Stephen Calk: Difference between revisions
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Calk's banking career began in [[Kansas]], where, with his brother John focused on issuing mortgages on single-family homes to veterans.<ref name="Monte-McCormick" /><ref name="Brown" /> He moved his bank's headquarters to Chicago in 2014 after the city offered him [[Tax break|tax breaks]].<ref name="Monte-McCormick" /> |
Calk's banking career began in [[Kansas]], where, with his brother John focused on issuing mortgages on single-family homes to veterans.<ref name="Monte-McCormick" /><ref name="Brown" /> He moved his bank's headquarters to Chicago in 2014 after the city offered him [[Tax break|tax breaks]].<ref name="Monte-McCormick" /> |
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In 2014, Calk struck an agreement with [[Mayor of Chicago|Chicago Mayor]] [[Rahm Emanuel]] that promised to bring up to 400 new employees to a gentrifying neighborhood west of downtown. The city agreed to pay the bank $10,000 per employee, in what was the largest-ever grant of its kind, to cover job training costs. In the end, Calk and his brother John pulled off a neat |
In 2014, Calk struck an agreement with [[Mayor of Chicago|Chicago Mayor]] [[Rahm Emanuel]] that promised to bring up to 400 new employees to a gentrifying neighborhood west of downtown. The city agreed to pay the bank $10,000 per employee, in what was the largest-ever grant of its kind, to cover job training costs. In the end, Calk and his brother John pulled off a neat trick: Their bank, among the most profitable in the country that year, collected $3.6 million in public subsidies in substantial part by hiring employees. The city and the bank said in written responses to questions that Federal Savings fulfilled all of its obligations, and that the funds were only paid after the job training was completed and verified. A multimillion-dollar deal between [[Mayor of Chicago|Chicago Mayor]] [[Rahm Emanuel]] and Stephen Calk was supposed to deliver 400 new jobs to the city. On April 23, 2012, Stephen Calk said in an email to a city official that Federal Savings Bank’s board of directors had approved plans to establish a national home loan center in Chicago, subject to receiving a training allowance of $10,000 per employee. Under the deal, Chicago’s financial commitment was to come from a portion of the city’s TIF program that is dedicated to job training. Between early 2012 and March 28, 2013, the city of Chicago awarded two TIFWorks contracts totaling $2.1 million to Federal Savings and its holding company, according to city records.<ref name=":3" /> |
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In 2014, the Federal Savings Bank of Chicago signed an agreement to cooperate with the New York City real estate firm Douglas Elliman, and in exchange, either [[Douglas Elliman]] or its parent company, the Vector Group, invested in Calk's bank, according to a 2015 deposition by Howard Lorber, the Vector Group's CEO. The collaboration foundered, however, and was terminated in 2014. Lorber, a longtime friend and ally of Trump's, later served with Calk on the Trump campaign's economic council.<ref name="prosecution-rests" /><ref name="day11">{{cite news|last=Zapotosky|first=Matt|last2=Bui|first2=Lynh|last3=Weiner|first3=Rachel|last4=Jackman|first4=Tom|date=August 14, 2018|title=Paul Manafort trial Day 11: Emails show Manafort deeply involved in his financial dealings|work=Washington Post|url=https://www.washingtonpost.com/news/local/wp/2018/08/14/paul-manafort-trial-day-11-live-coverage/|access-date=August 14, 2018}}</ref> |
In 2014, the Federal Savings Bank of Chicago signed an agreement to cooperate with the New York City real estate firm [[Douglas Elliman]], and in exchange, either [[Douglas Elliman]] or its parent company, the Vector Group, invested in Calk's bank, according to a 2015 deposition by Howard Lorber, the Vector Group's CEO. The collaboration foundered, however, and was terminated in 2014. Lorber, a longtime friend and ally of Trump's, later served with Calk on the Trump campaign's economic council.<ref name="prosecution-rests" /><ref name="day11">{{cite news|last=Zapotosky|first=Matt|last2=Bui|first2=Lynh|last3=Weiner|first3=Rachel|last4=Jackman|first4=Tom|date=August 14, 2018|title=Paul Manafort trial Day 11: Emails show Manafort deeply involved in his financial dealings|work=Washington Post|url=https://www.washingtonpost.com/news/local/wp/2018/08/14/paul-manafort-trial-day-11-live-coverage/|access-date=August 14, 2018}}</ref> |
