Senate Ethics Committee a request for a 30-day extension of his financial disclosure form.”

“Only someone who has spent the last 24 years in Washington D.C. would think that there is one set of rules for him and another for everyone else.” said Democratic Party of Wisconsin Chair Mike Tate. “Hovde owes it to the people of Wisconsin to fully disclose if he is taking advantage of, and benefiting from, any tax loopholes or if he has financial interests in off shore accounts in order to pay a lower tax rate than middle class families in Wisconsin.”

Yesterday, U.S. Senate candidate Tammy Baldwin released 10 years of state and federal tax returns and challenged all of the Republican Senate primary hopefuls to follow her lead and do the same. In Congress, Baldwin has a record of fighting for tax breaks for the middle class and small businesses to grow our economy and create jobs. She is also the lead sponsor of legislation that requires people with incomes over a million dollars a year to pay their fair share in taxes.

Hovde joins former Bush Administration Cabinet Secretary Tommy Thompson and former Congressman Mark Neumann in refusing Baldwin challenge to release 10 years of state and federal tax returns. At the Wisconsin Republican Party convention last weekend, Hovde was the first candidate rejected by party activists in an endorsement vote, garnering only 16% of the votes. Thompson was the second candidate rejected by party activists winning only 18% of the vote.