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* Greg Hinz…
As one top business insider who knows the company puts it, in a cultural sense, conservative business CEOs feel more comfortable now in Texas or Florida than they do in liberal Illinois. That means they’ll split if they have an excuse to go.
That’s the case with Citadel. Its boss, Ken Griffin, is most definitely on the conservative side. I hear he refers to Democratic Gov. J.B. Pritzker as “a Bolshevik.” But his real issue lately is Chicago street crime and violence, which has made his staff and clients feel uncomfortable and made it more difficult to lure the talent that is critical to Citadel’s future.
So, he has an excuse. And speculation is rising that if the Griffin-staked Richard Irvin goes down in flames in the June 28 GOP gubernatorial primary, as appears increasingly likely, Griffin will simply pull the plug.
* The Question: Do you think Ken Griffin will leave Illinois if Richard Irvin loses the primary/general? Make sure to explain your answer, but insults and huzzahs will be deleted. Stick to the question.
posted by Rich Miller
Thursday, Jun 16, 22 @ 9:54 am
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If he leaves, he was always going to leave. If he doesn’t, he never was going to. It is either a bluff, or an excuse for something he planned regardless.
Even if a GOP candidate wins the general, there will will be a Democratic supermajority in the ILGA. It isn’t like a GOP governor will be able to actually make significant changes.
Comment by Homebody Thursday, Jun 16, 22 @ 10:00 am
He said he’s considering moving, so yes, I think he’ll move. Dude can work from anywhere, why stay where you’re miserable?
Comment by 47th Ward Thursday, Jun 16, 22 @ 10:01 am
I think he views Chicago as home. I don’t think he wants to leave. However, the business he is in can easily be packed up and moved with little issue. I know a big deal was made here about the fiber connections, but that only matters for electronic trading programs, not for actual human interaction. You can rent server space in New Jersey with a far faster connection to Wall Street that Chicago and then put the employees wherever you want.
Comment by Wonky Kong Thursday, Jun 16, 22 @ 10:01 am
No. There was more crime in the 90s when he decided to situate his business here so it’s not a credible excuse.
Comment by Big Dipper Thursday, Jun 16, 22 @ 10:01 am
I think if he was going to leave he would have done so before wasting all this money.
Comment by Excitable Boy Thursday, Jun 16, 22 @ 10:02 am
Yes, I think Citadel will be exiting Chicago as well. I feel the election result will be another reason or excuse for Citadel packing up. I’m surprised they lasted this long. I always expected Citadels HQ to be in Miami or NYC.
Comment by B Team Thursday, Jun 16, 22 @ 10:04 am
Well…bye.
The Rauner politics need to go, but I think Griffin stays if Davis wins the 15th and some of “The Slate” do make it to November.
Rumor is, Griffin is the “dark money” behind Davis for the big TV ad buys attacking Miller.
Lot more downstate Miller-Bailey-Trump signs going up. Irvin’s skeletons came out to play. Avery Bourne did the dumbest thing of her political career by leaving the General Assembly and running for a state office. She would have been better off pushing the GOP agenda there.
Kim, Milhiser, and the lady running for Treasurer against Demmer really haven’t campaigned much. Overall, the Griffin operation of “The Slate” has been poorly managed by not helping out the down-ticket spots - especially if he wanted to take over state government. There are other failures but this is one of them.
He stays and remains a thorn in the side of Pritzker and Uihlien’s folks battling about who is Trumpier than whom.
Comment by Ben Bluesman Thursday, Jun 16, 22 @ 10:04 am
60/40, Yes, Griffin will leave Illinois.
Rauner did. It’s a “wasteland” to the Griffin wants.
Here’s the “thing”
Not one of these financial undertakings has financially hurt Griffin, these life changing sums are “change” to Griffin.
It’s what the monies represent, that’s the value, or the pain, when Griffin loses, if he loses here with Irvin.
Why not move on? Griffin can also fund candidates just as easy from Florida or Texas. I hear an EFT works from just about anywhere.
It’s not a matter of pride, maybe ego with Pritzker, but as, speaking only for me, I opine here, Griffin still is the richest person in Illinois, that’s not changing with any paragraph, sentence, or word I type, so if Griffin leaves… he leaves.
