free enterprise action fund

<div>note color below</div><div>
</div><div>see borelli</div><div>
</div><div>_CSR --> ESG</div><div>
</div>evil, as it aims to undermine investing with social conscience?<div>=</div><div><div>=</div><div>10 22 mail</div><div>
</div><div>new trend is sweeping conservative America. It’s called <a href="https://substack.com/redirect/804621fa-d96b-465a-b0b6-e1d4b849ce08?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/804621fa-d96b-465a-b0b6-e1d4b849ce08?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw21wwCzIIhJFYlKwO5o0yWx" style="text-decoration-line: none;">the anti-ESG movement</a>, or <a href="https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw0_eYhEdoRGpBX7Q5FhefN" style="text-decoration-line: none;">anti-”woke capitalism” movement</a>, and it’s one of the biggest emerging barriers to corporate action on climate change.Anti-ESG proponents want to stop corporations from following environmentally and socially conscious investing principles, commonly referred to as Environment, Social and Governance (ESG) principles. They say companies are prioritizing “left-wing” goals over the financial interests of businesses and their employees, and should be prevented by law from doing so.This movement has gained a massive following in the last six months. <a href="https://substack.com/redirect/1295f96a-9f77-42f7-9acd-161a929c268d?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/1295f96a-9f77-42f7-9acd-161a929c268d?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw0yF4rQth1hcG5Homh8kejy" style="text-decoration-line: none;">Elon Musk</a> supports it, as do billionaire investors Peter Thiel and Bill Ackman, who are are backing a <a href="https://substack.com/redirect/71730183-0a41-4c0a-98f2-4ca58e8697de?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/71730183-0a41-4c0a-98f2-4ca58e8697de?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw26XzbXbpCDZm8Pp2QiXGsZ" style="text-decoration-line: none;">new financial firm dedicated to anti-ESG investing</a>. Banning “woke investing” is also one of the biggest recent priorities of Leonard A. Leo, the prominent conservative legal activist who runs one of the “best-funded and most sophisticated operations in American politics,” according to a New York Times <a href="https://substack.com/redirect/4857cbac-bc2b-4f94-b1b8-e58f5687276e?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/4857cbac-bc2b-4f94-b1b8-e58f5687276e?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw1liJWWIUZs9_u8eV0YHrpa" style="background-color: rgb(255, 255, 255); text-decoration-line: none;">investigation</a> published Wednesday. In the past year, <a href="https://substack.com/redirect/8a43dd00-a47d-4678-b7e5-222721ed545c?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/8a43dd00-a47d-4678-b7e5-222721ed545c?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw2dLYL5b2wg-l8Yk5LxUZlK" style="background-color: rgb(255, 255, 255); text-decoration-line: none;">17 states have proposed or adopted legislation</a> seeking to bar state investments in “woke” companies[twt]the anti-ESG movement frames itself as a strictly financial enterprise. Its proponents insist it’s not political movement. They’re simply trying to get politics out of the financial system so people can make the most money as possible.But the anti-ESG movement is, at its core, a lobbying effort created by climate deniers to make money for fossil fuel companies. It did not originate with financial experts or economists, but with two prominent industry operatives who’ve spent decades spreading disinformation about the human health risks of fossil fuels and cigarettes.These former coal and tobacco operatives first started their movement to ban socially conscious investing in 2004. Only now, nearly two decades later, have they been able to get mainstream conservative America on board.<h4 style="background-color: rgb(255, 255, 255); line-height: 1.16em; margin: 1em 0px 0.625em;">The anti-ESG movement is the climate denial movement</h4>Before the anti-ESG movement was the anti-ESG movement, it was the anti-CSR movement, the acronym standing for Corporate Social Responsibility. The two leaders of the anti-CSR movement were Steve Milloy and Tom Borelli.Milloy is a former <a href="https://substack.com/redirect/1438290b-cbc0-41ec-aa9d-e7f6c74f560e?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/1438290b-cbc0-41ec-aa9d-e7f6c74f560e?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw3WVd4Xa1DTbAWITXZT3Gns" style="text-decoration-line: none;">coal company executive</a> and paid advocate for <a href="https://substack.com/redirect/2aeced4d-8a04-42e9-ad4b-db7f1f4a7a09?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/2aeced4d-8a04-42e9-ad4b-db7f1f4a7a09?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw1nfckJklY28Foimua475Ij" style="text-decoration-line: none;">Phillip Morris and ExxonMobil</a>. His career focus is developing communication strategies to deny or downplay the risks of tobacco and fossil fuel pollution. He is among the most prominent people “clouding the climate change debate,” <a href="https://substack.com/redirect/615040e3-e415-47ae-932a-044bc466f0fa?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/615040e3-e415-47ae-932a-044bc466f0fa?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw0dfO_BCQaq8BzIMUuqqfEs" style="text-decoration-line: none;">according to the </a><a href="https://substack.com/redirect/615040e3-e415-47ae-932a-044bc466f0fa?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/615040e3-e415-47ae-932a-044bc466f0fa?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw0dfO_BCQaq8BzIMUuqqfEs" style="text-decoration-line: none;">The Washington Post</a>.Borelli is “one of the best-known of the science corrupters who worked for the tobacco industry,” according to <a href="https://substack.com/redirect/bafc8b13-4c2d-4ad5-a47b-eee1fe7657c4?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/bafc8b13-4c2d-4ad5-a47b-eee1fe7657c4?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw3bIEPRge8TrmV8aaiGDyqr" style="text-decoration-line: none;">The Center for Media and Democracy</a>. In the 90s, while working for Phillip Morris, he led the tobacco industry’s efforts to team up with other polluting industries—like coal and chemicals—to promote anti-science rhetoric. “The climate denial movement is a direct result of these coalitions,” according to CMD. (<a href="https://substack.com/redirect/ee10ede4-4fdd-4267-bf62-5d25bfde6437?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/ee10ede4-4fdd-4267-bf62-5d25bfde6437?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw1Oyocm1hFLdOBv6DapeLMo" style="text-decoration-line: none;">He now promotes climate denial</a>).In 2004, Milloy and Borelli formed a non-profit called the Free Enterprise Education Institute. The non-profit’s purpose, according to its tax forms, was to “educate the public about the American system of free enterprise” by “maintaining a website about its research.”The website they launched was called CSRwatch.com, and was marketed as a news destination for anyone opposed to “corporate social responsibility.” CSRwatch primarily aggregated news articles attacking corporations that had climate change and other socially conscious policies, like refusing to invest in child labor.<div style="background-color: rgb(255, 255, 255); line-height: 26px; margin-bottom: 16px; text-align: center;"><figure style="display: inline-block; margin: 0px auto; width: 550px;"><table width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 8px auto;"><tbody><tr><td style="margin: 0px; text-align: center;" /><td align="left" width="1456" style="margin: 0px; text-align: center;"><a href="https://substack.com/redirect/f58a37ae-b313-45d9-81be-a7a352d43183?