FACTCHECK: Toomey Tries to Mislead Voters About Small Business Career
Harrisburg, PA – Today, Pat Toomey, Wall Street derivatives trader and lifelong champion of Wall Street and corporate special interests, released an advertisement that tries to mislead voters about his record as a small business owner.
“Like many Wall Street traders, Pat Toomey bankrolled a business, but he was not a small businessman,” said Mark Nicastre, spokesman with the Pennsylvania Democratic Party. “Toomey has said he was ‘a hands off owner’ and under oath he stated that he had never even reviewed the business’ policies. Toomey rarely even visited his brothers’ business. Now he’s using the business he financed to mislead voters about his career of fighting for Wall Street and corporate special interests.”
“That was before my brothers and I started a small business in Allentown.” (Toomey advertisement, 9/7/10, LINK)
Pat Toomey had little to do with his brothers’ small business because he was focused on his career as a derivatives trader and a member of Congress who fought on behalf of Wall Street and corporate special interests.
Toomey lived in Hong Kong when his brothers started the business. His brothers’ restaurant opened in April of 1991, but when it was opened Toomey was working in Hong Kong as a banker. Toomey said, “For most of the period of ’91 during which [the restaurant] was open I was living and working in Hong Kong.” [Deposition of Patrick J. Toomey, Michael Serbia vs. Rockin’ Robin’s Inc., p. 88] “Toomey was still pursuing his financial career in New York City in 1991 when he and his brothers opened [the first restaurant]” and his brothers “handled day-to-day operations.” (Morning Call, 11/1/03)
Toomey rarely even visited his brothers’ business. In 1998 Toomey was asked how often he visited his brothers’ restaurant he said, “I would imagine probably at least once a quarter.” [Deposition, p.89-90]
Toomey didn’t even know the policies of his brothers’ restaurant. He was a “hands off owner” who “had little to do with its day-today operations.” Under oath Toomey said he agreed that he was “a hands-off owner” [Deposition, p. 24] The Lancaster Intelligencer-Journal reported, “Toomey said he was [the restaurant’s] majority shareholder but had little to do with its day-to-day operations.” Toomey did not even know who ran his restaurant, that it was his brother’s job to supervise the management [Deposition, p. 15-16] When asked if his brother ever reviewed any of the restaurant’s policies with him, Toomey answered, “No.” [Deposition, p. 22] When it came to the person in charge of the restaurant, Toomey said “My brother Steve had overall responsibility.” [Deposition, p.18]