It will be a bit funny to the idea of “winning” the Fair Tax” only to leave the state anyway for someplace with no state income tax. It’s a lil funny.
I’d say 60/40 Griffin goes. The state party that needs his cash has the ability for EFTs, so it’s really nothing, except to Griffin’s own pride.
Comment by Oswego Willy Thursday, Jun 16, 22 @ 10:07 am
Yes, I think he will leave if Irvin loses. Why risk a state income tax increase in the coming years? He has already bought a condo in Florida. I’m shocked he hasn’t left already. He could save a whole lot of money declaring himself a Florida resident.
Comment by Steve Thursday, Jun 16, 22 @ 10:08 am
I would say yes, I’m sure he’s seriously considering it and I doubt he’s the type of person who can take being mocked for spending so much money on a person who lost to Darren Bailey. And I guarantee you if Irvin loses the primary, every time Griffin opens his mouth to criticize something the Gov’s team or whoever can just respond with “how’s Gov Irvin doing Ken?”.
Why put up with that when you can go to a state who’s governors will praise every single thing he says or does
Comment by ItsMillerTime Thursday, Jun 16, 22 @ 10:11 am
Why does feel like “Take my ball and go home, if you let me win?”
Comment by Bruce( no not him) Thursday, Jun 16, 22 @ 10:11 am
One reason I’d figured he’d stayed so far, is these guys are always about their status. They want to be kowtowed to. And Griffin doesn’t feel he gets the deference he deserves here in Illinois, as opposed to what he’d get from political bigwigs in TX or FL. At the same time, he’s just one more conservative billionaire in the crowd, in TX or FL. Whereas win or lose, he’s always been near the top of the hill in Illinois.
So one additional factor might be, if he feels dissed now even by the -Republicans- in Illinois, he might figure it’s time to pull up stakes and move.
Comment by ZC Thursday, Jun 16, 22 @ 10:12 am
oops, Won’t let me win.
Comment by Bruce( no not him) Thursday, Jun 16, 22 @ 10:12 am
The better question is, Do we care if he leaves? The firm employees 2,000 people across a dozen offices worldwide. It won’t represent some massive blow to the state economy. What’s more appalling is that we are supposed to quiver in fear and beg the dear billionaire to stay, and elect people who run contrary to the values of the majority of residents because the money man told us he’d leave if we don’t. See ya, dude.
Comment by High Socks Thursday, Jun 16, 22 @ 10:14 am
Of course he’ll leave. Frustrated wealthy quit when their needs aren’t met.
Comment by Honeybear Thursday, Jun 16, 22 @ 10:16 am
I think there’s a good chance he will leave. He’s said more than once that he believes his position in society should give him more influence over public policy than your average person. I think he’ll take his ball and go home if he doesn’t get his way.
Comment by Demoralized Thursday, Jun 16, 22 @ 10:19 am
Yes. Griffin tried to play the game and lost, and he’ll take his ball and go home. He made the mistake of thinking he knew what was best and invented the perfect candidate in a lab.
Comment by Just Me 2 Thursday, Jun 16, 22 @ 10:19 am
People forget Griffin donated 10 million to separate the walkers from the bikers along Lake Michigan. This is a guy that calls Chicago home. His guy loses in the primary I think he tries to break the Dem supermajority in the General Assembly. If that fails, I think he walks.
Comment by Nagidam Thursday, Jun 16, 22 @ 10:19 am
I’m also under the impression he *may* have other residences.
The thing about the uber-wealthy, we decided to move, boy, it’s a thing, the wealthy just move more stuff they need to another of their houses and change a drivers license and mailing address.
It’s nothing. Nothing to move. Not even a hassle, an assistant will do the paperwork.
Comment by Oswego Willy Thursday, Jun 16, 22 @ 10:20 am
It looks like Ken Griffin was preparing to leave Illinois before he got involved in the Gov race. I believe Irvin will lose so he will do what Rauner did and move. And even if Irvin won and was able to give Griffin what he wanted I doubt he would pass on any of these benefits to his workers. The workers will still have the same job with no change to pay or benefits package. Only change will be more money in the CEOs pocket.
