Founded in 1977 the Cato Institutes 1998 budget made up US$ 11 million. Its funding consists of corporate and private donations (especially from corporations and executives in the highly regulated industries of financial services, telecommunications and pharmaceuticals industries) and sales of publications.
Catos corporate donors include tobacco firms:
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One of the world's largest corporate entities in sales, consisting of companies in more than 100 countries, whose shares are owned by NV Koninklijke Nederlandsche Petroleum Maatschappij (Royal Dutch Petroleum Company Ltd.) of The Hague and by the "Shell" Transport and Trading Company, PLC, of London. Below these two parent companies are two holding companies, Shell Petroleum NV and the Shell Petroleum Company Limited, whose shares are owned 60 percent by Royal Dutch and 40 percent by "Shell" Transport and Trading. The holding companies, in turn, hold shares in and administer the subsidiary service companies and operating companies around the world, which engage in oil, petrochemical, and associated industries, from research and exploration to production and marketing. Several companies also deal in metals, nuclear energy, solar energy, coal, and consumer products.
Investment banking firm and securities dealer. Founded in the 19th century in Philadelphia, in 1993 Smith Barney became a wholly owned subsidiary of Travelers Group Inc. The 1998 merger of Citicorp and Travelers Group brought together Citibank, Travelers, Salomon Smith Barney, Commercial Credit and Primerica under Citigroup's trademark red umbrella.
In 1996 the firm, which was by then the second-largest bank in the United States, merged with another New York-based bank, The Chase Manhattan Corporation, to form the largest bank in the nation. Though the Chemical Banking Corporation had been the larger partner in the merger, the resulting firm was called The Chase Manhattan Corporation.