Biden calls Netanyahu to offer condolences over Mount Meron stampede –


John Kerry discloses millions in income from finance, energy firms

John Kerry disclosed millions in income and a massive stock portfolio that he’s liquidated since taking office as President Biden’s special climate envoy, according to a financial filing obtained by Axios on Friday.Why it matters: Kerry is among the wealthiest members of the Biden administration. He maintains significant influence over U.S. energy and environmental policy as Biden’s climate envoy, a role that comes after he advised a number of firms in the space following his time as secretary of State.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe State Department, where Kerry officially works again, says he has divested assets that could pose a conflict of interest, and signed an ethics pledge barring him from participating in specific policymaking decisions that could affect his former clients and employers.The big picture: Kerry received millions of dollars in salary, consulting fees and honoraria, according to the filing, which covers 2020 and most of January 2021.He drew a $5 million salary from Bank of America. He was tapped as chairman of the bank’s global advisory council months after his tenure as Barack Obama’s second secretary of State.He landed $382,400 in speaking fees from entities including Deutsche Bank, Waste Management and Cornell University.Kerry also reported compensation “in excess of $5,000” for more than a dozen other speeches in 2019, including ones to Barclays, Zurich Insurance and the foundation run by Ukrainian oligarch Victor Pinchuk.Kerry also reported receiving $125,000 in consulting fees from The Rise Fund, an investment firm with a significant renewable energy portfolio, just one of the entities in the energy and environment space to which he reported business ties. Kerry was the advisory board chairman for Climate Finance Partners, which “creates innovative and globally needed finance solutions that address climate change.”He was also the president of the Vietnam Sustainable Energy Corporation.In addition, Kerry reported receiving more than $5,000 in compensation as an advisor to the New York-based investment firm Ripplewood, which specializes in leveraged buyouts. The firm is run by his friend Tim Collins.Kerry’s huge stock portfolio was largely held through a trust affiliated with his wife Teresa Heinz Kerry, heiress to the Heinz food processing fortune.He reported liquidating between $4.2 million and $15 million in stock holdings last month.Federal ethics rules could permit Kerry to defer capital gains taxes on those sales by reinvesting the money in “permitted” assets such as treasury bonds or exchange-traded funds. It was not immediately clear whether Kerry had done so or planned to.What they’re saying: “The State Department’s Ethics Office reviewed Special Presidential Envoy Kerry’s assets and investments upon his appointment to identify holdings that could pose a significant risk of a conflict of interest,” a State Department spokesperson told Axios. “Special Presidential Envoy Kerry agreed to divest the assets identified by the Ethics Office and has done so.”Like this article? Get more from Axios and subscribe to Axios Markets for free.

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Biden calls Netanyahu to offer condolences over Mount Meron stampede –

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