Comment by Real Thursday, Jun 16, 22 @ 10:21 am
My guess is he moves regardless of the election outcome. At least enough to be a legal resident of Florida.
But he doesn’t have to move the company … and may not. Gives him an excuse to travel to Chicago.
Comment by RNUG Thursday, Jun 16, 22 @ 10:21 am
High Socks - if you really think it is just about 2,000 people, like Cat’s departure was just about 230 people, then we should do a 101 on what drives an economy.
Comment by Just Me 2 Thursday, Jun 16, 22 @ 10:22 am
I think it boils down to where he thinks he will have the loudest blowhorn. He seems to thrive on contention and treating politics like a high stakes poker game. Chicago fits that bill the best right now. “Maybe in a few years…” as he’s been quoted before, and he has a lot of luxurious options bought up already and he doesn’t appear ready to “retire” just yet like Rauner did. https://www.the-sun.com/sport/football/premier-league/4906563/ken-griffin-chelsea-bid-property-empire/
Comment by Anon221 Thursday, Jun 16, 22 @ 10:24 am
==Of course he’ll leave. Frustrated wealthy quit when their needs aren’t met.==
Quite honestly, don’t we all leave, quit or make significant life adjustments in order to prosper and even to survive when our needs aren’t being met?
Comment by Responsa Thursday, Jun 16, 22 @ 10:24 am
Yes. He preferred to mold the state and city in his image, but failing that he will go to a more like-minded locale.
Comment by Ron Burgundy Thursday, Jun 16, 22 @ 10:24 am
Think the odds are fairly good.
In some ways the hedge fund business competes with tech for talent and more tech is moving to Texas, so if that is the destination getting talent will not be as much of a challenge as it was in the past. In Texas, you can go to Austin and get enough of a ‘fun’ vibe it works for your younger staff and still get the Texas tax (and other) advantages. Property is expensive, but on the plus side property tax rates are not what they are here and no state income tax has its appeal. Most folks who work in that industry are doing it because they want to be in that industry, location is not as huge of a concern.
From what I have read they have also expanded their footprint In NYC recently, so that is an option as well.
Comment by OneMan Thursday, Jun 16, 22 @ 10:25 am
- It won’t represent some massive blow to the state economy. -
Replacing Ken’s state income tax haul will be very challenging for the state of Illinois. We aren’t talking about small amounts of money here.
Comment by Steve Thursday, Jun 16, 22 @ 10:31 am
= I think it boils down to where he thinks he will have the loudest blowhorn.=
I think there’s a lot to this. Lots of wealthy people get bored and want to “get involved.” Just like the current and former govs. In Florida he can actually see his ideas get implemented, but he’s just one of the guys pulling in the same direction. He can feel like he has more of a soapbox in Illinois, and while accomplishing little, feel like his impact is larger. It’s about feeling important.
Comment by Wonky Kong Thursday, Jun 16, 22 @ 10:33 am
- Steve -
How much do you think Griffin is paying in state income tax?
You think it’s at the flat rate?
Comment by Oswego Willy Thursday, Jun 16, 22 @ 10:33 am
=He seems to thrive on contention and treating politics like a high stakes poker game.=
I think there’s some merit to this. It’s like asking why does someone fly to Vegas to gamble when there’s a casino right by O’Hare. The answer is, “that’s where they like to play.” And sometimes the gambler feels compelled to stay at the table to win back their losses even when the smart move is to walk away. Ken Griffin has invested a lot here. And I realize that like a lot of high rollers he can afford it. But the goal of winning remains the same. And nobody wants to be labeled a loser.
Comment by Pundent Thursday, Jun 16, 22 @ 10:37 am
Financially, it won’t matter a wit if Grif leaves. At the rate that they’re building all those new apartment buildings downtown, we’ll make up his taxable income in a week of his leaving.
Comment by PublicServant Thursday, Jun 16, 22 @ 10:38 am
I don’t really think of billionaires as living in a particular place, I doubt Griffin actually spends the bulk of his time in Illinois. I do think Citadel will move, though it may be to New York instead of a trendy red state. Griffin dropped nine figures on a penthouse there recently, and most firms in that industry are headquartered in New York.