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In 2015, the city awarded another $1.5 million to the holding company, bringing the total to $3.6 million. However, a [[Spokesperson|spokesman]] for the [[Chicago]] Department of Planning and Development told that the city was aware that the bank’s training would cover both incumbent and new employees. The program’s guidelines state that the funds can be used both to train new hires and to provide training that upgrades the skills of current employees. The Federal Savings Bank, which specializes in home loans for veterans and first-time homebuyers, has 1722 employees.<ref name="Monte-McCormick" /><ref name=":3" /> |
In 2015, the city awarded another $1.5 million to the holding company, bringing the total to $3.6 million. However, a [[Spokesperson|spokesman]] for the [[Chicago]] Department of Planning and Development told that the city was aware that the bank’s training would cover both incumbent and new employees. The program’s guidelines state that the funds can be used both to train new hires and to provide training that upgrades the skills of current employees. The Federal Savings Bank, which specializes in home loans for veterans and first-time homebuyers, has 1722 employees.<ref name="Monte-McCormick" /><ref name=":3" /> |
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In 2016, Federal Savings Bank of Chicago approved large loans from his bank to [[Paul Manafort]], Donald Trump's former campaign manager.<ref name="Protess 2018" /><ref name="prosecution-rests" /><ref name="Gates-admits">{{cite news|author=<!--Staff writer(s); no by-line.-->|date=August 7, 2018|title=Paul Manafort Trial Live Updates: Gates Admits Having Affair as Defense Attacks Him|work=New York Times|location=New York|url=https://www.nytimes.com/2018/08/07/us/politics/manafort-trial-gates-testimony.html|access-date=August 7, 2018}}</ref> The Federal Savings Bank, a Federally Chartered National Bank headquartered in [[Chicago]], ultimately wrote off a loss of $12 million due to these dealings. Manafort stopped making payments after he was charged |
In 2016, Federal Savings Bank of Chicago approved large loans from his bank to [[Paul Manafort]], [[Donald Trump]]'s former campaign manager.<ref name="Protess 2018" /><ref name="prosecution-rests" /><ref name="Gates-admits">{{cite news|author=<!--Staff writer(s); no by-line.-->|date=August 7, 2018|title=Paul Manafort Trial Live Updates: Gates Admits Having Affair as Defense Attacks Him|work=New York Times|location=New York|url=https://www.nytimes.com/2018/08/07/us/politics/manafort-trial-gates-testimony.html|access-date=August 7, 2018}}</ref> The Federal Savings Bank, a Federally Chartered National Bank headquartered in [[Chicago]], ultimately wrote off a loss of $12 million due to these dealings. |
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In 2017, Manafort stopped making payments after he was charged, according to testimony given by the bank's senior vice president Dennis Raico at Manafort's August 2018 [[trial]] for [[fraud]] and [[tax evasion]].<ref name="sneed-macneal">{{cite news|last=Sneed|first=Tierney|last2=MacNeal|first2=Caitlin|date=August 13, 2018|title=Witness: Bank Prez Opposed Manafort Loan Approved By Bank CEO Trump Adviser|work=Talking Points Memo|url=https://talkingpointsmemo.com/muckraker/witness-bank-prez-opposed-manafort-loan-approved-by-bank-ceo-trump-adviser|access-date=August 15, 2018}}</ref><ref name="day9">{{cite news|last1=Weiner|first1=Rachel|last2=Zapotosky|first2=Matt|last3=Bui|first3=Lynh|last4=Jackman|first4=Tom|date=August 10, 2018|title=Paul Manafort trial Day 9: Manafort got $16 million in loans from bank whose CEO wanted Trump administration post|work=Washington Post|url=https://www.washingtonpost.com/news/local/wp/2018/08/10/paul-manafort-trial-day-9-live-coverage/|access-date=August 10, 2018}}</ref><ref name="McIntire">{{Cite news|last=McIntire|first=Mike|date=2017-04-12|title=After Campaign Exit, Manafort Borrowed From Businesses With Trump Ties|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/04/12/us/politics/paul-manafort-donald-trump.html|access-date=2018-02-27|issn=0362-4331}}</ref> In 2018, President Trump's former campaign chairman [[Paul Manafort]] admitted that he defrauded a Federal Savings Bank of Chicago of $16 million in loans.<ref name="prosecution-rests" /><ref name=":1">{{Cite news|last=Orden|first=Erica|last2=Rothfeld|first2=Michael|date=2018-02-22|title=Mueller Examines Manafort Loans|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/mueller-examines-manafort-loans-1519259125|access-date=2018-02-27|issn=0099-9660}}</ref> |
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== See also == |
