On Friday, President Barack Obama (D) continued his class warfare rhetoric, euphemistically promising that increased government "revenues" to avoid "the fiscal cliff" would not come from those making under $250,000 a year. So will the funds come from the likes of his political director who is resigning to head the University of Chicago's new non partisan Institute of Politics and is definitely pulling in more than this cut of income?
Interestingly, although the Institute is located on the University of Chicago's campus in the Hyde Park neighborhood, long time home to the Obamas and friends such as Professor William Ayers and wife Bernardine Dohrn, Axelrod has long chosen to live elsewhere. Last spring Axelrod, "paid $1.7 million for a four-bedroom, 3,320-square-foot condo unit in a high-rise condo along Michigan Avenue."
The new seven-room unit he purchased first had been listed as part of an estate sale last May for $2.25 million, and was reduced to $1.9 million in November. Features in the 42nd-floor unit include views to the south and east, including of the lake. The unit also has 4-1/2 baths, a marble foyer, his and hers baths in the master suite and one garage space.
Enthusiastic one per cent Obama supporters, such as Oprah Winfrey, at one time had a more magnificent residence not far from Axelrod's. But Axelrod can probably afford his new home as Axelrod founded a public relations firm, ASGK Strategies, and a political consulting firm, AKPD Message and Media. Once he went to the White House, he sold both to his partners for a total of $3 million. But according to the Sun-Times, Axelrod's clout is still benefitting his former firm.
Now, two of the firm's clients - Citibank and the Chicago Cubs - have a lot riding on decisions to be made by Mayor Rahm Emanuel, the Axelrod friend and former White House colleague who ran on a pledge to reform a City Hall he described as riddled with influence-peddling.
Axelrod says he had no role in landing those contracts and isn't involved in the work ASGK is doing for Citibank, which wants to help finance Emanuel's highly touted Chicago Infrastructure Trust, or for the Cubs, who want Emanuel's help in financing a major renovation of Wrigley Field.
So Axelrod will be delighted and eager to pay the taxes and will not use any fancy accounting tricks to avoid them. Sure.