Billionaire Industrialist David Koch Retires From Business and Politics

08 June, 2018, 03:26 | Author: Gregory Stephens
  • Free Trade Puts GOP Megadonors On Collision Course With Trump

NEW YORK-Billionaire conservative icon David Koch is stepping down from the Koch brothers' network of business and political activities.

David Koch has been an executive vice president and board member of Koch Industries, and chairman and chief executive officer of Koch Chemical Technology Group.

In his letter, Charles Koch wrote that "Unfortunately, these issues have not been resolved and his health has continued to deteriorate".

Along with stepping down from Koch Industries, Koch is also rolling back his responsibilities at the Seminar Network.

David, who was diagnosed with prostate cancer nearly two decades ago, is the executive vice president at Koch Industries.

The 78-year-old Wichita, Kansas native was diagnosed with prostate cancer in 1992 and has since undergone several rounds of treatments.

David Koch made his own foray into politics decades ago, waging an unsuccessful bid as the Libertarian Party's vice presidential candidate in 1980 with Ed Clark.

The Koch brothers, David and Charles, are political activists and heavyweight donors behind a political network that has often favoured conservative politicians.


The network, which includes about 700 like-minded donors who commit to giving at least $100,000 a year, plans to spend $400 million in policy and politics before the 2018 elections, the group's largest midterm investment.

He added: "David has never wanted anything for himself that he hasn't earned, as his sole desire has always been to contribute".

On Monday, their network announced a multi-year, multi-million-dollar campaign to promote free trade and oppose President Donald Trump's moves to impose tariffs. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success.

But Koch is perhaps better known for his work as an industrialist and his support for libertarian political causes.

Koch, who now lives in NY with his family, will continue to serve on some boards of organizations to which he has philanthropic ties. For instance, he provided $217 million to the Memorial Sloan Kettering Cancer Center, including $150 million for a new outpatient medical facility.

"Due to health reasons, David Koch will be resigning from the board of Americans for Prosperity Foundation", said Mark Holden, a longtime Koch lieutenant who is co-chairman of the political hub.

That's not to say Koch Industries is a golden boy for the social movement, while they have donated millions to the American Civil Liberties Union, the brothers have also spent money to deny climate change and they regularly attack unions and worker rights. According to Forbes, the company, which was founded in 1940, had $100 billion in revenue in 2017, making it the second-largest privately held American company.

Recommended:

  • Confirmed: Manchester United make Fred their first summer signing

    Confirmed: Manchester United make Fred their first summer signing

    One ex-teammate told the South China Morning Post: " Fred's a good player skilfully, though he's not physically strong or quick". Brazil legend Rivaldo is confident Fred can be a success in England but urged United fans to be patient with the midfielder.

    Facebook Provided Phone Makers 'Deep Access' to User Data

    To date, Facebook has ended 22 such partnerships with technology companies. "We are not aware of any abuse by these companies". In the wake of the Cambridge Analytica scandal , Facebook's app clean-up may end up being more hard than we think.
    Flash floods rush through Ellicott City, Maryland, trapping residents

    Flash floods rush through Ellicott City, Maryland, trapping residents

    It was a repeat of another major flood in 2016, when two people were killed and the city suffered millions of dollars in damage. As the flooding subsided, Governor Larry Hogan toured the area and promised "every bit of assistance we possibly can".
  • ASUS ROG Gaming Phone Unleashed With 90Hz Display, 512GB Storage, Ultrasonic Triggers

    ASUS ROG Gaming Phone Unleashed With 90Hz Display, 512GB Storage, Ultrasonic Triggers

    There is also a sheet of smoked tempered glass that give you a transparent view of the components fitted inside the cabinet. It comes with three , 140-millimeter PWM fans, but has room for six more fans ( three on the top and three at the front).
    England vs Nigeria 2 - 1 June 02 2018 World Cup Friendlies

    England vs Nigeria 2 - 1 June 02 2018 World Cup Friendlies

    The Everton keeper, 24, was in goal as England beat Nigeria 2-1 in their first warm-up match at Wembley on Saturday. Gary Cahill powered home the opener on seven minutes before Harry Kane fired home with 39 minutes on the clock.
    LeBron James: Kevin Durant addresses critics ahead of NBA Finals

