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Billionaire attacks old buddy Rahm for not doing enough

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While the hedge fund manager said he supported Chicago Mayor Rahm Emanuel when he ran for office in 2011 because he was “the best man for the job,” Mr. Griffin said Mr. Emanuel hasn’t done enough to address these problems.

“We will see in his next two years, does he have the strength of will and the moral fortitude to do what must be done — the early returns are lackluster,” Mr. Griffin said in addressing hundreds of Chicago’s business leaders last night for a meeting of the Economic Club of Chicago. “I’ll say it as it is: I’m good friends with our mayor, I think the world of him, he is as bright as they come — but he’s got to step up and really deal with the problems we have in our city.”

Mr. Griffin, a Republican who is serving on the campaign exploratory committee for Republican gubernatorial hopeful and financier Bruce Rauner, dismissed the civic debate over whether the city should shutter 50- some Chicago schools and said the mayor should be closing twice as many.

He also criticized Mr. Emanuel over how he settled last fall’s strike by the Chicago Teachers Union, saying the longer school day came at an increased cost for teachers’ salaries “that we just can’t afford.”

Close twice as many schools? Protests are popping up all over as it is. The mayor’s approval rating is plummeting, as Chicagoans resist the school closures, yet Griffin wants more.

* This is the same Ken Griffin who backed Barack Obama for president, then turned against him. It’s kinda become a habit. Griffin currently backs Bruce Rauner for governor. I’d watch my back if I was Rauner.

* A Tribune reporter asked Griffin last year whether he believed “the ultrawealthy have an inordinate or inappropriate amount of influence on the political process.” His response…

I think they actually have an insufficient influence.

And he makes that clear just about every time he appears in public.

posted by Rich Miller
Tuesday, May 21, 13 @ 9:09 am

Comments

Another ivory tower prognosticator…These are the people who tell you to close “twice” as many schools but likely have never sat through an entire school board meeting. Doing so would show them the amount of emotions that go into how we educate our children.

Comment by Abe the Babe Tuesday, May 21, 13 @ 9:16 am
===I think they actually have an insufficient influence.===

That Democracy … giving everyone a fair voice and the opportunity to influence, I mean, really…

Did Bruce Rauner…when forming this committee with a “Jack Roeser” and a “Ken Griffin”, you have to wonder what the heck is going on in that Camp, and if adding millionaires and billionaires is worth the headache.

Or,…

If a “Ken Griffin” or a “Jack Roeser” goes of the Reservation with these types of statements, at what point will Rauner’s Crew have to walk away from these Committee Members, even before they turn on Bruce Rauner?

Remember Rauner “Exploratory Campaign”, at some point someone is going to ask you if you agree/disagree with any of these statements, then you may have to “own” them, and it could very well be problematic.

There is plenty of time for the “Ken Griffins” and “Jack Roesers” to turn on Rauner, then come back to Rauner, and then come back and turn on Rauner again before March 2014. You know, I think….stability … is pretty high up on how voters see a campaign as competent.

Comment by Oswego Willy Tuesday, May 21, 13 @ 9:18 am
Define “afford”

=== He also criticized Mr. Emanuel over how he settled last fall’s strike by the Chicago Teachers Union, saying the longer school day came at an increased cost for teachers’ salaries “that we just can’t afford.” ===

Comment by Bill White Tuesday, May 21, 13 @ 9:20 am
–“We will see in his next two years, does he have the strength of will and the moral fortitude to do what must be done — the early returns are lackluster,” Mr. Griffin said–

When a self-described “good friend” questions your “strength of will and moral fortitude” in public like that, who needs enemies?

Hedgies who have delusions of being Philosopher Kings are some of the most annoying gasbags in the public arena.

You don’t hear Warren Buffett bloviating like Griffin and Rauner, and those guys are cabana boys to him.

Comment by wordslinger Tuesday, May 21, 13 @ 9:21 am
In other words:

“Austerity for thee, but not for me!”