I think Griffin, like many Americans of all socioeconomic statuses, is just slightly more irrational than he was before the pandemic. Matt Yglesias has written about a “Great Derangement,” a general rise in antisocial behavior and interpersonal conflict (https://www.slowboring.com/p/all-kinds-of-bad-behavior-is-on-the?s=w). Between Rauner losing, his extremely messy divorce, and the pandemic, Griffin has taken a lot of psychological lumps the last few years. Like a lot of Americans, his life is very good and he’s very mad about it. He’ll fit in well with either the Wall Street caviar addicts or the Florida “working class” guys who all seem to have brand new high-end F-150s and speedboats.
Comment by vern Thursday, Jun 16, 22 @ 10:39 am
I don’t know the amount but it is a flat rate because he lives in Illinois. But, zero is less than a flat rate. No wonder Paul Tudor Jones and Carl Icahn moved to Florida.
Comment by Steve Thursday, Jun 16, 22 @ 10:41 am
While my initial reaction is, of course, don’t let the door hit ya…
I do wonder whether he’d actually pull the trigger. I think -ZC- is right in terms of Griffin being at the top of the pile. Sure, it’s easy for us to dismiss him and his political operation, especially if Irvin implodes as anticipated, but Griffin’s still the biggest name (read: donor) in the ILGOP. And it’s too soon to say how long or how tightly the grip of Trumpism will stay. If Griffin thinks he has a shot at actually rebuilding the party in his image…
But frankly, probably easier and cheaper to just take his ball and go, and cede the ILGOP to the likes of Bailey, Proft and Uihlein. So I agree with OW - 60/40 that he goes.
Comment by /s Thursday, Jun 16, 22 @ 10:41 am
==At the same time, he’s just one more conservative billionaire in the crowd, in TX or FL. Whereas win or lose, he’s always been near the top of the hill in Illinois.==
Whether Griffin leaves may depend more on whether he’s able to be happy being a loner here.
If you’re not happy, what good is it being the richest man in Illinois?
Comment by Streator Curmudgeon Thursday, Jun 16, 22 @ 10:45 am
=== He could save a whole lot of money declaring himself a Florida resident.===
It depends. If he earns money in Illinois he has to pay Illinois income tax.
From finance Zacks dot com: “In most cases, if the state in which you earned your income collects income tax, you must file a return. If your state of employment collects income tax, you must file regardless of whether you pay tax in your home state. If both states collect income tax, you may pay taxes on the same income twice.
However, many states offer tax credits to individuals who have already paid income tax to another state.
Illinois has a reciprocal agreement with Iowa, Kentucky, Michigan and Wisconsin.
Comment by Da big bad wolf Thursday, Jun 16, 22 @ 10:47 am
Yes. I know he has been threatening for a while but I think this time is real and Citadel HQ goes too.
Didn’t Jimmy John move to Florida eventually too after years of seeming like he was bluffing?
I just hope when Griffin leaves that ends his meddling in IL politics.
Comment by hisgirlfriday Thursday, Jun 16, 22 @ 10:48 am
Probably- but I really don’t care anymore. We used to have “City Fathers”- leaders who cheerled Chicago and the State of Illinois. Griffin has been generous, and I don’t discount his sincerity, but his ideology and constant whining have grown exhausting.
Comment by West Sider Thursday, Jun 16, 22 @ 10:56 am
The ultra-wealthy jet set (like Griffin) stay in expensive cities in states with high taxes because a) that’s where their friends and social connections are, and b) they can easily afford the taxes because they’re rich.
That doesn’t mean they’ll never leave–some people are fixated disproportionately on cutting tehir taxes out of principle, and some–like Rauner–find the psychic toll of living someplace with disagreeable politics to be a burden.
So I think he *probably* won’t move, but he’s rich enough to make a statement by doing so if he chooses. I doubt that crime in the Loop is truly scaring off his clients and causing his employees to beg to go Miami, though; crime is up everywhere across the country, in liberal bastions and conservative redoubts.