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/f58a37ae-b313-45d9-81be-a7a352d43183?r%3D1n6e6&source=gmail&ust=1665832387609000&usg=AOvVaw2dpVWLqWBAvO4BVnhw6cW6" style="border: none; display: block; height: auto; margin: 0px; padding: 0px; text-decoration-line: none; width: auto;"><img alt="" width="550" height="290.86538461538464" src="https://ci3.googleusercontent.com/proxy/nDCVJpoa3LEs3Kj7agYYtm2VfwOrR4R3a8PGWVWblSA2ixJiVzemmZRnxrsCUd4C46gjhj7Obn_DAchro-SMSDsGmT4XhXxnrREC9j-kAPioy-ts4ai3ywFG_6Sk1KEIkOjAFv1PB0QXkvsTGIHooCrtnItY54UpQ4EbhRKAxxpkjLGGt3wfouOAB3UCNT3Vjo9_Zy0YvdZIPsOIs2FjGaXl0gJBcx92P7PnYnG-G-r9IrrqdVQyLa1XJhe8-qK0xXHHB2ZqJtG1RPxkBCCdDMEIpBIGjjbU3hraJDZLwp1EWKZgrfHdmkSQ9I8ePPrek9JIeI53nCRfQyXPWRSmKuOQtQ=s0-d-e1-ft#https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-05212f8e-fde3-53e2-8100-79f84192c69a.s3.amazonaws.com%2Fpublic%2Fimages%2F6ffc8cdc-f8ea-4539-ba29-72b155369752_2480x1312.png" class="CToWUd" data-bit="iit" style="display: block; height: auto; margin: 0px auto; vertical-align: middle; max-width: 100%; border: none !important; width: auto !important;" /></a></td><td style="margin: 0px; text-align: center;" /></tr></tbody></table><figcaption style="line-height: 1.4em;">A February 16, 2006 screenshot of CSRwatch.com. Source: <a href="https://substack.com/redirect/f36b4f47-d124-42de-bc3c-d8c3e7435282?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/f36b4f47-d124-42de-bc3c-d8c3e7435282?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw1Nf1qcbnVnRqgr1JY38">Wayback Machine</a>.</figcaption></figure></div>
One article posted to CSRwatch in 2006, for example, slammed corporations that <a href="https://substack.com/redirect/5d7bb163-10ca-4926-a77d-03ef404bc61e?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/5d7bb163-10ca-4926-a77d-03ef404bc61e?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0LOYX15c-AfNYXeWQcfCMd" style="text-decoration-line: none;">refuse to invest in overseas sweatshops</a>, saying they deprive children in developing countries of good paying jobs. "They try to shut down so-called sweatshops as though no jobs [are] better than what they consider to be low quality jobs, as though working as a 12-year-old beggar, thief or prostitute is better than working in a garment or shoe factory,” it read.The article also slammed pro-indigenous corporate policies. "I would love to meet just one corporate social responsibility activist … who's willing to go native for even one month and live in a state-of-the-art mud hut in malaria-infested rural Africa under the indigenous conditions they extol and perpetuate,"<a href="https://substack.com/redirect/5d7bb163-10ca-4926-a77d-03ef404bc61e?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/5d7bb163-10ca-4926-a77d-03ef404bc61e?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0LOYX15c-AfNYXeWQcfCMd" style="background-color: rgb(255, 255, 255); text-decoration-line: none;"> it read</a>.CSRWatch was directly funded by the fossil fuel industry. From 2004 to 2005, <a href="https://substack.com/redirect/779c22cb-ba74-446c-92c1-0c9602c3975f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/779c22cb-ba74-446c-92c1-0c9602c3975f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0pVKxcgfq7y5LjMJXjb_sD" style="text-decoration-line: none;">ExxonMobil gave the Free Enterprise Education Institute $80,000</a>. The non-profit also received grants from a <a href="https://substack.com/redirect/be206150-d5ba-4336-8aed-a8a81b0e829f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/be206150-d5ba-4336-8aed-a8a81b0e829f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw2kF7IcURjbisSMXZcq-e8t" style="text-decoration-line: none;">Koch family charity foundation</a>, <a href="https://substack.com/redirect/6a31dad7-47d2-428e-ae0a-6f68c99519c3?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/6a31dad7-47d2-428e-ae0a-6f68c99519c3?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw33oF7mZyNNhhjXuwnYzL_Y" style="text-decoration-line: none;">DonorsTrust</a>, and <a href="https://substack.com/redirect/476276b0-006a-4e81-b1c1-18281aaecf8d?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/476276b0-006a-4e81-b1c1-18281aaecf8d?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0yBdqEvBK2S8cEkEpPKEAg" style="text-decoration-line: none;">The Randolph Foundation</a>, all conservative groups with ties to fossil fuels.<h4 style="background-color: rgb(255, 255, 255); line-height: 1.16em; margin: 1em 0px 0.625em;">The original anti-ESG investing movement was not so great at investing</h4>CSRWatch was not Borelli and Milloy’s only effort to push back against ESG investing in the mid-2000s. They also set up a mutual fund called the <a href="https://substack.com/redirect/f322d261-93c6-4101-9e59-a562e2f899f8?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/f322d261-93c6-4101-9e59-a562e2f899f8?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw3IeYBa37NE4m60JQYPe_r2" style="text-decoration-line: none;">The Free Enterprise Action Fund</a>, designed to show that being anti-woke was also good business.The fund <a href="https://substack.com/redirect/d99297cf-25d6-4b10-bc68-54ea54411a17?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/d99297cf-25d6-4b10-bc68-54ea54411a17?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw2jfcyAeRjZhtlEOfSGUrS4" style="text-decoration-line: none;">sought to achieve long-term investment returns</a> “while aggressively challenging CEOs who use shareholder assets to advance the liberal political agenda.” But, perhaps because neither Borelli nor Milloy had any experience managing money professionally, the fund didn’t do very well, <a href="https://substack.com/redirect/d3c72f5b-66a4-471e-9add-941705eeced3?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/d3c72f5b-66a4-471e-9add-941705eeced3?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw3TdfDdiQWZOgImhWiIj-or" style="text-decoration-line: none;">according to a 2006 Slate piece</a>:<blockquote style="background-color: rgb(255, 255, 255); border-left: 4px solid rgb(239, 98, 48); margin: 20px 0px;">Judging by the early returns, these free-marketers are failing the test of the marketplace. The fund has attracted a paltry $5.2 million in assets as of March 31. <a href="https://substack.com/redirect/da35d227-e10e-4f8a-9f3c-675def2578c3?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/da35d227-e10e-4f8a-9f3c-675def2578c3?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0gfNHUZX8WtxA-l05tjRac" style="text-decoration-line: none;">Returns</a> have lagged the S&P 500 badly. In its first 10 months in business, the fund returned 2.32 percent while the S&P 500 rose 4.72 percent.</blockquote>Of course, the fund’s poor performance could also simply have been explained by the fact that it’s <a href="https://substack.com/redirect/7e38f6af-3c27-4c72-a109-de87e20d473f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/7e38f6af-3c27-4c72-a109-de87e20d473f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0iIqbL3EuECwAGOAtnS1wt" style="text-decoration-line: none;">bad business</a> to ignore environmental and social risk factors. Indeed, this is why the bulk of <a href="https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw1xq4f7Np3EVtW21up89n0d" style="text-decoration-line: none;">the financial</a> and <a href="https://substack.com/redirect/f9527c33-6096-44ea-ba43-3b37945038ea?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/f9527c33-6096-44ea-ba43-3b37945038ea?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw2TLIcthNOc3AVDsmmpaUDD" style="text-decoration-line: none;">corporate worlds</a> don’t agree with the anti-ESG movement. They know that ESG investing, particularly investing with climate change risk in mind, <a href="https://substack.com/redirect/de358cb3-c3df-4e9a-a200-2f968e465f47?