== See also == |
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Revision as of 17:06, 22 March 2021
Stephen Calk | |
|---|---|
| Born | 1964 or 1965 (age 59–60)[1] |
| Education | University of Illinois, Urbana-Champaign (BA) Northwestern University (MBA) |
| Known for | Entrepreneur |
| Political party | Republican |
| Spouse | none |
| Children | 3 |
Stephen Calk (b. 1964/1965) is the founder, former Chairman and CEO of The Federal Savings Bank, a Federally Chartered National Bank headquartered in Chicago. He was an economic advisor to Donald Trump during the 2016 United States presidential election campaign.[2][3] Calk currently serves as an Ambassador for the Special Operations Warrior Foundation.[4]
Early life and career
Calk was born in Detroit, Michigan, and was raised in Florida, Illinois, and London. He attended the United States Military Academy Preparatory School, and is a 1988 graduate of the University of Illinois at Urbana–Champaign.[5] In 1998, Calk received a Master of Business Administration degree from the Kellogg School of Management at Northwestern University. Calk is also a graduate of the nine-year Presidents Program in Leadership at Harvard Business School.[6] In 1982, he enlisted in the United States Army and was honorably discharged as a Private First Class before he was early commissioned as an Army Officer. He is a graduate of the United States Army Aviation School and served in both active and reserve status as a combat helicopter pilot and commander for over 16 years.[7]
He had served his community a few civic and philanthropic boards including serving as the Chairman of the United States 10th Congressional District's Service Academy Selection Committee and as a Certified Leader in the Boy Scouts of America. He has served as a Trustee for the University of Illinois St. John's Catholic Newman Center and on the Board of the USO of Illinois. Since 2002, he has been a member of the Chicago Chapter of the World Presidents Organization and Young Presidents Organization. He is a proponent and advocate of Veteran housing needs. Calk is a former trainer and mentor of junior military officers and senior non-commissioned officer's prior to taking command positions or returning to civilian life after service to their country. He serves as an Ambassador for the Special Operations Warrior Foundation.[4][5] He has also served on numerous civic and philanthropic boards and is a member of The Economic Club of Chicago, The Harvard Club of New York City, Halter Wildlife Preserve, and The Chicago Club where he served on the Membership Commission. Calk is a nationally recognized expert in the fields of finance, economics, and real estate finance as well as National Security and Military issues. In 2016/2017 Calk served as a Senior Economic Advisor to the President-Elect of the United States and he has served as an advisor to the Governor of the State of Illinois, the Commissioner of Banks. and Real Estate and the Office of Professional Regulation for the State of Illinois on matters of Mortgage Banking and Real Estate finance. Calk had been named to the Trump campaign's economic advisory panel in August 2016.[5][8] Calk was nominated by Congressman Phillip Crane and subsequently appointed to the Unites States Military Academy Preparatory School at West Point. In 2017 Calk was named EY Entrepreneur of the Year finalist, Midwest division. He has served on the Board of Directors, Advisory Board of Directors, or Customer Advisory Board of Directors for various public and private companies including JP Morgan Chase’s Chase Manhattan Mortgage Corp., Ohio Savings Bank, Citimortgage, Bank of America, and the former General Electric Mortgage Insurance Company. He is regularly featured in print and on-air national news programs including CNN, Fox News, MSNBC, Fox Business News, CNBC Squawk Box, CBS evening news, The Wall Street Journal, New York Times, The Washington Post, Reuters, Money, Crains Chicago Business, the Chicago Tribune and Chicago Sun Times. Calk has served as an advisor to the Governor of the State of Illinois, the Commissioner of Banks. and Real Estate and the Office of Professional Regulation for the State of Illinois on matters of Mortgage Banking and Real Estate finance.[4][9][10][11][12]
