Hubbell Directed Taxpayer Dollars Into Projects He Was Personally Invested In; Iowans Deserve To See His Tax Returns

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[Des Moines] – Hubbell’s record at the Iowa Power Fund only underscores why it’s so important for him to commit to a 10-year full release of his tax returns.

As chairman of the Iowa Power Fund, Fred Hubbell wasted millions in taxpayer money on failed projects that created no jobs. An official state report by the Iowa Economic Development Authority found that Hubbell had no strategy for handing out taxpayer dollars. Even worse, Hubbell invested taxpayer money in projects he was personally invested in.

Here are the facts on the Iowa Power Fund:

  • Hubbell voted to invest millions of taxpayer dollars into a project that was later scrapped. (“Iowa wind energy storage project scrapped,” Associated Press, July 28, 2011)
  • The Iowa Economic Development Authority stated in an official report that Hubbell had no strategy for how these tax credits were handed out. (Iowa Economic Development Authority “Iowa Energy Strategic Plan,” legis.iowa.gov)
  • According to a Personal Financial Disclosure from 2010, Fred Hubbell was personally invested in DuPont, a multi-billion dollar company. In that same year, Hubbell voted to advance a $9 million dollar grant to Dupont. A few months later in February 2011, Hubbell voted again to advance this $9 million grant. Hubbell declined to recuse himself for the vote even though he had the option to do so. (Personal Financial Disclosure Statement (2010), Fred S. Hubbell, Signed 4/26/2010) (Iowa Power Fund Due Diligence Committee Meeting Minutes, October 27, 2010) (Iowa Power Fund Board Meeting Minutes, February 9, 2011)
  • During the February 9th meeting, one voting member, Peter Hemken did recuse himself from the Dupont vote, but why didn’t Fred Hubbell? (Iowa Power Fund Board Meeting Minutes, February 9, 2011)

Here’s the timeline on Hubbell’s tax returns:

  • On May 23rd, Fred Hubbell said he would release his tax returns.
  • On August 7th, Governor Kim Reynolds released 10 years of her tax returns to the public view. They are still available online today.
  • On the same day, August 7, Fred Hubbell said his would be “available soon.”
  • The Reynolds campaign launched a website shortly after allowing Iowans to keep track of Hubbell’s lack of transparency, www.hubbelltaxreturns.com.
  • On August 30, with just 68 days until Election Day and 100 days after he said he would release his tax returns, Fred Hubbell released just a three page summary of one years tax returns. Hubbell made these documents available only to the media for a three hour period.

This begs the question, what else is Fred hiding? 

Fred Hubbell’s actions are even drawing criticism from Iowa Democrat Activists upset over his lack of transparency. Questions concerning his time at the Iowa Power Fund only increases the necessity for him to release his tax returns.

“I don’t know that (the source of income) is as important as disclosing how much income you have…” – Jeff Link, Hubbell Campaign Advisor to the Des Moines Register on August 30th.  

“It’s not just that Fred Hubbell wasted taxpayer money on jobless projects, it’s that he gave millions to a company he was personally invested in,” said Pat Garrett, spokesman for Reynolds campaign. “Fred has no choice now but to release his tax returns to the public dating back to the time he was in charge of tens of millions of dollars in public money, because Iowans deserve to learn how much Fred stood to gain from these deals. After months of avoiding questions on his tax returns, years of putting his paycheck above all else, it’s clear Fred Hubbell cares about his money, not yours.”