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History of Corporate Funding of Conservative Think Tanks |
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Corporate funding for right-wing policy work has its roots in the 1970s, when leading conservative thinkers appealed to corporations to fund intellectuals who supported their economic interests. Irving Kristol, in his 1978 book "Two Cheers for Capitalism", argued that corporations should make "philantrophic contributions to scholars and institutions who are likely to advocate preservation of a strong private sector.". At the same time think tank entrepreneurs like Ed Feulner of Heritage and Edward Crane of CATO moved to cultivate corporate allies. At most conservative think tanks, corporate leaders now make up the overwhelming majority of board members.
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Merrill Lynch & Co., Inc.
American financial-services holding company whose principal subsidiary, Merrill Lynch, Pierce, Fenner & Smith Inc., is the largest retail brokerage house in the United States. Headquarters are in New York City. In the 1970s, under Chairman Donald T. Regan (later treasury secretary under President Ronald Reagan), the firm moved aggressively into such other financial services as insurance and established the nation's largest money-market mutual fund. The holding company was created in 1973. Under Merrill Lynch International, it has several international operations, including Smith New Court PLC, a British securities firm acquired in 1995.
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