Rick Scott is Using a Sham “Blind Trust” to Hide the Sources of His Wealth

By the Sun Sentinel Editorial Board, 09/02/2018:

Gov. Rick Scott’s purportedly “blind” trust isn’t supposed to tell him or anyone else what it does with his money. He’s not allowed to direct where it goes. But somehow Scott’s trust and his wife both invested in the parent company of a high-speed passenger rail firm whose projects the governor publicly supports.

Both also invested in a Michigan plastics firm that has made parts for the passenger train. The sale of that company yielded $550 million in windfalls to the Scotts.

And both invested, although separately, in a total of two dozen hedge funds registered in the Cayman Islands, a place often linked to tax avoidance.

… “I will not apologize for having success in business,” he said.

Since he raised the subject, it’s fair game. The giant hole in his rags-to-riches story is the $1.7 billion that his hospital company, Columbia/HCA, was fined for defrauding Medicare and Medicaid. Scott left the company with a golden parachute four months before the federal inquiry became public. He has claimed he had not known about its systematic overbilling and other frauds.

Throughout his two terms, Scott has frustrated the intent of the Florida Constitution’s “full and public disclosure” requirement. On occasion, he has briefly disclosed the trust’s assets long enough to appear to comply with disclosure and to persuade the courts to dismiss litigation over the issue.

Read more here.

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