Description

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This is a searching analysis of some of America's most powerful tax-exempt foundations, their actions as opposed to their stated purpose's, the interlocking groups of men who run them, and their influence on the country at large. The author, as counsel to the Reece Committee, which investigated foundations for the last Republican Congress, gained a unique insight into the inner workings of the various Rockefeller, Carnegie and Ford-created giants. He also witnessed the intense and powerful opposition to any investigation of these multi-billion-dollar public trusts. The Reece investigation was virtually hamstrung from the start to its early demise, which was aided and abetted by leading newspaper of the country. "It is difficult for the public to understand," writes Mr. Wormser, "that some of the great foundations which have done so much for us in some fields have acted tragically against the public interest in others, but the facts are there for the unprejudiced to recognize." "The power of the individual foundation giant is enormous. When there is like-mindedness among a group of these giants, which apparently is due to the existence of a closely knit group of professional administrators in the social science field, the power is magnified hugely. When such foundations do good, they justify the tax-exempt status which the people grant them. When they do harm, it can be immense harm - there is virtually no counter-force to oppose them.