Dan Hynes
From Ballotpedia
| Daniel Hynes | |
| Comptroller of Illinois | |
| Incumbent | |
| Assumed office January 11, 1999 | |
| Current term ends 2010 | |
| Political party | Democratic |
| Profession | Attorney |
| Website | Campaign website |
Contents |
Dan is a graduate of the University of Notre Dame and Loyola University Chicago's School of Law. On October 22, 2009 Dan Hynes declared his candidacy for Illinois' 2010 gubernatorial election.
Education
- JD, Loyola University of Law, 1993
- BS, Economics/Computer Applications, University of Notre Dame, 1990.
Career
Dan Hynes is a health care attorney by profession. In 1998 he was elected to his first statewide office as Comptroller for Illinois.
As Comptroller
Dan Hynes was elected as Illinois Comptroller on November 3, 1998. He was reelected to a third term in 2006. In 2009 Hynes announced he would not seek a fourth term and would be running for Governor of Illinois in 2010.
While in office, Hynes established Illinois' first "Rainy Day Fund" which was designed to secure funding for the state in the event of a slowdown in revenue.
Pre-Need Trust Fund Scandal
Over the course of 2009, details unfolded in an investment scandal involving millions of dollars that were to be set aside for the funerals of the investors. The Illinois Funeral Directors Association Pre-Need Trust Fund lost millions of dollars from 2001-2009.
A Pre-need funeral trust is a fund that allows citizens to pay for their funerals in advance. The arrangements are made and paid for at the time of purchase, and the money then goes into an investment fund. The returns on that investment are to cover any inflation that occurs between the time of purchase and the time the funeral actually occurs.
The Illinois fund reached 300 million dollars invested at its high point, but has been losing money throughout Dan Hynes' term as comptroller. The program in practice has been described as "Ponzi"-style by Illinois Governor Pat Quinn's campaign.[1] The fund is facing investigation and lawsuits brought by members.[2] Many association members claim that Hynes' office failed to protect them.[3]
Through apparent mismanagement, as well as a scheme to invest in life insurance policies taken out on funeral directors, approximately $100 million dollars were lost. The fund, by law, is under the direct supervision of the comptroller's office.