Calk's banking career began in 1995 when he founded Chicago Bancorp, which has been described as "one of the largest privately-held retail mortgage banks in the country” and served as its President until it was later absorbed into The Federal Savings Bank, where, with his brother John, he focused on issuing mortgages on single-family homes to veterans.[12][13] Calk moved his bank's headquarters to Chicago in 2014 after the city offered him tax breaks.[12] Calk struck an agreement with Chicago Mayor Rahm Emanuel that promised to bring up to 400 new employees to a gentrifying neighborhood west of downtown. The city and the bank said in written responses to questions that Federal Savings fulfilled all of its obligations, and that the funds were only paid after the job training was completed and verified. However, a spokesman for the Chicago Department of Planning and Development told that the city was aware that the bank’s training would cover both incumbent and new employees. The program’s guidelines state that the funds can be used both to train new hires and to provide training that upgrades the skills of current employees. The Federal Savings Bank, which specializes in home loans for veterans and first-time homebuyers, has 1722 employees. A multimillion-dollar deal between Chicago Mayor Rahm Emanuel and Stephen Calk was supposed to deliver 400 new jobs to the city.[12][14]
In 2016, he was an economic advisor to Donald Trump during the 2016 United States presidential election campaign. Calk calls himself a centrist who backed President Barack Obama in 2008. He says he’s only met Trump three or four times, at social or charitable events. “He seemed to take a real interest in the fact that I was a single dad, that I was a family man, that I built my business, and I think he had a lot of respect for that,” Calk says. Calk has respect for Trump’s economic plans, especially cutting child-care costs and cutting business taxes to 15 percent.[11][15]
The Federal Savings Bank of Chicago
Calk's banking career began in Kansas, where, with his brother John focused on issuing mortgages on single-family homes to veterans.[12][13] He moved his bank's headquarters to Chicago in 2014 after the city offered him tax breaks.[12]
In 2014, Calk struck an agreement with Chicago Mayor Rahm Emanuel that promised to bring up to 400 new employees to a gentrifying neighborhood west of downtown. The city agreed to pay the bank $10,000 per employee, in what was the largest-ever grant of its kind, to cover job training costs. In the end, Calk and his brother John pulled off a neat trick: Their bank, among the most profitable in the country that year, collected $3.6 million in public subsidies in substantial part by hiring employees. The city and the bank said in written responses to questions that Federal Savings fulfilled all of its obligations, and that the funds were only paid after the job training was completed and verified. A multimillion-dollar deal between Chicago Mayor Rahm Emanuel and Stephen Calk was supposed to deliver 400 new jobs to the city. On April 23, 2012, Stephen Calk said in an email to a city official that Federal Savings Bank’s board of directors had approved plans to establish a national home loan center in Chicago, subject to receiving a training allowance of $10,000 per employee. Under the deal, Chicago’s financial commitment was to come from a portion of the city’s TIF program that is dedicated to job training. Between early 2012 and March 28, 2013, the city of Chicago awarded two TIFWorks contracts totaling $2.1 million to Federal Savings and its holding company, according to city records.[14]
In 2014, the Federal Savings Bank of Chicago signed an agreement to cooperate with the New York City real estate firm Douglas Elliman, and in exchange, either Douglas Elliman or its parent company, the Vector Group, invested in Calk's bank, according to a 2015 deposition by Howard Lorber, the Vector Group's CEO. The collaboration foundered, however, and was terminated in 2014. Lorber, a longtime friend and ally of Trump's, later served with Calk on the Trump campaign's economic council.[15][16]
In 2015, the city awarded another $1.5 million to the holding company, bringing the total to $3.6 million. However, a spokesman for the Chicago Department of Planning and Development told that the city was aware that the bank’s training would cover both incumbent and new employees. The program’s guidelines state that the funds can be used both to train new hires and to provide training that upgrades the skills of current employees. The Federal Savings Bank, which specializes in home loans for veterans and first-time homebuyers, has 1722 employees.[12][14]
In 2016, Federal Savings Bank of Chicago approved large loans from his bank to Paul Manafort, Donald Trump's former campaign manager.[2][15][17] The Federal Savings Bank, a Federally Chartered National Bank headquartered in Chicago, ultimately wrote off a loss of $12 million due to these dealings.
