Billionaire hedge fund supervisor Ken Griffin is transferring his firm headquarters from Chicago to Miami.
Photo:
Chicago Tribune through Getty Images
The first step to restoration is meant to be admitting you’ve an issue. But Illinois Gov.
J.B. Pritzker
nonetheless gained’t, even after billionaire
Ken Griffin
on Thursday stated he’s transferring his Citadel hedge fund and securities buying and selling agency to Miami from Chicago.
Mr. Griffin famous in a letter to staff that many employees had clamored to relocate to different places of work, together with Miami. They don’t merely need to escape Chicago’s winters. Many are actually working for his or her lives amid a criminal offense surge that reveals no indicators of abating. Thefts to date this yr in Chicago have elevated 65% in comparison with final yr.
“If people aren’t safe here, they’re not going to live here,” Mr. Griffin informed the Journal in April. “I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
Meantime, Democrats in Springfield proceed to threaten companies and residents with larger taxes, plus a referendum in November to enshrine collective-bargaining within the state Constitution that may additionally enshrine public-union rule.
It’s no surprise so many corporations and persons are leaving, and principally to low-tax states.
Caterpillar
final week introduced it’s relocating its company headquarters from Deerfield to Irving, Texas, which has no revenue tax.
Boeing
is transferring its headquarters to Arlington, Va., from Chicago.
In 2020, $2.4 billion in web adjusted gross revenue moved to Florida from Illinois, about $298,000 per tax filer. Illinois has misplaced about 60,000 black residents within the final decade, whereas Florida has gained 280,000.
Mr. Griffin has spent tens of tens of millions of his private fortune making an attempt to rescue Illinois from dangerous progressive governance. Maybe he figures it’s time to chop his losses.
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Appeared within the June 24, 2022, print version.
