Griffin Says Ultra-Rich Have Too Little Influence In Politics

Mar 12 2012 | 1:42pm ET

Most people think that money plays too big a role in American politics. Citadel Investment Group's Kenneth Griffin isn't one of them.

Griffin, who is backing former Massachusetts Gov. Mitt Romney for president this year, told the Chicago Tribune this weekend that the "ultra-wealthy" like himself actually have "insufficient influence" in politics.

"I think they actually have an insufficient influence," Griffin said. "Those who have enjoyed the benefits of our system more than ever now owe a duty to protect the system that has created the greatest nation on this planet. And so I hope that other individuals who have really enjoyed growing up in a country that believes in life, liberty and the pursuit of happiness – and economic freedom is part of the pursuit of happiness – (I hope they realize) they have a duty now to step up and protect that. Not for themselves, but for their kids and for their grandchildren and for the person down the street that they don't even know."

"At this moment in time, these values are under attack. This belief that a larger government is what creates prosperity, that a larger government is what creates good (is wrong). We've seen that experiment. The Soviet Union collapsed. China has run away from its state-controlled system over the last 20 years and has pulled more people up from poverty by doing so than we've ever seen in the history of humanity. Why the U.S. is drifting toward a direction that has been the failed experiment of the last century, I don't understand. I don't understand."

Griffin told the newspaper that he spends "way too much of my time thinking about politics these days because government is way too involved in financial markets these days." But he'd like to become more involved himself, in a sense, calling for an end to the $2,500 limit on individual donations to political campaigns.

More locally, Griffin said he has lobbied hard to keep a casino out of downtown Chicago, having spoken with both former Chicago Mayor Richard Daley and current Mayor Rahm Emmanuel, and written a letter to Illinois Gov. Pat Quinn.

"There is no great city in America that has a casino (downtown)," he said. "And there's a reason for it. Casinos do not represent the values of a great city."


In Depth

Fitch Says Alternative Asset Managers 'Stable' Despite Dry Powder

Nov 20 2014 | 9:30am ET

Ratings agency Fitch says the outlook for seven publicly traded alternative asset...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.