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Article: Joe Kennedy to Retake Citizens Energy Helm, Could Steer it Back to Philanthropic Roots.
- Article from:
- The Oil Daily
- Article date:
- March 25, 1998
- Author:
CopyrightCOPYRIGHT 1998 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Kennedy clan's do-gooder vehicle, the opaquely run Citizens Energy Corp. (CEC), could see some changes when its founder, Rep. Joe Kennedy (D-Mass.), returns to manage it full-time in 1999.
Joe Kennedy, who says he won't seek re-election after his term ends later this year, could refocus CEC more toward its earlier philanthropic roots, according to Kennedy acolytes in Boston.
Joe founded CEC with late brother Michael in 1979 as an oil trading company that used its profits to subsidize heating oil for Massachusetts' poor. Michael later transformed it into a tax-exempt nonprofit company funded by a series of profit-making subsidiaries that he ran until his ...