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* Crain’s…
Anyone worried that Ken Griffin might run out of cash for the November election can rest assured.
The CEO of Chicago-based investment firm Citadel took home an estimated $1.7 billion last year, making him tied for the highest-paid hedge fund manager in 2015, the New York Times notes, reporting on the annual ranking by Alpha magazine.
Coincidentally, demonstrators shut down Citadel’s Loop headquarters yesterday, demanding higher taxes on the rich, Fox Business News reports. The ranking saves them from finding another billionaire to protest for another year, which can be so inconvenient.
That’s over $32 million a week.
posted by Rich Miller
Tuesday, May 10, 16 @ 10:14 am
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Previous Post: Marilyn Louise Hoy
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…But state workers make to much money…
Comment by PublicServant Tuesday, May 10, 16 @ 10:16 am
Griffin, Rauner, Proft…
They ain’t… goin’… away. Money ain’t ending. Lots more a’commin’…
Capiche?
Comment by Oswego Willy Tuesday, May 10, 16 @ 10:16 am
This will be posted on every bulletin board in a Chicago Public School. The flyers blame just 3 people, Governor Rauner, Rahm Emmanuel and Ken Griffin for their problems.
Strange they would leave out Arnie Duncan, Mayor Daley, Speaker Madigan and Senator Cullerton who devised the current funding formula or could have worked to change it. If only Chicago had more influence in Springfield everything would be ok.
With any luck they can chase Ken Griffin and his tax money out of the state like New Jersey did to their richest resident.
Comment by Lucky Pierre Tuesday, May 10, 16 @ 10:20 am
- Lucky Pierre -
I should be grateful Ken Griffin lives in Illinois?
Maybe Griffin will move into his “most expensive NYC purchase” instead?
How’d you feel about that? LOL
Comment by Oswego Willy Tuesday, May 10, 16 @ 10:25 am
Probably only paid 15% income tax too
Comment by Foster brooks Tuesday, May 10, 16 @ 10:26 am
–This will be posted on every bulletin board in a Chicago Public School. The flyers blame just 3 people, Governor Rauner, Rahm Emmanuel and Ken Griffin for their problems.
Strange they would leave out Arnie Duncan, Mayor Daley, Speaker Madigan and Senator Cullerton who devised the current funding formula or could have worked to change it. –
LOL, I guess it’s five o’clock somewhere. You’re tripping, baby, and it ain’t even lunch.
You concoct some fictional scenario that has not and will not occur and then you vent self-righteous outrage over it — the crazy thing that you made up.
Take a cab, then take a nap.
Comment by wordslinger Tuesday, May 10, 16 @ 10:29 am
Madigan doesn’t keep Griffin up at night.The name is Vanguard.
Comment by Almost the Weekend Tuesday, May 10, 16 @ 10:29 am
@FakeRauner; Taxes are just killin’ my good buddy Ken Griffin, just killin’ him I tell ya. Why he coulda made $2 billion last year if not for the unfair rules for organized labor, anti-business rules, and taxes that are too high!
Comment by JS Mill Tuesday, May 10, 16 @ 10:29 am
Ran across an ad in the WSJ for this conference at Bellagio where Griff will be among the speakers.
Check out the the strangely “diverse” lineup. Gen. Petraeus and Will Smith? Robert Rubin and Mike Greenberg?
Sounds like an excuse for an epic bender on the company dime.
Comment by wordslinger Tuesday, May 10, 16 @ 10:34 am
Sorry, here’s the link for the Bellagio conference.
http://www.saltconference.com/speakers.html
Comment by wordslinger Tuesday, May 10, 16 @ 10:36 am
- Foster brooks - Tuesday, May 10, 16 @ 10:26 am:
Dear FB,
It ain’t Income. It is defined as “Capital Gain”.
Thanks to “Carry-Trade”, that dough is taxed at the special “Capital Gains” rate. See, all that money ain’t income at all, so it get taxed at the same rate as the po’ folk in poverty. Why? Because it is fair? Because he who hath the Gold, maketh thine rules.
Comment by Beaner Tuesday, May 10, 16 @ 10:37 am
I’m sure Griffin would have only been incentivized to make $600 million last year if Illinois’ income taxes were higher.
Comment by From the 'Dale to HP Tuesday, May 10, 16 @ 10:42 am
Crazy line-up at the conference?
Comment by Belle Tuesday, May 10, 16 @ 10:44 am
Google Ken Griffin and Chicago Teachers Union flyers Wordslinger before you throw stones
Comment by Lucky Pierre Tuesday, May 10, 16 @ 10:50 am
Griffin saved something in the ballpark of $20 million with the phase down of the income tax. That’s $20 million not going towards education, human services, public safety…
Comment by From the 'Dale to HP Tuesday, May 10, 16 @ 10:54 am
Ken does have a little and that is probably all it is …DOJ problem today.
Comment by illinois manufacturer Tuesday, May 10, 16 @ 11:03 am
Just for some perspective, Griffin made over $4.5 million a day last year. He, Rauner and other super-rich are having a golden age.
This is what so many who are on Rauner’s chopping block should consider. Do they want to be the ones to make the big sacrifices, while people like Griffin make over $4 million a day and are not being compelled to pay a higher state income tax?
As far as Griffin still living in Illinois, it casts the empty threats and propaganda pushed by certain individuals and organizations as not much more than scare tactics.
Why did Griffin and Rauner live in such a horrible high-tax, job killing state all these years?
Comment by Grandson of Man Tuesday, May 10, 16 @ 11:22 am
Boy, Illinois is a terrible place to do business, right Ken?
Comment by walker Tuesday, May 10, 16 @ 11:25 am
Some people “make” too much money.
