14A The Gazette ● Wednesday, October 10, 2018

POLITICAL ADVERTISEMENT POLITICAL ADVERTISEMENT

Do You Know Fred Hubbell?

Fred Hubbell presents himself as an experienced business leader. It is important for Iowans to know
his full business record. Below are several parts of that record that Iowans should be concerned
about. Sources are shown at the end of each item, along with ques ons that they raise. Links to the
original sources can be found on the website www.NotoFred.com.

Trading With Enemies Downfall of Iowa Companies Squeezing Iowa Workers

A er selling his family’s 130 year old Iowa
insurance business to the giant mul -
na onal company ING, Fred was given a
job as a senior financial execu ve and
moved to Amsterdam. The U.S. govern-
ment discovered that under Fred’s watch
the company laundered money for Iran
and Cuba in viola on of the Trading with
the Enemy Act. A $600 million fine, the
largest ever, was levied for “knowingly and
willingly conspiring” in criminal ac vity.
Shell companies in Romania and Curacao
were used to provide state sponsors of ter-
ror access to the U.S. financial system.
Did he not know, or did he not care?
Department of Jus ce press release, 6/12/12
Taxpayer Bailout
As a senior financial execu ve with Am-
sterdam based ING, Fred helped lead the Is profit all that ma ers?
company into a downward spiral that end- Des Moines Register, 7/19/1997, 3/18/2017, SEC
ed in a €10 billion taxpayer bailout. archive website
Will Fred manage Iowa like he managed
ING?
New York Times, 10/19/08, “ING receives €10 bil-
At the giant mul na onal firm ING, Fred
lion from Dutch government”
ING Bailout Raised Profits, not Interna onal, CEO of Retail Finance Ser-
Workers
Dutch taxpayers were stunned to learn
that their bailout money was used to re-
place and automate the jobs of 7,000
workers. As a Dutch labor leader put it,
the company “paid 7 billion euros to share-
holders. Today the workers pay the in-
voice.”
Other than in speeches, when has Fred been for workers?
Het Laatste Nieuws, 3/10/16, “Vakbonden: ‘ING is een bedrijf dat winst
maakt, dit is schandalig’”
When Fred moved to Iowa from New York
City, his dad put him in charge of Equitable
Insurance, a 130 year old Iowa compa-
ny. Accused of a fraudulently selling
“vanishing premium” policies, Fred se led
a lawsuit with thousands of policyholders
for $20 million, then sold the company to a
giant European mul na onal, called
ING. Fred promised that Des Moines em-
ployment would grow, but the company
now employs a third fewer people in Des
Moines than before the sale. Fred was
given a job as a senior financial execu ve
with ING and moved to Amsterdam. Add-
ing insult to injury, ING got half a million
dollars from Iowa taxpayers to move three
blocks in 2017, while Fred was s ll with the
company, which paid him millions and mil-
lions.
Ignorance or Worse?
Fred was CEO of Equitable and Younkers.
was General manager of Finance Services
vices, Chairman of the execu ve com-
mi ee of ING Finance Services Interna on-
al, an execu ve board member, a member
of the audit commi ee, and lead director
for ING from 1997 un l July of 2017. ING
laundered money for Iran and Cuba and
needed a taxpayer bailout. Equitable
cheated policyholders with “vanishing pre-
miums.” Younkers fell into bankruptcy
a er Fred sold it, pu ng thousands of Io-
wans out of work.
Did Fred know what was happening?
ING Corporate filings, United States Treasury
press release, 6/12/12
In a Des Moines Register interview, Fred
said "If shopkeepers are going to survive,
they must get more sales out of their em-
ployees." He then told a story of a Korean
Younkers employee who took over a beau-
ty salon in Burlington. "Americans...are
only willing to handle five customers in a
given me period. She always squeezes in
six or seven and so do the people who
work for her." He went on to say "The irony
is that without these challenging economic
mes many Iowa retailers...wouldn't even
recognize the poten al behind improved
produc vity." In other words, recessions
have a bright side, because business own-
ers can push their employees to work
harder.
Does Fred care about Iowa workers?
Des Moines Register, 12/2/86, "Revitalizing econ-
omy in Iowa will cost jobs, business leaders say"
Big Pay
Fred’s compensa on at ING while he lived
in Amsterdam is shown on the SEC web-
site, h ps://www.sec.gov/Archives/edgar/
data/1039765/000115697303000435/
u46016exv4w3.htm.
His annual salary was $1.3 million plus a
large bonus. He also received a car and
driver, 52 weeks of paid sick leave, free
travel, free tui on for his children, and free
housing.
Does Fred know how the rest of us live?
SEC website
Mansions
Fred owns a $1 million house in Colorado,
and a $2 million house in Arizona.
Between skiing and sunbathing, will Fred
have me for us?
Maricopa Cnty AZ and Rou Cnty CO Assessors

Fred’s record shows how he would run Iowa

He puts money over people, and Hubbell family wealth over everything
Don’t let Fred Hubbell do to Iowa what he’s done to taxpayers and workers

www.NoToFred.com
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