Joe Donnelly is still reeling from a disastrous campaign launch last week that included being greeted by a mariachi band, receiving national media attention for his outsourcing hypocrisy, and being called one of the 2018 Senate seats most likely to flip. The pressure must be getting to Donnelly because this week he finally announced the sale of his stock in a family company that profits off of Mexican labor, as well as his plans to donate those sale profits of $17,410.
But what about all the profits he made off the company’s outsourcing over the last three years? The Washington Free Beacon reported that Donnelly’s financial disclosure forms indicate he could have raked in as much as $50,000 in dividend payments last year alone. After stalling for nearly a month, Senator Donnelly is trying to shake the controversy that plagues his campaign; however, voters won’t soon forget that Mexico Joe was two-faced when given the opportunity to personally profit off a practice that ships Hoosier jobs to other countries.
Joe Donnelly should quit trying to have his cake and eat it too. He must immediately donate to charity all of the profits he made off of outsourced labor.
Washington Free Beacon: Donnelly to Keep Thousands in Profits From Company Outsourcing Jobs to Mexico
Indiana Sen. Joe Donnelly (D.) announced that he has finalized his sale of stock in a family-owned company that outsourced jobs to Mexico, but he will hold on to the thousands of dollars in profits he earned off the company in recent years.
Donnelly's spokesman Peter Hanscom told the AP the senator would be donating the proceeds from the sale to local charities, but made no mention of what would be done with the up to $80,000 he earned in dividend payments from 2014 to 2016.
Hanscom did not respond to numerous email requests for more information on the sale.
Donnelly first made a significant investment in the company in 2013, around the same time the company told the Washington Free Beacon it shifted jobs to Mexico.
Donnelly reported no profits off the investment in 2013, between $5,001 and $15,000 in 2014 and 2015, and between $15,001 and $50,000 in 2016, according to financial disclosures filed to the Senate. All profits came from dividend payments.
Donnelly's announced sale price of $17,410 for his stock in the company indicates that his dividend payment from the company in 2016 was, at worst, nearly equal to his total investment.
Donnelly's office has not released financial information on the investment aside from what was disclosed to the Senate.
An Indiana senator who is a longtime critic of outsourcing jobs to foreign countries says he’s finalizing his sale of stock in a family arts and crafts business that operates a factory in Mexico.
Sen. Joe Donnelly, considered one of the most vulnerable Democrats up for re-election in a deep red state next year, vowed on July 14 to sell stock worth as much as $50,000 in the Stewart Superior Corp. The promise came after The Associated Press first reported that the company, which is operated by Donnelly’s brother and has been in his family for generations, benefits from the same trade practices Donnelly has blasted throughout his political career.
Donnelly has yet to file a mandatory financial disclosure documenting the sale, which Senate ethics rules require him to file within 30 days of receiving notification of the transaction. His campaign says that he is still waiting to receive payment.
Donnelly has long criticized free-trade policies for killing American jobs.
However, Stewart Superior continues to capitalize on some of the same trade policies and low-paid foreign labor, operating a factory in the state of Jalisco through a Mexican subsidiary company, Diverstech Color de Mexico.
The issue has the potential to haunt Donnelly during the coming campaign. Already the National Republican Senate Committee hired a mariachi band, which performed outside Donnelly’s formal campaign kickoff event this month.
Elections Senate 2018