Comment by James Knell Tuesday, May 10, 16 @ 11:37 am
–Google Ken Griffin and Chicago Teachers Union flyers Wordslinger before you throw stones–
I did, Nostradamus, and your detailed victim prophecies from 10:20 have not yet come to pass.
Comment by wordslinger Tuesday, May 10, 16 @ 11:56 am
This is a perfect example of a doctrine of personal greed.
Not only does he have advantage in the economic game we all must play, but he also spends money to fight and prevent redistribution and support for basic human needs. I am sure Griffin could promote even lower taxes with a straight face.
I fear for the future of the middle class, lower class, sick and injured, in America. We are seeing through the efforts of Rauner, Griffin, and dark money forces a complete orchestration of controlling all factors that protect their robber baron ways.
Comment by cdog Tuesday, May 10, 16 @ 11:57 am
@cdog
Truth.
Comment by ORT Tuesday, May 10, 16 @ 12:04 pm
I would happy pay x10 the state income tax I pay now, to be rid of the awful influence these Louis XVI’s are having on our state. Let them move to the Cayman Islands to be closer to their money.
Comment by James Knell Tuesday, May 10, 16 @ 12:08 pm
But his Illinois income tax would be $63,705,000 as there is no special rate for capital gain or carry trade. Of course he can move to Florida because you can run a hedge fund anywhere then ILL gets nada.
Comment by anon Tuesday, May 10, 16 @ 12:22 pm
I must ask why would Griffin need or want that additional $63million?
I find more satisfaction in helping others than I do opening up my mail or emails and looking at account balances.
Comment by cdog Tuesday, May 10, 16 @ 12:39 pm
word, it’s good to see that two of Illinois’ big public pensions are taking the chance to get some “continuing education” at the SALT Conference. The market insights of Will Smith and Caitlin Jenner are of immeasurable value.
Comment by Arthur Andersen Tuesday, May 10, 16 @ 12:54 pm
== I must ask why would Griffin need or want that additional $63million? ==
Once you have enough to live comfortably for the rest of your life, money is just a way of keeping score in comparison to your peers and feeding your ego.
Comment by RNUG Tuesday, May 10, 16 @ 1:20 pm
@RNUG
Exactly. It actually becomes a mental obsession when there is no rational reason for additionally accumulating wealth.
I wonder if his profit centers are the classically lobbied for industries, like insurance, pharmaceuticals, financial….
Comment by cdog Tuesday, May 10, 16 @ 1:59 pm
Wordslinger perhaps you missed the passage in Rules for Radicals that requires picking of a target, freezing it, personalizing it and then polarize it.
Insert Ken Griffin and take the rest of the day off. You might want to pop in a CPS school to see the flyer and acknowledge your mistake
Comment by Lucky Pierre Tuesday, May 10, 16 @ 2:02 pm
Mr. ReBoot not worried about Vanguard. He is worried about the G sniffin’ around and the $500 million dropped on new paintin’s.
Comment by Annonin' Tuesday, May 10, 16 @ 2:12 pm
and on the other side of that coin is Mike Madigan, a Democrat who has received more than $1.1 million since 2002 from the state’s five major public unions.
Comment by lech W Tuesday, May 10, 16 @ 2:21 pm
===Mike Madigan, a Democrat who has received more than $1.1 million since 2002 from the state’s five major public unions.===
Unions represent thousands.
Griffin and Rauner funding represent… Griffin and Rauner.
Hmmm.
Comment by Oswego Willy Tuesday, May 10, 16 @ 2:44 pm
For a couple decades now, I have been aware of very wealthy individuals who live in Illinois due to the inexpensive Personal Income Tax, and drive out of Lake County into Wisconsin where they have their companies incorporated. Normalizing the income tax to the rates charged by Iowa, Wisconsin, Indiana and Missouri might not be such a bad thing.
Comment by Beaner Tuesday, May 10, 16 @ 2:47 pm
1.1 Million since 2002? Are you kidding? Rauner just dumped 5 MILLION into the Republican Party coffers in one stroke of the pen.
Comment by Anonymous Tuesday, May 10, 16 @ 2:55 pm
oops sorry 2:55 is me.
Comment by burbanite Tuesday, May 10, 16 @ 2:56 pm
And just how many jobs did Mr. Griffin create on his way to earning $1.6 billion? He is a hedge fund manager he makes his money buying and selling stocks, bonds and other financial products.
If he buys 1,000,000 shares of GM at $4.00 and sells at $14.00, he made $10 million. How many jobs were created when he earned the $10 million?
Comment by Huh? Tuesday, May 10, 16 @ 2:57 pm
Sounds like he needs a tax cut to buy more of that job-producing art.
Comment by Precinct Captain Tuesday, May 10, 16 @ 4:50 pm
Trump just took over the party of the wealthy and wants them to pay their fair share. Hope trump will jump on the Illinois tax the rich vote as his flagship for change
Comment by Rabid Tuesday, May 10, 16 @ 7:45 pm
KG is doing pretty well for someone who seems to know little about markets.
For years Citadel’s flagship fund basically tracked the market. The real money was made in the high-speed trading fund, which gamed the market by jumping ahead of buyers and then kindly selling to them at a higher price.
Last year he dropped half a billion on a couple of paintings at the top of the market.
Earlier this year Citadel cut workers in the wake of investment losses.
People are starting to catch on and move from hedge funds to index funds.
Comment by Anon Tuesday, May 10, 16 @ 9:59 pm
Just Google “Warren Buffet hedge fund bet” for some good reads.
http://finance.yahoo.com/news/buffett-most-mportant-investment-lesson-211351601.html#
Comment by Anon221 Wednesday, May 11, 16 @ 8:12 am