Hubbell Agrees: It’s a Fact

paulPress Releases

[Des Moines] –  Fred Hubbell agrees, it’s a fact.  Fred Hubbell hasn’t disputed any of the facts laid out by the Reynolds Campaign’s latest TV ad describing his record at the Iowa Power Fund, especially Hubbell’s vote to direct $9 million of taxpayer money to a multi-million dollar international company that he was personally invested in.

While chairman of the Iowa Power Fund, Hubbell wasted millions in taxpayer money on failed projects that created no jobs. An official state report found that Hubbell had no strategy for handing out taxpayer dollars, filed by the Iowa Economic Development Authority. Fred Hubbell also voted to direct $9 million of taxpayer dollars to a multi-million dollar international company, a company that he was personally invested in.

“Fred Hubbell’s team can’t dispute the facts: he wasted taxpayer money while he was chairman of the Iowa Power Fund and had no strategy for how to invest taxpayer dollars,” said Kim Reynolds for Iowa campaign spokesman Pat Garrett. “His campaign has desperately tried to respond, but their new ad doesn’t refute a single point of his record — Hubbell has no answer for why he invested Iowans’ tax dollars into a company he was personally invested in.”

Here are the facts on the Iowa Power Fund that have gone undisputed by the Hubbell team:

  • 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)