When Elaine Chao’s mother died in 2007 she left behind a fortune. Forbes unveils the documents detailing her assets for the first time, as Trump’s Secretary of Transportation and Senator Mitch McConnell could stand to receive millions more.
Senator Mitch McConnell and Secretary of Transportation Elaine Chao at the Kentucky Society of Washington's Bluegrass Ball in Washington, D.C., before President Trump's Inauguration in 2017.In the heart of the Great Recession, Mitch McConnell suddenly got richer.
Her will directed the maximum amount of money that could pass through free of the federal estate tax to be split equally among her six daughters. That was $2 million in 2007. The rest was for her husband, James, who is still living today, at age 91. He decided to give even more. Foremost Group is “family owned,” said a spokesperson for the company in a statement, adding, “Secretary Chao has no interest, ownership or involvement in the company.” Elaine’s youngest sister, Angela Chao, runs the company as CEO.
Foremost has an office in New York City, but it’s not exactly a U.S. company. Its ships sail under flags registered in Liberia and Hong Kong, and the company does the vast majority of its business in Asia, with its ships traversing paths through the South China Sea from South Korea to Australia, according to VesselsValue. In the past year, some ships have stopped in Oregon, Virginia and Louisiana, according to global ship-tracking database MarineTraffic. The U.S.
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