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/de358cb3-c3df-4e9a-a200-2f968e465f47?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw029xb6bOPWD5ZULMXy8S94" style="text-decoration-line: none;">is not ideological</a>. It’s merely the smartest long-term financial decision.The anti-ESG movement doesn’t agree with this assessment for one reason, and one reason only: They’re climate deniers. And the fact that they’re climate deniers is not a coincidence. That is what the fossil fuel industry intended.<h4 style="background-color: rgb(255, 255, 255); line-height: 1.16em; margin: 1em 0px 0.625em;">The new anti-ESG movement: same folks, different face</h4>The original anti-ESG movement eventually appeared to fizzle. CSRwatch.com <a href="https://substack.com/redirect/92dd4281-85b1-43ef-9a1e-04076f7c96a5?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/92dd4281-85b1-43ef-9a1e-04076f7c96a5?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw1MZGroohfTlWQpl_1KaGXe" style="text-decoration-line: none;">stopped being updated</a> in late 2007 and the domain expired in 2008. Shortly after, The Free Enterprise Action Fund was <a href="https://substack.com/redirect/a29abeca-a412-4770-bd07-02c1317422fa?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/a29abeca-a412-4770-bd07-02c1317422fa?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw3iQX0-TvR7nNeTHhyOLepA" style="text-decoration-line: none;">merged into a separate mutual fund</a> that had nothing to do with anti-ESG advocacy.The Free Enterprise Education Institute <a href="https://substack.com/redirect/a6c79bc6-ef3b-4af3-8955-4a9bee19fd53?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/a6c79bc6-ef3b-4af3-8955-4a9bee19fd53?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0IIl4aOS-7ZagR8Am0Ie1d" style="text-decoration-line: none;">was then acquired by the National Center for Public Policy Research</a>, a much larger right-wing think tank funded by some of the similar players, <a href="https://substack.com/redirect/6b0e1905-9f09-4dd6-86d5-13fe42e55295?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/6b0e1905-9f09-4dd6-86d5-13fe42e55295?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw3AH6eSKVs_u5NNKWrQl-Zl" style="text-decoration-line: none;">including ExxonMobil</a>. The NCPPR announced that Milloy and Borelli would remain at the head of the project, which would from then on be called the Free Enterprise Project.At the time, Borelli <a href="https://substack.com/redirect/a6c79bc6-ef3b-4af3-8955-4a9bee19fd53?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/a6c79bc6-ef3b-4af3-8955-4a9bee19fd53?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0IIl4aOS-7ZagR8Am0Ie1d" style="text-decoration-line: none;">said</a> the merger would “significantly enhance our ability to educate the public on emerging threats to our free enterprise system.” And though it took about 14 years, it appears Borelli was correct.The new anti-ESG financial firm backed by Peter Thiel and Bill Ackman, Strive Asset Management, is being led by Justin Danhof, the former executive Vice President of the NCPPR. In a recent interview with the <a href="https://substack.com/redirect/38d58064-1133-4785-b888-16df62c2b184?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/38d58064-1133-4785-b888-16df62c2b184?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw2hUhMy8K4PvwMOzN3jxgYG" style="text-decoration-line: none;">Capitol Account newsletter</a>, Danhof explained his qualifications: “I ran a program called the Free Enterprise Project,” he said. “We were really at the beginning of what you would call any sort of pushback against ESG, woke capital — before it was even a term.”It may be more sophisticated today, but the anti-ESG movement is the same as it ever was: a political effort to delay climate action led by fossil fuel industry propagandists. It follows the <a href="https://substack.com/redirect/fe04c579-699b-44f4-aa42-0cbb0971d531?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/fe04c579-699b-44f4-aa42-0cbb0971d531?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw2nLYIa4jJt1Zdj3r3Rnvsh" style="text-decoration-line: none;">classic playbook of climate disinformation</a> by trying to “both sides” the idea of climate risk. But Witold Henisz, the director of the Wharton School’s ESG program, <a href="https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw1xq4f7Np3EVtW21up89n0d" style="text-decoration-line: none;">put it best</a>: “Climate risk is investment risk. There is no credible other side, only an ideological opposition cynically seeking a wedge issue for upcoming political campaigns.”“Proponents of climate science and more sustainable investing need to plan and execute their counterattack,” he added. “Silence in the face of such an attack is complicity. Which side are you on?”<h4 style="background-color: rgb(255, 255, 255); line-height: 1.16em; margin: 1em 0px 0.625em;">Further reading</h4><ul style="background-color: rgb(255, 255, 255); margin-top: 0px; padding: 0px;"><li style="margin: 8px 0px 0px 32px;"><a href="https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/02304009-d6ba-4515-8750-c28b6b7e820f?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw1xq4f7Np3EVtW21up89n0d" style="text-decoration-line: none;">How to Confront the Anti-ESG Campaign</a>. Wharton School of the University of Pennsylvania, August 2022.</li><li style="margin: 8px 0px 0px 32px;"><a href="https://substack.com/redirect/de358cb3-c3df-4e9a-a200-2f968e465f47?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/de358cb3-c3df-4e9a-a200-2f968e465f47?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw029xb6bOPWD5ZULMXy8S94" style="text-decoration-line: none;">Banks and Business Leaders Who Use ESG Aren’t ‘Woke.’ They’re Protecting Their Bottom Lines</a>. Fortune, September 2022.</li><li style="margin: 8px 0px 0px 32px;"><a href="https://substack.com/redirect/8728550d-49da-4c88-ad80-df1c2a07333d?r=1n6e6" rel="" target="blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/8728550d-49da-4c88-ad80-df1c2a07333d?r%3D1n6e6&source=gmail&ust=1665832387610000&usg=AOvVaw0WZtHJGBTvEP5cg4Y76Nkh" style="text-decoration-line: none;">The Republican War on “Woke Capitalism” Is Really Just a War on Capitalism</a>. Slate, June 2022.</li></ul></div><div>=</div></div><div>=</div><div>who could have predicted FAIL?!</div><div>
</div><div><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund">https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund</a></div><div>
</div><div><div id="mw-content-text" class="mw-body-content mw-content-ltr" lang="en" dir="ltr" style="direction: ltr;"><div class="mw-parser-output" style="">Free Enterprise Action Fund was a mutual fund operated by <a href="https://en.wikipedia.org/wiki/Steven_Milloy" title="Steven Milloy" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Steven Milloy</a> and Tom Borelli, with the goal of counterbalancing the activities of self-described <a href="https://en.wikipedia.org/wiki/Ethical_investment" class="mw-redirect" title="Ethical investment" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">ethical investment</a> funds. Whereas "ethical investment" funds avoid investments in firms that are accused of damaging the environment or of other negatively regarded behaviors, the Free Enterprise Action Fund sought out such investments, based on Milloy's claim that such criticisms are typically based on political bias or <a href="https://en.wikipedia.org/wiki/Junk_science" title="Junk science" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">junk science</a>. The fund ceased operations in 2009 and was merged into the Congressional Effect Fund.