Hovde Again Not Telling the Truth as He Tries To Fool Voters About Stimulus Funds Received By His Company

Aug 06, 2012

Not a single TV ad has been pulled off the air by anyone because of the charge that his company got stimulus money and for good reason, the charge is true

In a new, misleading TV ad released today by Eric Hovde, Hovde makes the false claim that an ad by a conservative group was pulled off the air because it says that that Hovde’s company, e-Plus, received stimulus funds. Unfortunately for Hovde, it has been reported in multiple places that Hovde’s e-Plus did receive stimulus funds, including  on a government website designed to track stimulus spending.  Hovde’s company even offered to help companies apply for and receive stimulus funding. 
“Eric Hovde can release all of the misleading ads that he wants, but the fact is his company received millions in stimulus funding,” Democratic Party of Wisconsin Chair Mike Tate said Tuesday. Not a single TV ad has been pulled off the air by anyone because of the charge that his company got stimulus money, and for good reason — the charge is true. Hovde says we need less government, but the fact is he got rich off stimulus funding, government contracts and programs that offshore work to other countries.”
It has also been reported previously that e-Plus has received more than $70 million in government contacts since Hovde became a board member in 2004. Hovde has received $133,200 in compensation as a director of the company, and according to his June 29th  personal financial disclosure, Hovde owns between $5 million and $25 million in ePlus stock.
In addition, it was reported today that Hovde’s e-Plus implemented a program designed to help companies offshore technology jobs.  

“Had Eric Hovde not spent the last 24 years in Washington D.C., he would know that the people of Wisconsin aren’t so easily fooled,” Tate said. “Hovde clearly believe he is entitled to one set of rules for himself and another set of rules applies for everybody else. Wisconsin voters are smart enough to see that and won’t be fooled by his dodges and deception.”

Hovde Said He Opposed The Stimulus:
Hovde Said The Stimulus “Blew Out” Spending.  In a March 2012 interview with Here and Now, Hovde said: “Well I think the first thing that we should do is move back to a 2006 budget. Now, you may ask, ‘Why 2006?’ Well 2006 was the last year before all the spending just blew out because of stimulus, and because of the downfall in the economy. I think we need to move back to that baseline, get government back to at least where it had been operating around 19, 20% of the economy.” [Here and Now interview, 3/23/2012]
Just Not The Stimulus Money He Gets: 
Hovde-Affiliated EPlus Took Over $2 Million In Stimulus Funds.  ”A tech company in which wealthy Madison businessman Eric Hovde owns a significant stake received more than $2 million through the American Recovery and Reinvestment Act. Hovde, a critic of the stimulus law, sits on the board of ePlus, which is based in Herndon, Va.; received $133,200 in compensation as a director of the company; and has described himself as its ‘second-largest shareholder.’ … The company received dozens of grants totaling more than $2.3 million in recent years from the U.S. Department of Education, Department of Health and Human Services and National Science Foundation. The money came from the stimulus law passed by the Democratically-controlled Congress and President Barack Obama in 2009, according to a federal website.” [Milwaukee Journal Sentinel, 7/24/2012]

  • EPlus Received Over $2.3 Million In Stimulus. According to Recovery.gov, ePlus received $2.395,316 in stimulus funds. [Recovery.gov]
  • Hovde Company Touted Ability to Help Companies “Navigate the ARRA Incentive Program.”  The website of Hovde’s technology company, eplus read, ”As your trusted partner, we offer financing options that allow you to upgrade your infrastructure now and pay after you receiveyour funding. ePlus can help you navigate the ARRA Incentive Program through a free consultation.”  [Eplus.com; Milwaukee Journal Sentinel, 7/24/2012]

Hovde Rails Against Government Spending And Contracts:
Hovde Said Cronyism Occurs Through Government Contracts. During a town hall in July 2012, Hovde said:  “What is cronyism? It is where well-connected special interests have connections to the public purse. It can be through our tax system, it can be through our earmarks, direct appropriations, government contracts, loan guarantees, and I can show you example after example how it’s distorting our free-market system.” [Common Sense Government town hall, 7/17/2012]
Just Not The Contracts He Receives:
Tech Company Owned By Hovde Has Over $70 Million In Government Contracts. In an August 2012 AP article, Scott  Bauer wrote, “Republican Senate candidate Eric Hovde rails against lucrative government contracts on the campaign trail, but records show thatsince 2005, a tech company he has a significant stake in scored more than $70 million in deals primarily with the U.S. Defense Department.” [AP, 8/2/12]
Hovde Likes To Talk About His Record On Job Creation:
Hovde: “I’ve Created Hundreds Of Jobs Across This Country And Here In The State.” In a speech before a luncheon with the River Club of Mequon in Ozaukee County, WI, Eric Hovde said, “I guess the question was, just to rephrase it, what makes you different than the other candidates.  Well I think it’s the fact that I spent my entire career in the private sector.  I am the one candidate who actually started many small businesses and grow them into medium size businesses.  I’ve created hundreds of jobs across this country and here in the state. “ [River Club of Mequon, 4/29/2012]

Just Not The Jobs He Sent Overseas: 
Hovde’s ePlus Launched An Offshore Service To Help Companies Outsource Tech Work Overseas. ”Teach company ePlus has also boasted of its ability to help companies outsource jobs. In early 2005, ePlus announced ‘a new approach to outsourced softwaredevelopment called AllShore,’ which, according to a company press release, ‘combines the best features of onsite, onshore and offshore development to optimize the costs of outsourcing for development projects of any size and complexity.’ The firm stressed that ‘offshore development’ would use ePlus’ ‘foreign development resources for portions of projects that have stable requirements and require extensive coding,’ while project management and design functions would stay in the United States.” [Huffington Post, 8/7/2012]