Why Ken Griffin and Citadel Staying in Chicago Is a Win For Chicago Tech
Tuesday, July 2, 2019
Posted by: Sandy Thomas
By Jeremie Bacon, July 1, 2019
Back in May, nearly 2,000 miles away, Citadel CEO Ken Griffin made a small comment that has big ramifications for Chicago. Speaking at the Milken Institute Global Conference in Beverly Hills, California, Illinois’ richest man affirmed his commitment to stay in Chicago. While noting the city’s problems with the “three Cs” of corruption, cronyism and crime, Griffin stated that rather than move his family and company, he planned to “stand and fight for the policies and changes that will make this state better.”
This statement got some people’s attention, but I believe it should have received more. Granted, Chicago is far bigger than one person or one company, and wealth is not the most important measure of someone’s worth to our city. But the reality is that keeping Ken Griffin and Citadel in Chicago is a huge win for the city – and the local tech and asset management industries.
We can get the obvious out of the way first: Yes, there is a tax benefit of keeping his wealth in Chicago. But that’s not what interests me as much as the bigger picture.
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