Jon Hammes
| Jon Hammes | |
|---|---|
| Nationality | American |
| Education |
University of Wisconsin Milwaukee, University of Wisconsin Madison School of Urban Land Economics and Real Estate |
| Occupation |
Hammes Company, Lakeshore Chinooks, Milwaukee Bucks owner |
Jon Hammes is the founder and managing partner of Hammes Company. He was formerly managing partner of Milwaukee's Trammel Crow real estate company.
In July 2015, Hammes was named co-chair of Scott Walker's presidential fundraising campaign.
Hammes has an ownership interest in the Milwaukee Bucks.
Hammes is an owner of the Lakeshore Chinooks.
In September 2000, Heartland arranged a two-year bond-sale transaction with the state pension agency. Two weeks later Heartland took huge write-downs on distressed or defaulted bonds in its funds.
Heartland's transaction with the Wisconsin Investment Board attracted criticism as a sweetheart deal to help a local firm that was sorely in need of cash to meet redemption requests from Heartland fund shareholders. The investment board paid $8.3 million for the troubled bonds, whose value decreased to $2.3 million as of June 2001.
In 2000, Heartland Advisors marked down the value of their funds, the Heartland High-Yield Municipal Bond Fund and the Short Duration High-Yield Municipal Fund. The SEC estimated that shareholders lost about $80 million.
Hammes was an independent director of the Heartland funds.
The SEC issued a consent order requiring four of Heartland's independent directors, including John Hammes, to cease and desist violating securities laws through "their negligent failure to adequately monitor the liquidity of the funds and to take adequate steps to address funds' pricing deficiencies." They agreed to the order without admitting or denying any wrongdoing.
In 1996, Hammes was appointed by Governor Tommy Thompson to be chairman of the State of Wisconsin Investment Board, a state agency responsible for investing the assets of the Wisconsin Retirement System (WRS) and six other trust funds established by the state. Heartland Advisors sold a portfolio of distressed bonds for $8.3 million to the pension fund of the State of Wisconsin in late September 2000.
Heartland officials were referred to the state board's staff by Hammes, and although he recused himself from the state board's consideration of the Heartland investment, the actions relationship was described as, "at best, unseemly, and at worst, dangerous to the pension funds of thousands of state employees," by a co-chairman of the state legislature's Joint Audit Committee.
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Wikipedia