Former Transportation Secretary under the Trump administration Elaine Chao is under fire for allegedly misusing her position to “make millions.” Republican Senator Mitch McConnell’s wife, who has an administrative role, is accused of using it to advance her family’s shipping business, which has extensive ties to Beijing. The Chao family firm expanded by nearly half a million dollars daily over the four years Chao served in Trump’s cabinet, as reported by Raw Story.
After the Trump administration ended, the inspector general released a 38-page report on Chao that included stunning conclusions. Federal legislation may consider her acts many times. According to Raw Story, despite the inspector general’s recommendation, Attorney General William Barr decided against criminally prosecuting Elaine Chao.
How Mitch McConnell’s Wife Used Trump Connections to Make Millions?
Raw Story claims in its explosive expose that Elaine Chao’s family firm, Foremost Group, has seen its fleet value increase from around $500 million when she took office in 2017 to an astounding $1.18 billion when she left office, based on data from the shipping database VesselsValue. Elaine Chao’s mother’s name will be permanently attached to a new building at Harvard Business School thanks to a $40 million donation from the Chao family business, which works largely between the United States, Brazil, Canada, and China.
James Si-Cheng Chao, Elaine’s father, was a ship captain who fled China during the Chinese civil war in 1948. The birth of their first child, Elaine, took him and his wife Ruth Mulan Chu Chao to Taipei, Taiwan, in 1953. A while later, James Chao and his family landed in New York.
Beginning in 1964, he began amassing a fleet of dry bulk vessels and, in the midst of the Vietnam War, secured his first sizable contract with the United States government to transport rice to Southeast Asia.
When Elaine Chao started an office in January 2017, she pledged that she would not be involved in any of her family’s businesses. But because of her personal relationship with Trump, Chinese and Taiwanese financiers flocked to the Chao family business, and shippers preferred them. According to Raw Story, she may have permitted the same person to receive a second inheritance from her father that is worth tens of millions of dollars.
After selling off some of the older ships, the Chao family fleet will grow from the 22 ships it had in January 2017 to the 32 ships it will have by the summer of 2021.
The state-owned China State Shipbuilding Corporation signed a contract with Foremost Group to acquire 10 ships after Elaine Chao was appointed to the Trump cabinet. This practically doubled the size of the Chao family’s fleet. Within the first week of the Trump administration, Elaine Chao’s sister Angela Chao was also named to the board of the state-owned Bank of China. According to Breitbart, the Bank of China is one of the “top lenders” to the shipping company owned by the Chao family.
Net Worth of Elaine Chao
Former United States Secretary of Labor under the George W. Bush administration, Elaine Chao was appointed to the Trump cabinet.
It was reported by Forbes in 2019 that Elaine Chao was worth around $20 million. The sum is likely inflated by the $59 million in assets she inherited from her mother after her death in 2007.
Peter Schweizer, author of the best-selling book “Secret Empires,” writes about the multimillion-dollar “present” that James Chao allegedly gave to his daughter Elaine and son-in-law McConnell in 2008. The amount is speculated to be between $5 million and $25 million. “Former Senate Minority Leader Mitch McConnell and his current wife, Transportation Secretary Elaine Chao, had a combined net worth of $3.1 million in 2004. Over the subsequent decade, the sum rose to between $9.2 and $36.5 million “In 2018, according to The New York Post.
Celebrity Net Worth says that Elaine Chao inherited $9 million from her dad. According to the site, her current net worth is around $30 million.
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