Article

2018-05-01 Economy

Mitch McConnell and Transportation Secretary Wife may have problem with Chinese ship purchases

[Breitbart] Senate Majority Leader Mitch McConnell’s (R-KY) in-laws have ordered 10 massive cargo ships from the Chinese government since the senator’s wife Elaine Chao became Secretary of Transportation. The deep financial ties between the Chao family’s shipping business Foremost Group and the Chinese regime were first revealed in the #1 New York Times bestseller Secret Empires.

Foremost Group, which is owned by Sec. Elaine Chao’s father and Sen. McConnell’s father-in-law James S.C. Chao, signed contracts with a subsidiary of the state-owned China State Shipbuilding Corporation (CSSC) for four bulk cargo ships in June and September 2017. In December 2017, Chao’s company signed another contract with state-owned CSSC at Foremost’s New York office for two massive 210,000-ton ships. James S.C. Chao and two of Elaine’s sisters were in attendance. So, too, was the Consul General of China in New York, as well as representatives from the CSSC. The financial terms of the agreement were not disclosed.

Then on January 31, 2018, Foremost Group ordered four more 210,000-ton ships from CSSC. Angela Chao, sister to Sec. Elaine Chao and Foremost’s Deputy Chairman, said she expects cooperation between the two entities to extend into the future. In January 2017, Angela Chao joined the board of the state-owned Bank of China.

The finances of Sec. Elaine Chao and her husband, Sen. Mitch McConnell, are closely tied to the Foremost Group. In 2008, James Chao gave a $5 million-$25 million "gift" to Sen. McConnell, more than tripling his net worth. Contracts with other Chinese state-owned enterprises make up a significant portion of Foremost’s business. James and Angela Chao previously served on the board of CSSC Holdings, a major contractor for the Chinese military and a key supporter of the PLA Navy.

Posted by Besoeker 2018-05-01 02:14|| || Front Page|| [11135 views ] Top

#1 I'm guessing he's GOPe central?

Posted by Bright Pebbles 2018-05-01 06:19|| 2018-05-01 06:19|| Front Page Top

#2 While our industrial base is decimated by cheap Chinese made products (McConnell and wife cashes in on getting that stuff over here with them big boats), McConnell comes out against tariffs while talking to farmers (about all that's left in this country now, share cropping) and Kentucky moon shiners.

But he has an idea to help the farmers and moonshiners, lets legalize hemp! Heck, with so many places legalizing grass, lets make a buck! That's what you call building a great nation, right?

Posted by Ulaigum Ebbineng7056 2018-05-01 06:40|| 2018-05-01 06:40|| Front Page Top

#3 If you any any questions on how the Chinese manage to screw us year after year, don't forget Biden and John Kerry and sons.

SECRET EMPIRES: Joe Biden’s Son’s Firm Struck Billion-Dollar Deal with the Chinese Government 10 Days After Biden Trip to China
In December of 2013, Vice President Biden and his son Hunter flew aboard Air Force Two to China. Ten days after the trip, a subsidiary of the Bank of China named Bohai Capital signed an exclusive deal with Hunter Biden’s firm to form a $1 billion joint-investment fund called Bohai Harvest RST. The deal was later increased to $1.5 billion.

Posted by Tholurong Jones1532 2018-05-01 08:24|| 2018-05-01 08:24|| Front Page Top

Been going on for decades and from a financial investment aspect, quite successfully, at least for some.

The Mission of the Wilson Center’s Kissinger Institute is to Ensure that Informed Engagement Remains the Cornerstone of U.S.-China Relations.

The downside; the Yamato and Musashi. Built with steel purchased from the scrap yards in the U.S.

Posted by Besoeker 2018-05-01 08:45|| 2018-05-01 08:45|| Front Page Top

#5 Oy Vey! A bit more on number 4. The 'downside' expanded if you will.

Posted by Besoeker 2018-05-01 08:57|| 2018-05-01 08:57|| Front Page Top

#6 "Secret Empires?" We've got too many of them.

Posted by JohnQC 2018-05-01 10:20|| 2018-05-01 10:20|| Front Page Top

#7 This is something Americans are still free to do. We can have de facto trade control by not buying Chinese.

Posted by M. Murcek 2018-05-01 11:04|| 2018-05-01 11:04|| Front Page Top

#8 I want to see how these people are going to get past the "Jones Act". which prohibits a foreign hulled boat from doing commerce from or to US ports.

Posted by Kofi Snoper8876 2018-05-01 14:58|| 2018-05-01 14:58|| Front Page Top

#9 Kofi, IIRC correctly, the Jones Act only applies to cargoes shipped between US ports. This became an issue when relief supplies were delayed shipping to Puerto Rico.

Posted by Rambler in Virginia 2018-05-01 17:46|| 2018-05-01 17:46|| Front Page Top

#10 Re #8, the key is "foreign flagged", not "foreign hulled". You can have your ship build anywhere, as long as you flag it as a US ship, Jones act doesn't apply to that ship. Of course, being US flagged means you have to have an American crew, which cost a lot more.

Posted by Seeking Cure For Ignorance 2018-05-01 19:08|| 2018-05-01 19:08|| Front Page Top

05:28 Whiskey Mike
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