Comment by Benjamin Thursday, Jun 16, 22 @ 10:58 am
Stays. The dream of reducing my pension remains unmet.
Comment by Anotheretiree Thursday, Jun 16, 22 @ 11:01 am
He seems like a control freak in a lot of ways, so it is probably a credible threat to leave. Still, it is no cake walk to uproot all your employee’s lives and all. Griffin can always spend more time at his other houses too I’m sure. He seems to care about Chicago too at least in his own wealthy person way. I’d say 50/50, but it is definitely a “pay attention to me” threat.
Comment by Three Dimensional Checkers Thursday, Jun 16, 22 @ 11:02 am
==If you’re not happy, what good is it being the richest man in Illinois?==
He doesn’t seem like the type who will be happy anywhere. They say youth is wasted on the young, and sometimes wealth is wasted on the wealthy.
Comment by Big Dipper Thursday, Jun 16, 22 @ 11:02 am
Maybe? One thing that seems to be important to Griffin is being viewed as a city father. In Florida they don’t have city fathers, just a bunch of deadbeat dads trying to pick up 20-year-olds on their jet skis. He might be able to pull it off in Dallas though.
Comment by 48th Ward Heel Thursday, Jun 16, 22 @ 11:03 am
I think he is leaving and really it does not matter. I cannot for the life of me see how Irvin is going to win anything. Bailey has it easy IMO. To the point though I don’t think anyone stands even a chance against Pritzker. Given the national seen this normally would make Pritzker uncomfortable but in Illinois, things are not changing. Frankly for all the things I don’t agree with him on he has managed Illinois ok. So bye bye Ken.
Comment by clec dcn Thursday, Jun 16, 22 @ 11:07 am
No, he will ride it out through Chicago mayoral election.
Comment by ;) Thursday, Jun 16, 22 @ 11:08 am
hisgirlfriday- “Didn’t Jimmy John move to Florida eventually too after years of seeming like he was bluffing?”
Difference here is that Jimmy sold off his entire “empire”.
https://www.forbes.com/sites/giacomotognini/2019/09/25/inspire-brands-expands-its-restaurant-empire-purchasing-jimmy-johns-at-undisclosed-price/?sh=2bf8e9dd4192
Comment by Anon221 Thursday, Jun 16, 22 @ 11:16 am
I think he stays.
In my experience those that talk the most about doing something execute those plans the least.
It’s the ones who keep their own counsel that surprise you.
Comment by Flying Elvis'-Utah Chapter Thursday, Jun 16, 22 @ 11:37 am
I think he’s already decided to move Citadel, but will announce to try and get attention. Only an Irvin win would have temporarily delayed that… and we know now how terribly unlikely that is. I’m interested to see if he financially supports Bailey in the general, if he hates JB that much that he’d throw more money away. Should be fun to watch… pass the popcorn.
Comment by Lincoln Lad Thursday, Jun 16, 22 @ 11:41 am
Just saw the Nick Cave exhibit at the Museum of Contemporary Art - a stone’s throw from Ken’s Chicago home. The exhibit is wonderfully subversive, calling out the pain and power of marginalized people. Principle sponsor: Ken Griffin. The man is complicated.
Comment by Uptown Progressive Thursday, Jun 16, 22 @ 11:44 am
Nope. He’s by far the wealthiest person in Illinois, and I reckon he likes it that way.
Where is he on that list in NY or FL? Wealthiest carpetbagger, maybe.
Comment by Tear One Thursday, Jun 16, 22 @ 11:49 am
Ken was born in Daytona Beach right up the road from Palm Beach
From the looks of this “condo” he sure looks like he will be returning to his birthplace
https://www.palmbeachdailynews.com/story/business/real-estate/2021/01/28/billionaire-ken-griffins-plans-unveiled-mansion-palm-beach/4290396001/
Comment by Lucky Pierre Thursday, Jun 16, 22 @ 12:03 pm
Griffin will learn the expensive lesson that the anti-establishment movement is real, even among folks in the center, on the left, and of course on the right.
