Article

2022-06-24 Economy

Ken Griffin moving Citadel to Miami from Chicago following crime complaints

[MARKETWATCH] Billionaire Ken Griffin is relocating his big hedge-fund firm Citadel from Chicago to Miami, the third major employer to announce the move of a corporate headquarters from Illinois in the past two months.

In a letter to employees Thursday that was viewed by The Wall Street Journal, Mr. Griffin said he had personally moved to Florida and that his market-making business, Citadel Securities, would also transfer. He wrote he views Florida as a better corporate environment and though he didn’t specifically cite crime as a factor, company officials said it was a consideration.

Mr. Griffin is the wealthiest resident of Illinois, so his departure will hurt state tax collections on both the individual and corporate side. Mr. Griffin has an estimated worth of $28.9 billion and is among the world’s top 50 wealthiest, according to the Bloomberg Billionaires Index.

“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Mr. Griffin wrote. “Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.” The Citadel move is expected to be a multiyear process. There are currently about 1,000 employees in Chicago and many are expected to remain.

Posted by Fred 2022-06-24 00:00|| || Front Page|| [11134 views ] Top

#1 Miami is better than Chicago, but there are safer places.

Posted by Super Hose 2022-06-24 12:23|| 2022-06-24 12:23|| Front Page Top

#2 Washington Free Beacon counts the tax revenue cost:

The move, which Griffin announced in a letter to employees, will deprive Democrat-run Illinois of hundreds of millions of dollars in annual income tax revenue, a company spokesman told the Washington Free Beacon.

Griffin alone—who is worth approximately $25 billion—pays over $200 million in state income taxes every year, the spokesman said, and Citadel employees have themselves funneled over $1 billion to the state over the past decade.

Posted by trailing wife 2022-06-24 12:41|| 2022-06-24 12:41|| Front Page Top

#3 That'll be made up by abortion tourists and those who won't move to a state that doesn't allow 'kill at anytime' procedures. (do I need to put a /sarc on that?)

Posted by Procopius2k 2022-06-24 13:13|| 2022-06-24 13:13|| Front Page Top

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