Comment by Bill White Tuesday, May 21, 13 @ 9:21 am
Was a rough day in Crain’s for the Mayor this morning. I thought Steve Rhodes op-ed was fantastic: http://www.chicagobusiness.com/article/20130521/OPINION/130529982

Comment by Empty Chair Tuesday, May 21, 13 @ 9:32 am
Ken Griffin: “I think the ultrawealthy have an insufficient influence on the political process, and that’s why I’m backing Republican Bruce Rauner for Illinois governor!”

Yikes!

– MrJM

Comment by MrJM Tuesday, May 21, 13 @ 9:36 am
“Hedgies who have delusions of being Philosopher Kings are some of the most annoying gasbags in the public arena.”

Quote of the week. Keep it up Word.

Comment by Abe the Babe Tuesday, May 21, 13 @ 9:39 am
Hedgies tend to be impatient - but also very, very results oriented. Just the way they are wired. Not an excuse, just how they operate.

“You don’t hear Warren Buffett bloviating like Griffin and Rauner, and those guys are cabana boys to him.”

Are you kidding? Uncle Warren??? Word, get serious. Guy is the absolute King of crony capitalism and rent-seeking dealing in DeeCee. He just does the PR better then the other guys.

Comment by Judgment Day Tuesday, May 21, 13 @ 9:41 am
the hedgies results aren’t all that great except for themsleves

Comment by RNUG Fan Tuesday, May 21, 13 @ 9:43 am
“Are you kidding? Uncle Warren??? Word, get serious. Guy is the absolute King of crony capitalism and rent-seeking dealing in DeeCee.”

Care to give some examples of Warren’s crony capitalism?

“He just does the PR better then the other guys.”

Yeah im pretty sure Word was referring to what comes out of Warren’s mouth and not the way it comes out. No PR firm in the country can spin “close more schools in minority neighborhoods says the rich white hedge fund manager with kids in private schools”.

Comment by Abe the Babe Tuesday, May 21, 13 @ 9:47 am
That’s the trouble with rich guys. Once they contribute big bucks to their candidates, they think they own them, though in some cases that may be true.

Comment by Wensicia Tuesday, May 21, 13 @ 9:49 am
“the hedgies results aren’t all that great except for themsleves”

Sorta. Apart from the fact it’s a really tough and unforgiving biz, they are still (some, not all) making good returns. But it’s always “What have you done for me lately?”

That’s why there’s still rivers of cash pouring into successful hedgies.

Remember, Rahm worked in that business for a while, and made a pretty fair buck in a short period of time. He knows the deal.

Ken Griffin is talking to Rahm in the way hedgies talk to each other (actually, probably nicer).

Comment by Judgment Day Tuesday, May 21, 13 @ 9:54 am
What, does he want an oligarchy of the wealthy? He’s the kind of guy that drives public disdain of the wealthy.

Comment by Demoralized Tuesday, May 21, 13 @ 9:54 am
So, the schools should be closed only if it is popular with the citizens? Is that how someone should govern? As a popularity contest?

Comment by dupage dan Tuesday, May 21, 13 @ 9:57 am
Has Griffen ever managed any state pension money like Rauner?

Comment by RNUG Fan Tuesday, May 21, 13 @ 9:57 am
==Mr. Griffin, a Republican ==

==This is the same Ken Griffin who backed Barack Obama for president==

I’m pretty sure backing Barack Obama goes against the Republican Party platform.

Comment by Demoralized Tuesday, May 21, 13 @ 10:02 am
===So, the schools should be closed only if it is popular with the citizens? Is that how someone should govern? As a popularity contest?===

You are missing the point. The point is that hedge fund managers, with little at stake in public education, who make blanket statements like “we should close twice as many schools as the mayor has proposed” shows a lack of understanding of the issue.

Comment by Abe the Babe Tuesday, May 21, 13 @ 10:07 am
=== Is that how someone should govern? As a popularity contest?===

We have elections here, in case you haven’t noticed. By design, that forces a balancing act between what is necessary and what the public will accept.

You should’ve learned that in 6th Grade.

