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A carousel of CEOs has paraded through the White House since President Trump was elected more than a year ago—they even set up a front seat at his inauguration. This is not unusual; in fact, it is fully expected that the president may want to interact with the private sector.
But when does that relationship become too close for comfort?
The nature of the relationship between the top brass of America’s biggest business and the Oval Office is starting to make some people uncomfortable: As Citadel CEO Ken Griffin warned this week, “when the US government starts to get involved in corporate America in a way that favoritism wants, I know that most of the CEOs that I’m friends with, they see that it’s not good.”
Trading conditions under Trump 2.0 are vastly different than those of the past decade, throwing markets and executives into disarray. In the wake of Trump’s Independence Day announcement in April, Griffin said the outlook of business leaders lined up at the Oval Office door to ask for exceptions to the new one duties “Nauseating,” and that the White House showing favoritism to certain companies is undermining the American Dream.
An environment fueled by politics is not one that CEOs want, Griffin, 57, told the Wall Street Journal Invest Live conference yesterday. He said that the founders and leaders “want to go to manage our businesses and win the merits of providing a better customer with our products at a lower price. As we win.”
Griffin warned executives who think, ‘I’m close to this administration, but does that mean the next administration is going to give a favor to one of my competitors, or take a favor from me, because I don’t publicly support them?’
This second-guessing is bad for decision-making, Griffin adds: “Most CEOs don’t want to find themselves in the business of having to, somehow, suck up one administration after another to succeed in running their business.”
Griffin, himself a top GOP donorbecame a critical friend of the White House. He was forthright in his warnings, but also emphasized Trump’s return to the Oval Office would be a welcome relief from the “regulatory onslaught” companies faced under Biden.
Talked to Fox Business weeks agoGriffin (a native Floridian who moved his operations from New York and the direction of the Sunshine State) said that “literally ending one day—Election Day—just gives you a lot of energy as an entrepreneur to go back and build your damn business.”
That said, the man is worth $51.2 billion, respectively Forbesalso highlighted the individual gains provided to families by the Trump administration. “One of the things you want to believe is that those who serve the public interest have a public heart in everything they do,” he said. “And I think that this administration has certainly made mistakes in choosing decisions or courses that have greatly benefited the families of those in the administration.”
‘Silenced’ voice of corporate America
While Griffin is critical of CEOs who use their position for individual gain, he explains that the opinions of corporate leaders still need to be emphasized in the national conversation.
The companies caught up in the “whole wake-up call” serve as a lesson to corporate leaders that consumers can make or break their business overnight, Griffin said, adding that it “creates a level of fear and intimidation among the corporate CEO class to insert themselves into any of the issues facing the public these days.”
Griffin pointed out Tesla CEO Elon Musk, who served a brief stint in the White House, heads the highly controversial Department of Government Efficiency (DOGE). The DOGE’s work has been heavily criticized, because it involves cutting billions from foreign aid budgets, which philanthropists want. Bill Gates warned that it would lead to the death of millions of children.
Tesla suffered a boycott of cars, showrooms, and charging points that were damaged beyond repair not only in the US but also throughout Europe. Some examples include Molotov cocktailsthrown by cars in Las Vegas,gunshot ashowroom in Portland, Oregonandcharging points burnedin Boston, Massachusetts.
While Griffin admitted that “we can do more than be skeptical about some of the choices or things that (Musk) said,” he added, “we have to admire that willingness to make sacrifices to make our country better.”
“We need the voices of corporate America’s leadership in the halls of Washington, on the front pages of the papers to discuss the issues we need for domestic prosperity,” Griffin continued.
This story was originally featured on Fortune.com
