Paul Atkins, Trump’s variety to guide the Securities and Exchanges Fee, is but every other nominee with private ties to a billionaire circle of relatives.
Via Jemima McEvoy, Forbes Workforce
Ultimate week, President-elect Donald Trump nominated legal professional and financier Paul Atkins as chairman of the Securities and Alternate Fee, the federal government frame chargeable for regulating public corporations and inventory markets within the U.S. Atkins, 66, up to now served as an SEC commissioner from 2002 to 2008 below former President George W. Bush. He has been touted by means of Trump as a “confirmed chief for not unusual sense rules” and, crucially, a supporter of cryptocurrencies.
Regardless of his occupation within the public eye, Atkins’ hyperlink to one of the most wealthiest households within the Midwest has no longer been up to now reported. His spouse Sarah Humphreys, whom he married in 1990, is the one granddaughter of Tamko Development Merchandise founder E.L. Craig. An entrepreneur who had began and bought a number of ventures together with a boxing gymnasium and frozen custard store, Craig began the roofing trade in 1944 on the age of 69 in an previous streetcar barn in Joplin, Missouri.
Now founded in Galena, Kansas, Tamko is the fourth biggest producer of roofing shingles in the USA with $1.2 billion in income ultimate 12 months, consistent with a document from S&P International.
The Humphreys circle of relatives bought a 25% stake within the trade to the Carlyle Team, a $447 billion (belongings below control) personal fairness company, for an undisclosed sum in 2019. The circle of relatives nonetheless owns a 75% stake in Tamko, which is known as after the primary 5 states the place the corporate deliberate to first do trade: Texas, Arkansas, Missouri, Kansas and Oklahoma. Bloomberg reported in April that the circle of relatives and its minority investor could also be making an allowance for a sale valuing the trade at as much as $3.5 billion. An individual aware of the corporate says Tamko has grew to become down gives upper than that.
Tamko founder E.L. Craig and his spouse Mary Ethel Craig had only one kid, Ethelmae Craig, who headed the corporate as its chairman for greater than 3 many years. She was once described as “the matriarch” of the now nationwide roofing trade on the time of her demise in 2021.
Ethelmae and her husband John Pershing Humphreys (d. 1993), who was once Tamko’s president for a time, had 3 kids: David, John and Sarah. David and Sarah, and their respective spouses, now similarly cut up the circle of relatives’s 75% stake. According to Forbes estimates of the trade, each and every circle of relatives is price no less than $1 billion.
All 4 of them – Sarah and Paul Atkins in addition to David and Debra Humphreys – sit down onTamko’s board with Carlyle representatives. The 3rd Humphreys sibling, John, does no longer have an possession stake and runs a separate roofing trade, DaVinci Roofscapes, consistent with his LinkedIn web page.
David Humphreys took over as president and CEO in 1994 after his father’s demise. A libertarian who has given thousands and thousands to Missouri Republicans, David has additionally been an outspoken critic of Trump. “One day you simply have to seem within the reflect and acknowledge you can not most likely justify make stronger for Trump,” David advised The Impartial in 2016. After the assault at the U.S. Capitol on Jan. 6, 2021, David declared his just about $3 million in previous donations to Sen. Josh Hawley (R -Omit.), a outstanding backer of Trump’s false claims that he misplaced the election because of fashionable fraud, as “the worst mistake I ever made in my lifestyles.” He additionally budget the Joplin, Missouri-based EL Craig Basis, a $7 million (belongings) charity that helps conservative organizations and suppose tanks just like the Institute for Humane Research, a nonprofit that promotes the find out about of classical liberalism in faculties.
Sarah has served on Tamko’s board for greater than 1 / 4 century, and may be an lively political donor. She’s given no less than $7.7 million since 2002 – virtually all to Republicans – consistent with information from OpenSecrets. Sarah is the president and unmarried biggest donor to the J. P. Humphreys Basis. Additionally founded in Joplin, this charitable basis offers away kind of $3 million a 12 months in large part to conservative teams together with The Federalist Society for Regulation and Public Coverage Research and the Cato Institute, a unfastened market-Washington, D.C. suppose tank the place her brother David is a board member. Sarah has given greater than $33 million to the J.P. Humphreys Basis since 2010, consistent with public filings.
Her husband Paul Atkins is a director at each Sarah’s and David’s foundations; he has additionally loved a a success occupation in his personal proper. A North Carolina local, he started running in company legislation at New York Town’s Davis Polk & Wardwell in 1984, the similar company the place David Humphreys labored sooner than becoming a member of Tamko as normal recommend in 1989. After his stint as an SEC commissioner below Bush, Atkins introduced Patomak International Companions, a consulting company that focuses on advising monetary products and services corporations together with banks and crypto corporations on regulatory compliance, in 2009. The company is positioned in Washington, D.C., a block clear of the White Space.
Atkins and the Humphreys have had overlapping trade pursuits prior to now. Atkins was once indexed as a director at 3 other offshore entities both owned or affiliated with the Humphreys circle of relatives. That’s consistent with information made public as a part of the 2016 Panama Papers, a leak of greater than 11.5 million paperwork from Panamanian legislation company Mossack Fonseca, which assisted purchasers with putting in offshore corporations and different entities.
The 3 Humphreys-linked entities – EQB Offshore Ltd., Midwest Insurance coverage Corporate Ltd. and Tamcap Insurance coverage Ltd. – had been registered in Bermuda in between 2000 and 2008. Each EQB Offshore Ltd. and Midwest Insurance coverage Corporate Ltd., which seem to be affiliated, had been owned by means of trusts named for Sarah and David and served as “captive insurance coverage corporations” offering insurance coverage insurance policies to Tamko Development Merchandise, the individual aware of the corporate stated. (Those outfits had been taxed as U.S. companies and paid U.S. taxes till 2019 once they had been discontinued, consistent with the supply.) EQB has been liquidated, whilst the opposite two entities are dormant. Atkins and his spouse Sarah served as administrators in any respect 3 till 2013.
In line with S&P International analyst Marc Lazo, who covers Tamko’s debt, the Humphreys had been “moderately competitive” in comparison to their friends in paying hefty dividends. S&P calculates that the company’s homeowners will distribute no less than $100 million in dividends to themselves this 12 months, or about 90% to 95% of the corporate’s unfastened money float. In 2021, Tamko’s homeowners paid themselves a $250 million dividend, consistent with an S&P document from the time.
As a pair, Atkins and his spouse for sure seem to benefit from the trappings of wealth. Along with a just about $3 million house in Arlington, Virginia, assets information display that they personal an $8 million (estimated price) 6,000 sq. foot seashore area constructed alongside 3 adjacent parcels on Anna Maria island simply off the Florida coast about an hour from Sarasota.
Whilst he isn’t himself a billionaire, Atkins is considered one of no less than a dozen billionaires, billionaire spouses or participants of billionaire households (some by means of marriage) who’ve been nominated by means of Trump for the whole thing from cupboard positions to ambassadors. Others come with: Jared Isaacman (NASA), Charles Kushner (Ambassador to France), Howard Lutnick (Trade Secretary), Warren Stephens (Ambassador to the United Kingdom), Tilman Fertitta (Ambassador to Italy), Kelly Loeffler (Small Trade Management), Linda McMahon (Secretary of Training), Elon Musk (co-head of DOGE), Mehmet Oz. (Facilities for Medicare and Medicaid), Vivek Ramaswamy (co-head of DOGE) and Steve Witkoff (particular Center East envoy).
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