Comment by Rich Miller Tuesday, May 21, 13 @ 10:14 am
the only opinion of Rahm that really matters is that of the folks who show up on election day…most wealthy folks think that their opinion of how things could get done is the only way it could possibly be done…be careful of material success because it turns most people into all knowing bores…

Comment by Loop Lady Tuesday, May 21, 13 @ 10:30 am
“Another ivory tower prognosticator…These are the people who tell you to close “twice” as many schools”

He’s following in good R candidate (yeahyeah, not a candidate, but surely a Rauner surrogate here) steps:

Romney: “I’d double Gitmo”
Perry: “I’d close 3 department…not sure which ones”
Griffen: “I’d close 100 schools; don’t ask me which ones or why, but they’re are at least 100 ‘bad’ schools in CPS, so whats the difference?”

Altho, I will say that that sets a marker from the ‘right’ that’s beneficial to the mayor–he didn’t go as far as his ‘business cabal’ wanted him to.

I will also remind everyone that the large number of closing was *READILY* predictable when CTU extracted the ‘closing this year, then none for the next 5′ agreement from CPS. Did *anyone* who was paying attention think that that would *not* result in a bunch of closing being brought forward to this year? Seriously, people. I do think that CTU expected the result, and expected to have it as another rallying point, and so far it’s worked out that way for them. But the cynicism (on both sides) remains astounding to me.

Comment by Chris Tuesday, May 21, 13 @ 10:36 am
Mr. Griffin fits well with Bruce Rauner. Effectively Mr. Griffin lives in a penthouse fort high atop Lake Park towers. Both he and Mr. Rauner I hope do take full control over the GOP in our state it will destroy that party for years to come.

Comment by Rod Tuesday, May 21, 13 @ 10:43 am
Did Mr. ReBoot forget that the Mayor followed the millionaires blueprint for education reform?

Recalling that fact suggests that Mr. ReBoot should look directly in the mirror when blsting someone for why we are where are
Fire, Aim, Ready

Mr. ReBoot and CousinBrucey deserve each other.

Comment by CircularFiringSquad Tuesday, May 21, 13 @ 10:51 am
- Chris -,

Really? A “Good Republican” steps?

Griffin is speaking for himself, and we will ALL see if Griffin is speaking for Rauner SPECIFICALLY on schools and school closings.

That was a bit lazy to say that its a “good R” step.

If Romney misspeaks, or any “good R” speaks to issues in a way that makes them out of touch, that does not automatically lump all of us in with them.

Griffin and Rauner have donated thousands to Dems, including Griffin’s cash finding its way into Obama’s coffers, and yet, you decide Griffin is closer to Romney when donating to Obama in the past?

You think its a thoughtful analysis, but its just “wordy” Drive-By.

Remember, Griffin speaks for Griffin, until Rauner needs to “own” what Griffin says in a question, or Rauner may have to “own” it when Griffin may say, “Rauner beleives…” somewhere down the line.

Comment by Oswego Willy Tuesday, May 21, 13 @ 11:07 am
The tribune did a great story last year about the overlap between rahm and paul ryan donors in chicago which is a lot and I think a key component of understanding the city and the power that controls it. These folks are not the kochs or the rickettses-out of state loons who show up and throw crazy money around. Check out this video of griffin for something called the fund chicago. There’s 2 major obama cabinet secretaries, former mayor daley ect.

http://www.thefundchicago.org/index.php?cid=305&tid=top13&tray=content

Comment by shore Tuesday, May 21, 13 @ 11:14 am
Is it really a surprise that a guy who had his wedding reception at Versailles would have a “Let them eat cake” attitude?

Comment by hisgirlfriday Tuesday, May 21, 13 @ 11:14 am
What are the odds Arne Duncan gave Griffin’s kids “passes” into the selective enrollment schools?

Comment by Ouch Tuesday, May 21, 13 @ 11:18 am
–Is it really a surprise that a guy who had his wedding reception at Versailles would have a “Let them eat cake” attitude?–

HGF, is that for real, Versailles? That’s a long way to go to Chicken Dance.

Biancalana’s in Elmwood Park must have been booked.