    LeBron James: Kevin Durant addresses critics ahead of NBA Finals

    With the help of Second Spectrum, we take a look at what Klay Thompson and Steph Curry need to do in Game 7 to beat the Rockets. Ariza and Dennis Johnson are the only two players to go 0-for-12 or worse in a Game 7, according to Elias Sports Bureau.
  • Facebook bug switched privacy settings of 14 million accounts to 'public'

    Facebook bug switched privacy settings of 14 million accounts to 'public'

    The company's chief privacy officer shared a very brief statement, "We'd like to apologize for this mistake". However, it appears that the company didn't change the settings back to what the users had set until May 27.
    Apple to debut phone-to-phone augmented reality

    Apple to debut phone-to-phone augmented reality

    Now the industry giants are putting some of these principles into practice. A new Mac is also a possibility, though not considered likely.

    Trump to slap tariffs on steel, aluminum from EU on Thursday

    Trump first announced tariffs of 25 percent on steel and 10 percent on aluminum for national security reasons in March. But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".
  • Muguruza thrashes Sharapova to reach French Open semi-finals

    Muguruza thrashes Sharapova to reach French Open semi-finals

    Muguruza isn't giving he opponent many chances to breathe, and that's the reason for her quick success in these recent matches. Watching her ranking rise is "somewhat of a reward for the efforts, whether they are small or large", she said.

    Mexico’s revenge over Trump tariffs disrupting oil industry, USA energy CEO says

    The war was fought in Upper Canada , Lower Canada , on the Great Lakes and the Atlantic, and in the United States. But Gerard said Trump's policy creates uncertainty for USA oil companies.
    Valve removes controversial school-shooting simulator from Steam

    Valve removes controversial school-shooting simulator from Steam

    That process takes between one to five days, Valve says, and makes sure the game is working and "not doing anything harmful". The game included a box on the screen that shows how many police officers and civilians have been killed.


Popular

Crocodile kills pastor during lake baptism
Crocodile attacks are common in Africa, the paper reported, with numerous victims being women washing clothes. A crocodile killed a pastor during an 80-person baptism ceremony at a lake in southern Ethiopia.

Sane out of Germany's World Cup squad
Sane was cut from the squad with Timo Werner and the veteran Mario Gomez included as just two out-and-out strikers . Joachim Löw sprang a surprise in his final 23 for the World Cup by leaving out Leroy Sané.

Barcelona's ultimatum to Atletico star Antoine Griezmann
However despite the seemingly comfortable scoreline, the French supporters weren't exactly happy with the performance of Les Bleus .

"Koinonia": When Indian-American Beat Indian-American In Spelling Contest
The national bee, now in its 93rd year, has become so popular that the bee organizers have had to do some reorganization. After her defeat, she was swarmed by dozens of current and former spellers who wished her well, smiling throughout.

West Indies thrash Afridi-led World XI by 72 runs
Players like Shahid Afridi, Tamim Iqbal, Rashid Khan, Dinesh Karthik and many more famous cricketers. This was not the first instance the cricketing community is coming together to help those in need.

Odds against Cavs in Finals against Warriors
The Cavaliers look like a great team when Hill is engaged, as he's the only quality two-way player on the roster besides James. Then they get on with the business of sitting by the phone hoping LeBron wants to continue that relationship.

Brad Stevens on defending LeBron James: 'It's a joke'
Tristan Thompson? He took four shots, made them all. "Didn't know if we were going to make trades or not". The 6-foot-10 forward started in the place of Kevin Love (concussion) and scored 19 points.

Ricciardo overcomes power issue to prevail in Monaco
There is only Ferrari and Mercedes he could consider - but it is unlikely he is coming here. Finn Kimi Raikkonen, in the second Ferrari , started and finished fourth.

Indian police kill 9 anti-pollution protesters, says official
The company has sought to renew the licence of the temporarily non-operational plant and hopes to double its production capacity. Asked whether CRPF is being called in, Nanduri said no such decision has been taken but the situation is still tense.

Power sprints to 102nd Indianapolis 500 win
He has 34 wins in IndyCar now, tying him with Al Unser Jr. for most on the career list. "I was like, "I don't remember this". Please Roger, I've got to come back!" "He will be here next year in one of our cars".