Saturday, October 28, 2017

What's The Story On THIS Guy? He Ain't Tellin!

To date, Phil Murphy has spent nearly $20 million of personal funds to fuel his campaign for New Jersey governor. But with 11 days to go until Election Day, New Jersey voters know remarkably little about how Phil Murphy actually made his fortune.

During an editorial board interview with the Asbury Park Press, Phil Murphy was asked, “I’ve heard various reports about how wealthy you are… How wealthy are you? Where exactly did it come from?” Murphy declined to answer, saying, “I’ve made a few bucks, there's no question about it,” before pivoting to other topics.

“Serious questions remain about how exactly Phil Murphy made his massive fortune, and New Jerseyans deserve to know before they head to the polls,” said Kim Guadagno. “Perhaps Phil Murphy won’t release his tax returns because he doesn’t want us to know if he profited off gun companies or helped raise capital for North Korea’s primary supplier of fuel while working at Goldman Sachs. In the name of transparency, Phil Murphy should immediately release his tax returns with a full list of clients and business deals he was involved in at Goldman Sachs.”

While Phil Murphy worked at Goldman Sachs and even served as the president of Goldman Sachs’ Asia operations through 2000, the firm led an IPO for China’s state-run oil company, which is North Korea’s primary provider of fuel with longstanding business ties to Sudan, Iran and Iraq. Goldman Sachs came under intense scrutiny by labor leaders and human rights activists amid concerns the deal could financially support terrorism or regimes guilty of human rights violations. China's state-run oil company remains North Korea’s primary provider of fuel to this day. (Human Rights Watch, 2003; Reuters, 4/28/2017; Goldman Sachs Annual Report, 2000)

Phil Murphy personally profited off gun companies while working at Goldman Sachs – companies he now claims to oppose. In 1998, Remington retained Goldman Sachs to advise the company regarding potential sale or acquisitions. Goldman Sachs also owns large quantities of shares in Vista Outdoor, Sturm Ruger & Company and Smith & Wesson. (The New York Times, 4/11/1998; Mother Jones, 6/2016; Fintel;, 1/12/2016)

The Star Ledger previously reported that Goldman Sachs under Phil Murphy invested in a Taiwanese shoe manufacturer "known for exploiting workers throughout Asia."(The Star Ledger, 6/2/2017)

Murphy was also attacked by his fellow Democrats during his primary election for flip flopping on the environment because of his extensive investments in energy and fracking companies. (Bergen Record, 5/15/2017)

Murphy has repeatedly refused to make his tax returns publicly available online to avoid close scrutiny of his investments and business dealings before the election.

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