His attempt to preserve the power of the republican-in-name-only club, by purchasing the governor’s office through a poorly chosen surrogate, will backfire. He will likely go back to focusing on dominance in his high-speed skim-trade operations and relinquish his dreams of controlling society by meddling in the people’s business of governance. Oligarchs like him are losing power by the second.
Bottomline — the missteps by the government in the last 20 months are ushering in a new Epoch. I find the whole situation glorious and celebrate it.
Buh-bye.
Comment by cdog Thursday, Jun 16, 22 @ 12:04 pm
I honestly do not care one way or another. It is a free country and he should do what he wants, I just want him to stop crying about it all the time.
=in order to prosper and even to survive =
Yep, Ken Griffin is just trying to survive. Lol.
Comment by JS Mill Thursday, Jun 16, 22 @ 12:13 pm
I vote he stays. Their whole business is based on nanoseconds- and the distance from Europe’s financial hubs to Miami is 40% farther. New York would be a different story, but he’s just another fish in the pond there. Here he’s got a museum named after him, the bike path, etc
Comment by jimbo Thursday, Jun 16, 22 @ 12:20 pm
==I just hope when Griffin leaves that ends his meddling in IL politics==
Is it meddling when he lives here? Leaving could be the start of his meddling in IL politics.
I think he stays. He’s a big fish in a big pond, with lots and lots of big targets. Does he want to be one of many in Texas or Florida? He doesn’t seem like a run-with-the-pack kind of guy
Comment by Socially DIstant watcher Thursday, Jun 16, 22 @ 12:26 pm
I think it’s meddling when he is funding $50 million for a candidate that the people don’t want. Let the people have their government back from the oligarchs trying to sway elections to their chosen candidates. If we all had $50 million to donate to candidates then maybe you can say what he is doing is not meddling. But when he is one of a few able to fund candidates by tens of millions then that is meddling.
Comment by Real Thursday, Jun 16, 22 @ 12:49 pm
It’s one thing to let the primary play out and get behind whomever the people choose. But coming out the gate and saying I’ve already chosen your next Gov and he has $50 million before the people ever get a chance to say anything is meddling. He should just run himself rather than to choose a candidate to force on everyone.
Comment by Real Thursday, Jun 16, 22 @ 1:03 pm
I see him moving, and per the article Lucky Pierre posted, he’s got a mansion and adjacent property already in Palm Beach on the A1A/Ocean Blvd. That stretch of road and ocean are absolutely gorgeous. And he can park a private jet at PBI not more than 5 miles away. Barring no hurricanes or sea rising it’s a great place to live. But Palm Beach is not Chicago. And where his PM mansion is it’s pretty remote compared to big city living.
Comment by Baloneymous Thursday, Jun 16, 22 @ 1:27 pm
“he sure looks like he will be returning to his birthplace”
And only 1/4 mile south of mar-a-lago
Way better neighbors than Chicago. /S
Comment by Bruce( no not him) Thursday, Jun 16, 22 @ 2:09 pm
He does not have tell anyone and clearly can afford multiple homes. Moving the business is major story for the state.
Comment by cannon649 Thursday, Jun 16, 22 @ 2:10 pm
I see Griffin moving to Iowa, Kentucky, Michigan and Wisconsin.
Maybe he’ll even start raising a few hogs while he’s at it. Ya know to fit in, get invited to barbecues, that sort of thing.
Comment by Da big bad wolf Thursday, Jun 16, 22 @ 2:21 pm
No, we all make mistakes, Chicago is where the markets are
Comment by Rabid Thursday, Jun 16, 22 @ 3:25 pm
Doesn’t he have a $150 million condo in NYC? The dude checked out a long time ago.
Comment by Lisa Thursday, Jun 16, 22 @ 5:26 pm
I sincerely hope so.
Comment by Anon Thursday, Jun 16, 22 @ 6:26 pm
Ken Griffin is to moving out of Illinois as Alec Baldwin is to emigrating to Canada.
Comment by 47th Ward Thursday, Jun 16, 22 @ 7:42 pm
It never occurred to me. I will attempt to be detached and not get my hopes up.
Comment by Selene Friday, Jun 17, 22 @ 2:11 pm