Philanthro-capitalism reigns

David Callahan in the Guardian, ‘. . . Private foundations, on the other hand, offer a way to preserve – and grow – estates over many decades and even centuries. There are more than 90,000 private foundations in the US, with over $800bn in assets, almost half of which are under family control.
Such institutions offer a powerful means for heirs to wield influence in society long after the original benefactor is gone. For example, a full century after the investor John Emory Andrus created the Surdna Foundation, its 12-member board remains controlled by his descendants, including members of the fifth generation. Surdna has assets of more than $1bn and gives away over $40m a year. It works to have influence in a range of areas, including over environmental and economic policies. . .  Rebekah Mercer, the daughter of the hedge fund executive Robert Mercer, has wielded even more power lately, in part through the family foundation bankrolled by her father. In recent years, Rebekah has helped distribute tens of millions of dollars in grants to conservative groups across the US. That giving, along with her father’s major political contributions, have made Rebekah a key power broker on the right and an influential figure in the Trump orbit. ‘ click here.