Seriously, I want to hear more from this, dude, like every day. He can be our own Donald Trump — just less self-aware and humble.

Comment by wordslinger Tuesday, May 21, 13 @ 11:21 am
That’s “The Elmcrest Banquets”…

What is interesting about Griffin, besides the complete lack of self-awareness, is the fact that “facts and needs” are generalities that seem to move “the goal posts” to inflate Griffin’s self-worth and importantance.

Versailles is nice, but the “Cash Bar” was a bit tacky…and the $100,000 Dollar “Dollar Dance” made a few squeamish.

But they all “ate cake” so maybe it was a “wash” I don’t know.

Comment by Oswego Willy Tuesday, May 21, 13 @ 11:27 am
Here’a another take on Griffin’s comments:

“Citadel founder Kenneth Griffin named and shamed local corporations that have taken tax incentives from the state’s financially strapped government in a Monday evening speech to a prominent Chicago business group…

A few people in the sold-out crowd at the Palmer House Hilton began to applaud, but many appeared stunned as the names of corporations, either theirs or those run by people they knew in the audience, appeared on screen.

“What is the cost of this cronyism?” Griffin asked, as the scrolling continued. “It is far higher than the lost tax revenue. It is the devastating loss of leadership from our business community.”

After reading CapFax for many years, and the many exchanges regarding our corporate welfare system in Illinois, all I can say is:

Someone nominate this man for PRESIDENT. Please.

Comment by Formerly Known As... Tuesday, May 21, 13 @ 11:33 am
–That’s “The Elmcrest Banquets”…–

Not in my crowd, lol.

Biancalana’s could call it the Taj Mahal on Grand, but it’s still chicken vesuvio, peppers and sausage and mostacolli. Which is all good to me, as long as I’m not at the end of the line when the plates go round the table.

Comment by wordslinger Tuesday, May 21, 13 @ 11:41 am
lol, Agreed! A sure sign of not having been, calling it Elmcrest and not Biancalana’s is as bad as getting Italian Ice at Johnnie’s and not asking for “no cover!

Don’t forget the minestrone soup, and the French Vanilla in the ice cream cups …

To the Post,

As Griffin was calling “out” the corporate welfare, which in theory I think is great, maybe Griffin needs to come up with “real soutions” to these “real problems” in governing, besides backing everyone and “turning” on them because govenring requires a good balance between what can be done, and what people can accept, AND what solutions fit both theose needs best …

Comment by Oswego Willy Tuesday, May 21, 13 @ 11:51 am
Formerly Known As - is just the kind of Republican I like best. Yes please nominate Mr. Griffen for something, we won’t have to worry about tax incentives because there will be no corporate taxes left.

Comment by Rod Tuesday, May 21, 13 @ 11:59 am
Rod - is just the kind of Democrat I like best. Yes, please ignore and degrade any calls to have corporations pay their fair share of taxes and instead support corporate welfare and cronyism.

Sheesh.

Comment by Formerly Known As... Tuesday, May 21, 13 @ 12:09 pm
@wordslinger - sorry I’m on my phone as otherwise id link but if you google chicago mag ken griffin you can read about it. Apparently cirque du soleil and the late great donna summer performed.

Comment by hisgirlfriday Tuesday, May 21, 13 @ 12:21 pm
- Rod - & - Formerly Known As -,

Possibly Griffin is unclear if he is a Republican donating and perticipating as a Democrat, or… a Democrat who thinks like a Republican in policy but ins’t afraid to support Democrats as he claims a partisan leaning…

Maybe you both are getting what you “want” in Ken Griffin?

Comment by Oswego Willy Tuesday, May 21, 13 @ 12:25 pm
As a billionaire Griffin can hire underlings to look through rose colored glasses, leaving him even more out of touch. Billionaires think they can “fire” the political opposition.

Comment by Sir Reel Tuesday, May 21, 13 @ 12:28 pm
– Apparently cirque du soleil and the late great donna summer performed.–

I’m sure it was very warm and tasteful. At Versaille.

I love this guy. Please, he needs a Twitter account. And a TV show — “Lifestyles of the Rich and Clueless.”