<a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-1" style="text-decoration-line: none; background: none;">[1]</a><div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading" style="background-color: rgb(248, 249, 250); border: 1px solid rgb(162, 169, 177); padding: 7px; display: table;"><ul style="list-style: none; margin: 0.3em 0px; padding: 0px;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#Controversy" style="text-decoration-line: none; background: none;">Controversy</a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#Activism_through_the_Fund" style="text-decoration-line: none; background: none;">2Activism through the Fund</a></li><li class="toclevel-1 tocsection-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#Financial_results" style="text-decoration-line: none; background: none;">3Financial results</a></li><li class="toclevel-1 tocsection-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#External_links" style="text-decoration-line: none; background: none;">4External links</a></li><li class="toclevel-1 tocsection-5" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#References" style="text-decoration-line: none; background: none;">5References</a></li></ul></div><h2 style="background-color: rgb(255, 255, 255); margin: 1em 0px 0.25em; padding: 0px; overflow: hidden; border-bottom: 1px solid rgb(162, 169, 177); font-weight: normal; line-height: 1.3;">Controversy[</h2>The Free Enterprise Action Fund was criticized for taking ideological stances at the expense of its investors' interests. <a href="https://en.wikipedia.org/wiki/Daniel_Gross" title="Daniel Gross" style="text-decoration-line: none; background: none;">Daniel Gross</a>, in <a href="https://en.wikipedia.org/wiki/Slate(magazine)" title="Slate (magazine)" style="text-decoration-line: none; background: none;">Slate</a>,<a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-2" style="text-decoration-line: none; background: none;">[2]</a> wrote:<blockquote style="background-color: rgb(255, 255, 255); overflow: hidden; margin: 1em 0px; padding: 8px 32px; border-left: none;">FEAF's managers also don't appear to be very interested in making money. Assembling a portfolio of 392 teeny positions (111 shares of Federal Express, 60 shares of Tiffany, etc.) is an incredibly inefficient and costly way of trying to mimic the S&P 500. Asset managers get paid based on the assets they manage. At FEAF, the Adviser (Milloy plus Borelli) receives a fee equal to 1.25 percent of assets. Five million dollars in assets throws off about $62,000 in fees annually, which is nowhere near enough to pay the salary of a professional money manager.</blockquote><blockquote style="overflow: hidden; margin: 1em 0px; padding: 8px 32px; border-left: none;">Page 17 of the annual report shows that the fund incurred total expenses of $302,117, a whopping 6 percent of assets. But the prospectus promises that fees won't eat up more than 2 percent of total assets each year. And so in 2005, the adviser (i.e., Borelli and Milloy) waived his entire $44,727 management fee. What's more, the adviser reimbursed some $185,616 in trading, administrative, and legal expenses to the fund. If the fund's assets rise sharply in the next few years, the adviser can theoretically recoup these waived payments and reimbursements. But in the short term, it looks like Borelli and Milloy are essentially paying the fund for the privilege of using it as a platform to broadcast their views on corporate governance, global warming, and a host of other issues.</blockquote>On the other hand, <a href="https://en.wikipedia.org/wiki/Steve_Forbes" title="Steve Forbes" style="text-decoration-line: none; background: none;">Steve Forbes</a> praised the fund:<a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-3" style="text-decoration-line: none; background: none;">[3]</a><blockquote style="background-color: rgb(255, 255, 255); overflow: hidden; margin: 1em 0px; padding: 8px 32px; border-left: none;">Early last year promarket activists launched the Free Enterprise Action Fund. It has only a handful of dollars today and is investing primarily in companies that make up the S&P 500. The fund is run by 47-year-old entrepreneur Steve Milloy, who hopes that it and other funds like it will become counterweights to these anti-business activists by waging proxy campaigns for pro entrepreneurial capitalist measures (including the flat tax). Who knows how well the fund will do? But its precept is a sound one: Good business is good social policy.</blockquote><h2 style="background-color: rgb(255, 255, 255); margin: 1em 0px 0.25em; padding: 0px; overflow: hidden; border-bottom: 1px solid rgb(162, 169, 177); font-weight: normal; line-height: 1.3;">Activism through the Fund[</h2>In a conference in New York in March 2008, Milloy stated that the Fund aims to "be a problem for managements and shareholders", and that he and Borelli "primarily work through shareholder proposals" to "get the shareholders and CEOs to think about what they're doing". He also stated, "We have filed numerous shareholder proposals with companies in the <a href="https://en.wikipedia.org/wiki/US_Climate_Action_Partnership" class="mw-redirect" title="US Climate Action Partnership" style="text-decoration-line: none; background: none;">US Climate Action Partnership</a>".<a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-4" style="text-decoration-line: none; background: none;">[4]</a><h2 style="background-color: rgb(255, 255, 255); margin: 1em 0px 0.25em; padding: 0px; overflow: hidden; border-bottom: 1px solid rgb(162, 169, 177); font-weight: normal; line-height: 1.3;">Financial results[</h2>The 2008 Annual Report for the fund <a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-5" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[5]</a> shows an annualized loss of 6.58% during the timeframe of March 1, 2005 (its inception) to December 31, 2008. For comparison, the S&P 500 Index showed an annualized loss of 5.47% during this period.At the end of 2008, the fund had total net assets under management of $6,705,261. The total paid-in-capital invested with the fund, from its start to the end of 2008, was $9,983,108 (p. 14).As had occurred in every year of operation thus far (p. 17), the adviser of the fund waived or reimbursed expenses to the fund. (Currently, the adviser is contractually obligated to do so to maintain the ratio of expenses to average net assets as, at most, 1.75%.) In 2008, the amount waived or reimbursed was $181,612; in previous years, it had been $154,750 (in 2007), $239,564 (in 2006), and $230,343 (in 2005 <a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_note-6" style="text-decoration-line: none; background: none;">[6]</a>). Of the $181,612 in 2008, $129,468 was from waiving the investment advisory fee, leaving $52,144 as the amount reimbursed out-of-pocket to the fund by the adviser for other operating expenses.<h2 style="background-color: rgb(255, 255, 255); margin: 1em 0px 0.25em; padding: 0px; overflow: hidden; border-bottom: 1px solid rgb(162, 169, 177); font-weight: normal; line-height: 1.3;">External links[</h2><ul style="background-color: rgb(255, 255, 255); list-style-image: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" bullet-icon.svg="bullet-icon.svg" d4515="d4515" margin="margin" em="em" px="px" padding="padding"><li style="margin-bottom: 0.1em;"><a rel="nofollow" class="external text" href="http://www.freeenterpriseactionfund.com/" style="text-decoration-line: none; background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">Free Enterprise Action Fund</a></li></ul><h2 style="background-color: rgb(255, 255, 255); margin: 1em 0px 0.25em; padding: 0px; overflow: hidden; border-bottom: 1px solid rgb(162, 169, 177); font-weight: normal; line-height: 1.3;">References[</h2><div class="reflist" style="margin-bottom: 0.5em; list-style-type: decimal;"><div class="mw-references-wrap" style=""><ol class="references" style="margin: 0.3em 0px 0px 3.2em; padding: 0px; list-style-image: none; counter-reset: mw-ref-extends-parent 0 list-item 0; list-style-type: inherit;"><li id="cite_note-1" style="background-color: rgb(255, 255, 255); margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-1" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a> }<cite class="citation web cs1" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/shed-no-tears-for-departed-funds-2009-12-27?pagenumber=2" style="text-decoration-line: none; background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">"Shed no tears for departed funds. - By Chuck Jaffe - marketwatch.com"</a>. Retrieved 2009-12-30.