Illinois Gov. Rauner has investment adviser, not blind trust
CHICAGO -- Gov. Bruce Rauner said he had set up "blind trust procedures" to shield himself from conflicts of interest with the extensive portfolio of investments and securities he holds.
But the Chicago Tribune reports (http://trib.in/15fqa8o ) that the wealthy Republican actually granted administrative power over much of his money to an investment adviser.
Experts say the plan is not as rigorous as a blind trust. The "power of attorney" authority Rauner gave the adviser allows the two to share financial information.
Lance Trover is a Rauner spokesman. He says a blind trust would violate Illinois ethics law because officeholders are required to disclose their investments in firms doing business in Illinois. He says Rauner used the term "blind trust" to suggest the safeguards he was seeking.
Information from: Chicago Tribune, http://www.chicagotribune.com