October 18, 2021

How McConnell and Chao used political power to make their family rich

How McConnell and Chao used political power to make their family rich

How McConnell and Chao used political power to make their family rich

By Larry Getlen
17 March 2018

As Schweizer tells it, the Chao family fortune derives from the Foremost Group, a shipping company that Chinese native James Chao, a classmate of former Chinese president Jiang Zemin at Jiao Tong University, founded in New York in 1964. Chao remains Foremost’s chairman today, and his daughters Angela and Christine are the company’s deputy chairwoman and general counsel, respectively. Elaine Chao worked there in the 1970s, and has been quoted as saying, “Shipping is our family tradition.”

The success of Foremost is largely due to its close ties to the Chinese government, in particular the China State Shipbuilding Corp. (CSSC), a corporation with which Foremost has done “large volumes of business.”

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