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Shed+no+tears+for+departed+funds.+-+By+Chuck+Jaffe+-+marketwatch.com&rft_id=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fshed-no-tears-for-departed-funds-2009-12-27%3Fpagenumber%3D2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFree+Enterprise+Action+Fund" class="Z3988" /></li><li id="cite_note-2" style="background-color: rgb(255, 255, 255); margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-2" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a> }<cite class="citation web cs1" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.slate.com/id/2140997/" style="text-decoration-line: none; background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">"A very curious right-wing mutual fund. - By Daniel Gross - Slate Magazine"</a>. Retrieved 2007-10-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+very+curious+right-wing+mutual+fund.+-+By+Daniel+Gross+-+Slate+Magazine&rft_id=http%3A%2F%2Fwww.slate.com%2Fid%2F2140997%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFree+Enterprise+Action+Fund" class="Z3988" /></li><li id="cite_note-3" style="background-color: rgb(255, 255, 255); margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-3" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a> }<cite class="citation news cs1" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110520200422/http://members.forbes.com/forbes/2006/0424/023_2.html" style="text-decoration-line: none; background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">"Pressuring Business to Believe in Business"</a>. Forbes. Archived from <a rel="nofollow" class="external text" href="http://members.forbes.com/forbes/2006/0424/023_2.html" style="text-decoration-line: none; background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">the original</a> on May 20, 2011. Retrieved 2007-10-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Pressuring+Business+to+Believe+in+Business&rft_id=http%3A%2F%2Fmembers.forbes.com%2Fforbes%2F2006%2F0424%2F023_2.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFree+Enterprise+Action+Fund" class="Z3988" /></li><li id="cite_note-4" style="margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-4" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a>} <a rel="nofollow" class="external text" href="http://www.heartland.org/bin/media/newyork08/audio/Monday/milloy.mp3" style="background-image: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" background-position="background-position" right="right" center="center" background-size="background-size" initial="initial" background-repeat="background-repeat" no-repeat="no-repeat" background-attachment="background-attachment" background-origin="background-origin" background-clip="background-clip" text-decoration-line="text-decoration-line" none="none" padding-right="padding-right" px="px">How to Stop Climate Change Legislation in the US.</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081024102652/http://www.heartland.org/bin/media/newyork08/audio/Monday/milloy.mp3" style="background-image: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" background-position="background-position" right="right" center="center" background-size="background-size" initial="initial" background-repeat="background-repeat" no-repeat="no-repeat" background-attachment="background-attachment" background-origin="background-origin" background-clip="background-clip" text-decoration-line="text-decoration-line" none="none" padding-right="padding-right" px="px">Archived</a> 2008-10-24 at the <a href="https://en.wikipedia.org/wiki/Wayback_Machine" title="Wayback Machine" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Wayback Machine</a> (<a href="https://en.wikipedia.org/wiki/MP3" title="MP3" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">MP3</a>)</li><li id="cite_note-5" style="background-color: rgb(255, 255, 255); margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-5" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a> }<cite class="citation web cs1" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.freeenterpriseactionfund.com/FEAF_Annual.pdf" style="text-decoration-line: none; background: url(" upload.wikimedia.org="upload.wikimedia.org" wikipedia="wikipedia" commons="commons" icons-mini-file_acrobat.gif="Icons-mini-file_acrobat.gif" right="right" center="center" no-repeat="no-repeat" padding-right="padding-right" px="px">"2008 Annual Report"</a> (PDF). Retrieved 2009-05-16.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2008+Annual+Report&rft_id=http%3A%2F%2Fwww.freeenterpriseactionfund.com%2FFEAF_Annual.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFree+Enterprise+Action+Fund" class="Z3988" /></li><li id="cite_note-6" style="margin-bottom: 0.1em; counter-increment: mw-ref-extends-parent 1; counter-reset: mw-ref-extends-child 0;"><a href="https://en.wikipedia.org/wiki/Free_Enterprise_Action_Fund#cite_ref-6" aria-label="Jump up" title="Jump up" style="text-decoration-line: none; background: none;">^{</a>} <cite class="citation web cs1" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.slate.com/id/2140997/" style="background: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" right="right" center="center" no-repeat="no-repeat" text-decoration-line="text-decoration-line" none="none" padding-right="padding-right" px="px">"</a><a rel="nofollow" class="external text" href="http://www.slate.com/id/2140997/" style="background-image: url(" w="w" skins="skins" vector="Vector" resources="resources" common="common" images="images" external-link-ltr-icon.svg="external-link-ltr-icon.svg" e54="e54" background-position="background-position" right="right" center="center" background-size="background-size" initial="initial" background-repeat="background-repeat" no-repeat="no-repeat" background-attachment="background-attachment" background-origin="background-origin" background-clip="background-clip" text-decoration-line="text-decoration-line" none="none" padding-right="padding-right" px="px">A very curious right-wing mutual fund. - By Daniel Gross - Slate Magazine"</a>. Retrieved 2007-10-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+very+curious+right-wing+mutual+fund.+-+By+Daniel+Gross+-+Slate+Magazine&rft_id=http%3A%2F%2Fwww.slate.com%2Fid%2F2140997%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFree+Enterprise+Action+Fund" class="Z3988" style="background-color: rgb(255, 255, 255);" /></li></ol></div></div></div></div><div id="catlinks" class="catlinks" data-mw="interface" style="border: 1px solid rgb(162, 169, 177); background-color: rgb(248, 249, 250); padding: 5px; margin-top: 1em; clear: both;"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="https://en.wikipedia.org/wiki/Help:Category" title="Help:Category" style="text-decoration-line: none; background: none;">Categories</a>: <ul style="list-style: none; margin: 0px; padding: 0px; display: inline;"><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 0px; padding: 0px 0.5em 0px 0.25em;"><a href="https://en.wikipedia.org/wiki/Category:Advocacy_groups_in_the_United_States" title="Category:Advocacy groups in the United States" style="text-decoration-line: none; background: none;">Advocacy groups in the United States</a></li><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 1px solid rgb(162, 169, 177); padding: 0px 0.5em;"><a href="https://en.wikipedia.org/wiki/Category:Mutual_funds_of_the_United_States" title="Category:Mutual funds of the United States" style="text-decoration-line: none; background: none;">Mutual funds of the United States</a></li><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 1px solid rgb(162, 169, 177); padding: 0px 0.5em;"><a href="https://en.wikipedia.org/wiki/Category:2009_disestablishments_in_the_United_States" title="Category:2009 disestablishments in the United States" style="text-decoration-line: none; background: none;">2009 disestablishments in the United States</a></li></ul></div></div></div><div>bad code?<a href="https://slate.com/business/2006/05/a-very-curious-right-wing-mutual-fund.html">https://slate.com/business/2006/05/a-very-curious-right-wing-mutual-fund.html</a>
