AIAC Chairperson Leonard Levie hosted leading economic and business executives at the Economic Club of New York, on November 21 to hear Ken Griffin discuss his perspective on the economy.  Two key comments Ken made included:

He was gravely concerned that the rise of tariffs puts the US on a slippery slope towards crony capitalism.

He pointed out domestic organizations might benefit from having potential competitors removed, however, this would be a short-term benefit.

He was concerned that removing potential competitors does more harm as companies may lose their productivity and competitiveness which in turn hurts the US economy.

Kenneth Cordele Griffin is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund and Citadel Securities. His 2023 estimated net worth of $35 billion, made him one of the top 40 richest people in the world.  He was part of Forbes’s 2023 list of the United States’ Most Generous Givers, donating some $1.56 billion to various charitable causes, primarily in education, economic mobility and medical research. He has also contributed tens of millions of dollars to political candidates and causes, usually Republican or conservative in ideology. For detailed summary of the discussion check out the following:

https://www.cnbc.com/2024/11/21/citadels-ken-griffin-says-trumps-tariffs-could-lead-to-crony-capitalism.html

https://www.reuters.com/business/finance/citadels-griffin-says-he-would-be-open-selling-minority-stake-his-hedge-fund-2024-11-21/

Photo: Bloomberg Media