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Its funder, John Olin, was former president of the Olin Corporation, a privately held conglomerate founded in 1894 by his father, Franklin, that owed much of its prosperity to government contracts dur... 0.900

👤 The author 📋 News Article 🏷️ History , Finance

Simplified: John Olin was former president of Olin Corporation founded in 1894 which prospered from government contracts during two world wars.

1 sources

1 month ago
The Olin Foundation began life in 1953 as a conventional, paternalistic organization that gave money to museums and hospitals. 0.900

👤 The author 📋 News Article 🏷️ History , Finance

Simplified: The Olin Foundation began in 1953 as a conventional organization giving money to museums and hospitals.

1 sources

1 month ago
“Enormously wealthy right-wing donors,” wrote the journalist Jane Mayer in her 2016 book, Dark Money, “transformed themselves from the ridiculed, self-serving ‘economic royalists’ of FDR’s day into th... 0.900

👤 Jane Mayer 📋 News Article 🏷️ Politics , Finance , History

Simplified: Jane Mayer wrote in Dark Money wealthy right-wing donors transformed themselves from ridiculed economic royalists into the respected other side of a t...

1 sources

1 month ago
Others who funded right-wing nonprofits included the billionaire oligarchs Joseph Coors and Charles Koch, along with assorted oligarch-funded organizations including the John M. Olin Foundation and th... 0.900

👤 The author 📋 News Article 🏷️ Politics , Finance

Simplified: Joseph Coors Charles Koch John M. Olin Foundation Lynde and Harry Bradley Foundation funded right-wing nonprofits.

1 sources

1 month ago
Scaife was no one’s idea of a benevolent philanthropist; asked in 1981 by a female reporter why he contributed so much money to the New Right, he replied, “You fucking communist cunt, get out of here.... 0.900

👤 The author 📋 News Article 🏷️ Person , Politics , Finance

Simplified: Scaife was not a benevolent philanthropist he made an offensive statement in 1981.

1 sources

1 month ago
John F. Kennedy successfully championed lowering the top marginal tax rate from 91 to 70 percent (signed into law by Lyndon Johnson after JFK’s assassination) 0.900

👤 The author 📋 News Article 🏷️ Political , Historical , Finance , Regulation

Simplified: John F Kennedy championed lowering top marginal tax rate from 91 to 70 percent. Lyndon Johnson signed it into law after JFK's assassination.

1 sources

1 month ago
His net worth at the time of his death in 1969 was about half a billion. 0.900

👤 The author 📋 News Article 🏷️ Finance , Historical

Simplified: Kennedy's net worth at death in 1969 was about half a billion.

1 sources

1 month ago
Though credited with getting the agency up and running, Kennedy “stepped down before newer, tougher regulation went into effect,” according to an official SEC history. 0.900

👤 The author 📋 News Article 🏷️ Political , Historical , Finance , Regulation

Simplified: Kennedy credited with getting SEC up and running. Kennedy stepped down before newer tougher regulation went into effect according to SEC history.

1 sources

1 month ago
The exception was the benign oligarch Kennedy, whom FDR appointed chair of the newly created Securities and Exchange Commission in 1934. 0.900

👤 The author 📋 News Article 🏷️ Political , Historical , Finance

Simplified: Kennedy was exception. FDR appointed Kennedy chair of Securities and Exchange Commission in 1934.

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1 month ago
The top threshold remained above 90 percent most years until the mid-1960s, when it dropped to 70 percent most years until 1982. 0.900

👤 The author 📋 News Article 🏷️ Finance , Economic , Regulation

Simplified: Top tax threshold remained above 90 percent most years until mid-1960s. It dropped to 70 percent most years until 1982.

1 sources

1 month ago
President Franklin Roosevelt, though himself a beneficiary of inherited wealth (his net worth at death was $1.9 million), was at worst a benign oligarch. 0.900

👤 The author 📋 News Article 🏷️ Political , Historical , Finance

Simplified: President Franklin Roosevelt was a beneficiary of inherited wealth. His net worth at death was $1.9 million. He was at worst a benign oligarch.

1 sources

1 month ago
Mellon died in disgrace five years later, fending off tax investigations by the Roosevelt administration. 0.900

👤 The author 📋 News Article 🏷️ Finance , Political , Historical

Simplified: Mellon died in disgrace five years later. Mellon was fending off tax investigations by Roosevelt administration.

1 sources

1 month ago
There, Mellon persuaded the British foreign office to allow Gulf Oil, in which he owned a majority stake, to drill in Kuwait. 0.900

👤 The author 📋 News Article 🏷️ Finance , Political , Economic

Simplified: Mellon persuaded British foreign office to allow Gulf Oil to drill in Kuwait. Mellon owned majority stake in Gulf Oil.

1 sources

1 month ago
As late as May 1931, Mellon was telling the American Bankers Association that “conditions today are neither so critical nor so unprecedented as to justify a lack of faith in our capacity to deal with... 0.900

👤 The author 📋 News Article 🏷️ Finance , Political , Economic

Simplified: Mellon told American Bankers Association in May 1931 conditions were not critical or unprecedented.

1 sources

1 month ago
Unlike Hoover, Mellon was untroubled by the 1930 Smoot-Hawley tariff that plunged the country deeper into the Great Depression. 0.900

👤 The author 📋 News Article 🏷️ Finance , Political , Economic

Simplified: Mellon was untroubled by 1930 Smoot-Hawley tariff. Tariff plunged country deeper into Great Depression.

1 sources

1 month ago
As treasury secretary, Mellon helped secure tariff protection for Alcoa that, a New Republic editorial observed in 1926, “enabled it to raise the prices of its product.” 0.900

👤 The author 📋 News Article 🏷️ Finance , Political , Economic

Simplified: Mellon helped secure tariff protection for Alcoa as treasury secretary. New Republic editorial observed Alcoa raised prices in 1926.

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1 month ago
His income more than doubled while he was in office. 0.900

👤 The author 📋 News Article 🏷️ Finance , Political

Simplified: Mellon's income more than doubled while in office.

1 sources

1 month ago
The investigation concluded that Couzens owed $11 million in taxes (though a Board of Tax Appeals created by Mellon himself would later conclude that Couzens was actually owed a $900,000 refund). 0.900

👤 The author 📋 News Article 🏷️ Finance , Taxation

Simplified: Investigation concluded Couzens owed $11 million in taxes. Board of Tax Appeals later concluded Couzens was owed $900000 refund.

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1 month ago
Meanwhile, Cannadine observes, repeal of a 25 percent gift tax in 1926 (Mellon also halved the estate tax to 20 percent) “made it possible for Mellon himself to begin transferring his immense holdings... 0.800

👤 David Cannadine 📋 News Article 🏷️ History , Finance

Simplified: Repeal of 25 percent gift tax in 1926 made it possible for Andrew Mellon to transfer holdings to children.

1 sources

1 month ago
Mellon dropped that to 25 percent. 0.900

👤 The author 📋 News Article 🏷️ History , Finance

Simplified: Andrew Mellon dropped the top marginal income tax rate to 25 percent.

1 sources

1 month ago