<header class="articleheader" style="box-sizing: inherit; grid-area: 2 / 3 / span 2 / auto; margin: 0.7em 0px 2.2em; background-color: rgb(255, 255, 255);"><div class="articlemeta" style="box-sizing: inherit; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row; -webkit-box-align: center; align-items: center; -webkit-box-pack: justify; justify-content: space-between;"><div class="articlebyline" style="box-sizing: inherit; max-width: 65%; letter-spacing: 0.07em; text-transform: uppercase;"> <a href="https://slate.com/author/daniel-gross" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none;">DANIEL GROSS</a>  MAY 04, 2006</div></div></header><section class="articlebody" style="box-sizing: inherit; grid-area: 5 / 3 / auto / auto;"><div class="articlepodcast-subscribe" style="background-color: rgb(255, 255, 255); box-sizing: inherit; grid-area: 1 / 1 / auto / -1;"><div class="articlecontent" itemprop="mainEntityOfPage" style="box-sizing: inherit;"><p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-0@published" data-word-count="66" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Are you a right-wing, free-market type who believes that Fortune 500 CEOs have devolved into a gaggle of eco-friendly squishes? Do you like paying high expenses for stock market returns that lag the S&P 500? Would you trust a former tobacco executive and a critic of junk science to manage your money? Then have I got a mutual fund for you! <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">The Free Enterprise Action Fund</a>.<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-1@published" data-word-count="73" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Mutual-fund investors face a bewildering array of choices—about 8,002 at most recent count, <a data-linktype="External" href="http://www.ici.org/stats/latest/trends_03_06.html#TopOfPage" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">according to the Investment Company Institute</a>. Whatever their investment style, mutual funds aim, first and foremost, to deliver returns to their shareholders. But FEAF also has something else in mind. In a scenario that could have been written by <a data-linktype="External" href="http://www.amazon.com/gp/product/0812976525/sr=8-1/qid=1146686076/ref=pd_bbs_1/102-5932596-7691354?encoding=UTF8" data-amzn-asin="0812976525" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Christopher Buckley</a> (with a little help from <a data-linktype="External" href="http://moneycentral.msn.com/content/CNBCTV/TV_Info/Anchors&Reporters/P18629.asp" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">James Cramer</a>), FEAF seems to be a lobbying enterprise masquerading as a mutual fun<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-2@published" data-word-count="116" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">While FEAF’s Web site notes that the fund’s managers, Thomas Borelli and Steven Milloy, have “30 years of combined experience in public policy issues and advocacy,” it makes no mention of any experience they have managing money professionally. Milloy is an author and proprietor of the blog <a data-linktype="External" href="http://www.junkscience.com/" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">junkscience.com</a> and, as Paul Thacker <a data-linktype="External" href="http://www.freepress.net/news/print.php?id=13581" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">noted</a> in the New Republic in January, has been a practitioner of the fine art of pay-for-punditry. Borelli, a biochemist and former manager of corporate scientific affairs for Philip Morris, is a senior fellow at the <a data-linktype="External" href="http://www.nationalcenter.org/" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">National Center for Public Policy Research</a> and the executive director of <a data-linktype="External" href="http://www.csrwatch.com/" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">CSRwatch.com</a>, a clearing house of information for those opposed to the horrid concept of “corporate social responsibility.”<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-3@published" data-word-count="103" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">The way Borelli and Milloy appear to see it, America’s publicly held companies are becoming playgrounds for lefties. Every year, legions of socially aware investors—union pension funds, or outfits like the <a data-linktype="External" href="http://www.calvert.com/" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Calvert Socially Responsible Mutual Funds</a>—use shareholder resolutions and their growing assets to bully meek CEOs into taking action on global warming, or remaining silent on Social Security reform proposals, or channeling corporate resources to dubious environmental and social justice nonprofits. As investing has become politics by other means, they <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/about.html" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">note</a>, “left-wing social and political activists are harnessing the power, resources and influence of publicly-owned corporations to advance their social and political agendas.”<div class="slate-ad ad--box ad--desktopOnly" style="background-color: rgb(255, 255, 255); box-sizing: content-box; text-align: center; margin: 15px 0px 15px 20px; padding: 0px; border: none; contain: layout; position: relative; z-index: 0; float: right; width: 300px;"><div class="slate-adcreative" data-uri="slate.com/components/slate-ad/instances/inArticleAds" data-placeholder="settings" data-type="mid-article-box" data-sizes="300x250" data-prebid="true" data-prebid-sizes="300x250" data-zone-id="768494" data-placement-id="12399462" data-criteo-id="1157131" data-site-id="271366" data-tl-code="slate_dm_inline_rec_pb" id="mid-article-box-1" data-google-query-id="CP-EuOz2hPYCFbTF9gId3nIJIg" style="box-sizing: inherit; margin: 0px auto; min-height: 250px; height: auto !important;"><div id="google_ads_iframe_91898098/slate.com/business/moneybox_3container" style="box-sizing: inherit; border: 0pt none; position: relative !important;"><p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-4@published" data-word-count="50" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">FEAF aims to act as a counterweight to do-gooders. (Here’s its <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/pdfs/free_enterprise_prospectus.pdf" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">prospectus</a>.) In addition to tangible returns that should come from roughly tracking the S&P 500, it promises a bonus: a “pro free enterprise ideological benefit through advocacy that promotes shareholder value and defends the American system of free enterprise.”