In 2017, Manafort stopped making payments after he was charged, according to testimony given by the bank's senior vice president Dennis Raico at Manafort's August 2018 trial for fraud and tax evasion.[18][19][20] In 2018, President Trump's former campaign chairman Paul Manafort admitted that he defrauded a Federal Savings Bank of Chicago of $16 million in loans.[15][21]
See also
References
- ^ Chicago Bank CEO Stephen Calk, Who Issued Loans to Paul Manafort, Pleads Not Guilty to Bribery
- ^ a b Protess, Ben; Silver-Greenberg, Jessica (2017-10-30). "Investigations of Manafort in New York Are Beyond Trump's Power to Pardon". The New York Times. ISSN 0362-4331. Retrieved 2018-02-27.
- ^ Drabold, Will (August 5, 2016). "Meet Donald Trump's Economic Advisors". Time.
- ^ a b c "STEVE CALK". Special Operations Warrior Foundation. Retrieved 2020-12-10.
- ^ a b c "Executive Profile: Stephen M. Calk". Bloomberg.com. New York, NY. 2018. Retrieved August 21, 2018.
- ^ "Executive Profile: Stephen M. Calk".
- ^ "Kapos: Meet the Chicago exec banking on Trump, flaws and all".
- ^ Tankersley, Jim; DelReal, Jose (August 5, 2016). "Trump's economic team has six men named Steve but no women". Washington Post. Retrieved August 15, 2018.
- ^ "Alumni Notes: Stephen M. Calk '83" (PDF). Shield & Diamond. Memphis, TN: Pi kappa Alpha Fraternity. October 1, 2016. p. 71.
- ^ "Kapos: Meet the Chicago exec banking on Trump, flaws and all". Chicago Sun-Times. Retrieved 2018-02-27.
- ^ a b "Chicagoan Is Economic Policy Adviser To Donald Trump". 2016-08-08. Retrieved 2021-01-23.
- ^ a b c d e f g Monte, Reel; Wack, Kevin (July 25, 2017). "Behind Manafort's Loans, a Chopper Pilot Who Flew Into Trump's Orbit". Bloomberg. Retrieved August 14, 2018.
{{cite web}}: CS1 maint: url-status (link) - ^ a b Brown, Lisa (July 21, 2014). "CitiMortgage seeks $4.5 million in the lawsuit against Chicago bankers". St. Louis Post-Dispatch. St. Louis, MO. Retrieved August 13, 2018.
- ^ a b c Wack, Kevin. "Bank CEO's fire-and-rehire maneuver reaps windfall at taxpayer expense". www.americanbanker.com. Retrieved 2021-03-22.
- ^ a b c d Weiner, Rachel; Bui, Lynh; Kranish, Michael; Barrett, Devlin (August 13, 2018). "Prosecution rests after two weeks of testimony in Manafort case". Washington Post. Retrieved August 14, 2018.
- ^ Zapotosky, Matt; Bui, Lynh; Weiner, Rachel; Jackman, Tom (August 14, 2018). "Paul Manafort trial Day 11: Emails show Manafort deeply involved in his financial dealings". Washington Post. Retrieved August 14, 2018.
- ^ "Paul Manafort Trial Live Updates: Gates Admits Having Affair as Defense Attacks Him". New York Times. New York. August 7, 2018. Retrieved August 7, 2018.
- ^ Sneed, Tierney; MacNeal, Caitlin (August 13, 2018). "Witness: Bank Prez Opposed Manafort Loan Approved By Bank CEO Trump Adviser". Talking Points Memo. Retrieved August 15, 2018.
- ^ Weiner, Rachel; Zapotosky, Matt; Bui, Lynh; Jackman, Tom (August 10, 2018). "Paul Manafort trial Day 9: Manafort got $16 million in loans from bank whose CEO wanted Trump administration post". Washington Post. Retrieved August 10, 2018.
- ^ McIntire, Mike (2017-04-12). "After Campaign Exit, Manafort Borrowed From Businesses With Trump Ties". The New York Times. ISSN 0362-4331. Retrieved 2018-02-27.
- ^ Orden, Erica; Rothfeld, Michael (2018-02-22). "Mueller Examines Manafort Loans". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-02-27.