Comment by wordslinger Tuesday, May 21, 13 @ 12:31 pm
@formerlyknownas - the problem with griffins anti-crony capitalism/anti-corporate welfare speech is just how completely phony and insincere it is. Because in the trib recap of the speech, after you get past his rhetoric lecturing the business community then you get him confessing that “every bank would have failed had the government not intervened” later in the article. So it just comes across as a guy saying crony capitalism for me but not for thee. His hedge fund got $200M from the govts bailout of AIG and he has the gall to lecture others on this stuff? Its unreal.

Comment by hisgirlfriday Tuesday, May 21, 13 @ 12:32 pm
@OW - I think there is a great deal of truth to that.

I also think people can’t always be put into tidy little boxes that fit our stereotypes of one another. Thus, my response to (and confusion over) Rod’s dismissal of Griffin’s comments.

Griffin may not be perfect, but I think the concept of corporations paying their fair share of taxes and a level playing field for businesses would be welcome by many as a benefit for our state.

And whatever one may think of Griffin, it took cajones for him to get up there and call his peers out like that amid a room full of each other.

Major cajones.

Comment by Formerly Known As... Tuesday, May 21, 13 @ 12:37 pm
Ill believe griffin actually supports a level playing field re: taxes when he calls for the capital gains speculation income to be taxed at the same rate as the earned income from the labor of working stiffs. Not holding my breath on that one.

Oh and where was griffin fighting against the cme tax break? Surely he heard about that sweetheart deal at some point in the course of him partnering with cme on their joint credit default swap clearinghouse venture

Comment by hisgirlfriday Tuesday, May 21, 13 @ 12:51 pm
Same family that has funneled money to the IL State GOP (currently being investigated and damaging Rodney Davis); same family that has given millions to the various Koch family projects; same family that has bought the corporate shill Illinois Policy Institute; same family that has spent hundreds of thousands of dollars with failing HRO campaigns; same family that for all practical purposes has bought the Daily Herald personnel on behalf of their fledgling Reboot Illinois; same family that worked for the Soros foundation and more…looks to me like rich spoiled brats who are not ideological aligned with much of anything just trying to play both sides of the aisle with absolutely NO political sense or savvy. What a waste!

Comment by What a waste! Tuesday, May 21, 13 @ 1:14 pm
WRT: “close more schools”

Nice Straw Man support attempt for Rahm don’t ya think?

Comment by anon Tuesday, May 21, 13 @ 1:14 pm
The same mindset that took down Stockton Cal. is taking down Chicago. Check it out and tell me how it’s any different?

http://www.youtube.com/watch?v=d7tuv-FCGSQ

Comment by anon Tuesday, May 21, 13 @ 1:19 pm
Mr. Griffin said in addressing hundreds of Chicago’s business leaders last night for a meeting of the Economic Club of Chicago. “I’ll say it as it is: I’m good friends with our mayor, I think the world of him, he is as bright as they come — but he’s got to step up and really deal with the problems we have in our city.”

=================================

Yes, like a good friend you would say something like that because by comparison we are all suppose to think that Rahm is not so bad after all now. Look at how fortunate we all are because of Rahm’s passion and empathy eh? Is he not generous? ha.

Go sell it to someone else.

Comment by anon Tuesday, May 21, 13 @ 1:35 pm
Amazing how people who have made a lot of money with other people’s money, efforts, and ideas, think we should have a House of Lords to give them their political due. And expect their power and prestige to be inherited.

Royalism, and aristocracy, persist in the minds of some Americans.

Comment by walkinfool Tuesday, May 21, 13 @ 2:22 pm
Does that mean he went after Rauner for making money off the state pension funds?

Comment by RNUG Fan Tuesday, May 21, 13 @ 3:02 pm
If Griffin doesn’t like the job Rahm is doing, perhaps he should stop giving him “gifts.” He has plenty of opportunity to raise his objections to Da Mayor in all of his private hour-long meetings with Rahm.

Comment by Bill Kelly Tuesday, May 21, 13 @ 3:51 pm