<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-5@published" data-word-count="151" class="slate-paragraph slate-graf" style="box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Since opening for business in March 2005, the fund has bought very small stakes in nearly 400 different companies and used these tiny holdings to take their fight to the business establishment. The fund has <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/release111005.htm" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">zinged</a> the <a data-linktype="External" href="http://www.businessroundtable.org/" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Business Roundtable</a> for insufficient vigilance in “defending capitalism and free enterprise against efforts in Congress to confiscate business earnings and shareholder assets.” Last December, it <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/release121305.htm" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">challenged</a> Microsoft to “reverse its recently announced plan to stop using PVC plastic as a packaging material.” (Here’s Microsoft’s <a data-linktype="External" href="http://www.microsoft.com/presspass/features/2005/dec05/12-07Packaging.mspx" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">announcement</a>.) In March it <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/GE_shareholder_letter_3-17-06.pdf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">told</a> General Electric that while the fund is all for GE’s “<a data-linktype="External" href="http://www.ge.com/en/product/ecomagination/index.htm" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Ecomagination</a>” initiative, the company shouldn’t put itself on the record in favor of government regulations of emissions. In March, Milloy, Borelli, and a colleague <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/release040706.htm" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">made a spectacle</a> at the annual meeting of Goldman Sachs. (They’re angered that CEO Henry Paulson is a tree-hugger, and that Goldman <a data-linktype="External" href="http://www.wcs.org/353624/4556203" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">had given land in Chile to a conservancy group</a>.}<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-5@published" data-word-count="151" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Judging by the early returns, these free-marketers are failing the test of the marketplace. The fund has attracted a paltry $5.2 million in assets as of March 31. <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/performance.htm" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Returns</a> have lagged the S&P 500 badly. In its first 10 months in business, the fund returned 2.32 percent while the S&P 500 rose 4.72 percent.<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-7@published" data-word-count="135" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Meanwhile, its efforts to stiffen the spine of corporate America have been quixotic and unfocused. A resolution the fund filed with Goldman failed by a margin of about 473 million to 178, in part because “the resolution was unavoidably filed late and so was not included in Goldman’s proxy statement.” The <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/FEAF_2005_Report.pdf" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">2005 annual report</a> notes that the fund filed resolutions asking Johnson & Johnson, among others, to report on the impact “of the flat tax as discussed in ‘Flat Tax Revolution: Using a Postcard to Abolish the IRS’ by Steve Forbes.” It also initiated action on “an effort by the New York Times to investigate the adoption of children by Supreme Court Justice John Roberts.” Huh? Your guess is as good as mine. After agreeing to an interview with me, Milloy didn’t return several messages.<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-8@published" data-word-count="82" class="slate-paragraph slate-graf" style="box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">In many ways, FEAF differs from typical mutual funds. Most mutual funds don’t publish a <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/who.htm" style="background-color: rgb(255, 255, 255); box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">list of individual investors</a>. (Surprise, many are lobbyists and members of the pundit-industrial complex.) Most mutual funds don’t list their press releases and media hits in their annual report. Here, at least, FEAF has had some success tapping into the supply-side echo chamber. The reliable Amity Shlaes plugged Milloy and Borelli in her <a data-linktype="External" href="http://www.bloomberg.com/apps/news?pid=10000039&sid=af2YTlE9STiM&refer=columnist_shlaes" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Bloomberg column</a> last month, and <a data-linktype="External" href="http://moneycentral.msn.com/content/CNBCTV/TV_Info/P12129.asp" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">Larry Kudlow</a> had Milloy on his show in March.<div class="slate-ad ad--box ad--desktopOnly" style="background-color: rgb(255, 255, 255); box-sizing: content-box; text-align: center; margin: 15px 0px 15px 20px; padding: 0px; border: none; contain: layout; position: relative; z-index: 0; float: right; width: 300px;"><div class="slate-adcreative" data-uri="slate.com/components/slate-ad/instances/inArticleAds" data-placeholder="settings" data-type="mid-article-box" data-sizes="300x250" data-prebid="true" data-prebid-sizes="300x250" data-zone-id="768494" data-placement-id="12399462" data-criteo-id="1157131" data-site-id="271366" data-tl-code="slate_dm_inline_rec_pb" id="mid-article-box-2" data-google-query-id="CNfXvO32hPYCFRrF9gIdeIcBFQ" style="box-sizing: inherit; margin: 0px auto; min-height: 250px; height: auto !important;"><div id="google_ads_iframe_91898098/slate.com/business/moneybox_4container_" style="box-sizing: inherit; border: 0pt none;"></div></div></div><p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-9@published" data-word-count="95" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">FEAF’s managers also don’t appear to be very interested in making money. Assembling a <a data-linktype="External" href="http://www.freeenterpriseactionfund.com/FEAF_Portfolio.pdf" style="box-sizing: inherit; cursor: pointer; outline-color: transparent; transition: color 0.12s ease 0s, fill 0.12s ease 0s, border-color 0.12s ease 0s, outline-color 0.12s ease 0s, outline-style 0.12s ease 0s; text-decoration-line: none; border-bottom-width: 2px; border-bottom-style: solid; border-color: var(--theme-color,#ff0e50);">portfolio</a> of 392 teeny positions (111 shares of Federal Express, 60 shares of Tiffany, etc.) is an incredibly inefficient and costly way of trying to mimic the S&P 500. Asset managers get paid based on the assets they manage. At FEAF, the Adviser (Milloy plus Borelli) receives a fee equal to 1.25 percent of assets. Five million dollars in assets throws off about $62,000 in fees annually, which is nowhere near enough to pay the salary of a professional money manager.<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-10@published" data-word-count="132" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Page 17 of the annual report shows that the fund incurred total expenses of $302,117, a whopping 6 percent of assets. But the prospectus promises that fees won’t eat up more than 2 percent of total assets each year. And so in 2005, the adviser (i.e., Borelli and Milloy) waived his entire $44,727 management fee. What’s more, the adviser reimbursed some $185,616 in trading, administrative, and legal expenses to the fund. If the fund’s assets rise sharply in the next few years, the adviser can theoretically recoup these waived payments and reimbursements. But in the short term, it looks like Borelli and Milloy are essentially paying the fund for the privilege of using it as a platform to broadcast their views on corporate governance, global warming, and a host of other issues.<p data-uri="slate.com/components/slate-paragraph/instances/cq-article-f1ce254ed274ad364ef74915441f7d9e-component-11@published" data-word-count="4" class="slate-paragraph slate-graf" style="background-color: rgb(255, 255, 255); box-sizing: inherit; line-height: 1.5; margin: 0px 0px 1.2em;">Thank you for investing!</div></div></div></div></div></section>=wayback
By investing in the Free Enterprise Action Fund, you become a participant in the fight to preserve and protect the American system of free enterprise.Some of our investors are listed alphabetically below. Affiliations are listed for identification purposes.Invest in the Free Enterprise Action Fund and join the fight for free enterprise!<ul style=""><li style="background-color: rgb(255, 255, 255);">Capital Research Center</li><li style="background-color: rgb(255, 255, 255);">Jack Dini, Livermore, CA</li><li style="">Paul Driessen, Center for the Defense of Free Enterprise</li><li style="background-color: rgb(255, 255, 255);">William Dunn, Chairman, Dunn Capital Management & Dunn's Foundation for the Advancement of Right Thinking</li><li style="background-color: rgb(255, 255, 255);">Jay Lehr, Heartland Institute</li><li style="">Frayda Levin, Mountain Lakes, NJ</li><li style="background-color: rgb(255, 255, 255);">Robert A. Levy, Senior Fellow, Cato Institute</li><li style="background-color: rgb(255, 255, 255);">Ben Lieberman, Washington, DC</li><li style="">Jane Orient, Executive Director, Association of American Physicians and Surgeons</li><li style="background-color: rgb(255, 255, 255);">David Padden, President, Padden & Company; Chairman Emeritus, Heartland Institute</li><li style="background-color: rgb(255, 255, 255);">Thomas L. Phillips, Chairman, Eagle Publishing, Inc.</li><li style="background-color: rgb(255, 255, 255);">Lewis Randall, Director, E*Trade Financial</li><li style="background-color: rgb(255, 255, 255);">Christopher J. Ritz, Baltimore, MD</li><li style="">Fred Smith, President, Competitive Enterprise Institute</li><li style="background-color: rgb(255, 255, 255);">William Walton, Washington, DC</li><li style="background-color: rgb(255, 255, 255);">Hugh Wise, Gainesville, FL</li><li style="background-color: rgb(255, 255, 255);">Will Wohler, President, Wohler Technologies, Inc.</li></ul>An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Free Enterprise Action Fund can be found in the fund's prospectus. To obtain a prospectus, please call 1-800-766-3960 or <a href="http://web.archive.org/web/20060513013812/http://www.freeenterpriseactionfund.com/pdfs/free_enterprise_prospectus.pdf" target="blank" style="">click here</a>. Please read the prospectus carefully before investing.Mutual fund investing involves risk, including loss of principal.The Free Enterprise Action Fund is advised by Action Fund Management, LLC., which receives a fee for its services, and is distributed by BISYS Fund Services, LP, which is not affiliated with Action Fund Management, LLC.=2007<div class="left" style="background-color: rgb(255, 255, 255);"><h1>We Berate, You Deride – A look at Steven J. Milloy’s current affiliates and backers</h1><div class="details">Posted on November 28, 2007 by <a href="http://www.scholarsandrogues.com/author/brian-angliss/" title="Posts by Brian Angliss" rel="author" style="text-decoration: none; font-weight: bold; outline: none;">Brian Angliss</a> under <a href="http://www.scholarsandrogues.com/category/environment/" title="View all posts in Environment & Nature" rel="category tag" style="text-decoration: none; font-weight: bold; outline: none;">Environment & Nature</a>, <a href="http://www.scholarsandrogues.com/category/freedom/" title="View all posts in Freedom" rel="category tag" style="text-decoration: none; font-weight: bold; outline: none;">Freedom</a>, <a href="http://www.scholarsandrogues.com/category/politics/" title="View all posts in Politics, Law & Government" rel="category tag" style="text-decoration: none; font-weight: bold; outline: none;">Politics, Law & Government</a>, <a href="http://www.scholarsandrogues.com/category/science/" title="View all posts in Science & Technology" rel="category tag" style="text-decoration: none; font-weight: bold; outline: none;">Science & Technology</a> [ <a href="http://www.scholarsandrogues.com/2007/11/28/we-berate-you-deride-a-look-at-steven-j-milloys-current-affiliates-and-backers/#comments" style="text-decoration: none; font-weight: bold; outline: none;">Comments: 16</a> ]</div></div><div class="post" style="">On Monday we looked at the <a href="http://www.demanddebate.com/ipcc_survey.pdf" style="text-decoration: none; font-weight: bold; outline: none;">“first ever” survey of IPCC scientists</a> and concluded that not only was it useless as statistics and science, but that it only served as anti-global heating propaganda. Yesterday we looked at the people and organizations around Steven J. Milloy of <a href="http://www.demanddebate.com/" style="text-decoration: none; font-weight: bold; outline: none;">DemandDebate.com</a> and <a href="http://www.junkscience.com/" style="text-decoration: none; font-weight: bold; outline: none;">JunkScience.com</a> and we concluded that the work of both Mr. Milloy and his associates are draped under a pall of suspicion and doubt. Today, in the final part of this series, I look at the individuals and organizations who financially support Mr. Milloy’s work and make him such an effective conservative soldier in the culture wars.When I started looking into DemandDebate.com’s financial sponsors, I was unable to determine who they really are. There’s no board of directors, no staff listed, not even a phone number and address. Not even a <a href="http://www.whois.net/whois_new.cgi?d=demanddebate&tld=com" style="text-decoration: none; font-weight: bold; outline: none;">“WhoIs”</a>query finds DemandDebate.com’s patrons because Mr. Milloy <a href="http://www.dailykos.com/story/2006/2/15/141513/629" style="text-decoration: none; font-weight: bold; outline: none;">anonymized his registration</a>. Initially, I didn’t even realize that Mr. Milloy was associated with DemandDebate.com. It’s only when you look at the site’s publications (like the discredited IPCC survey) that you discover that Steven J. Milloy is the executive director ofDemandDebate.com. However, in the process of hunting for, and failing to discover, who exactly is fundingDemandDebate.com, I did discover an amazing web of patronage that weaves back and forth through Mr. Milloy’s past and present in fascinating ways.Mr. Milloy’s JunkScience.com website is a black hole when it comes to who supports it. Officially it’s sponsored by Mr. Milloy’s Citizens for the Integrity of Science (CFIS), a group that a) doesn’t officially make enough money (<$25,000) to require it to reveal its backers and b) isn’t a non-profit that has to file public IRS Form 990s. This effectively keeps JunkScience.com’s monetary benefactors off the public radar. Since <a href="http://www.junkscience.com/failure_to_disclose.pdf" style="text-decoration: none; font-weight: bold; outline: none;">at least one Free Enterprise Education Institute (FEEI) document is actually housed on theJunkScience.com website</a>, it is possible that the FEEI is the source of CFIS’ money, but there’s no way to know with the information available. However, we do know that <a href="http://www.sourcewatch.org/index.php?title=Citizens_for_the_Integrity_of_Science" style="text-decoration: none; font-weight: bold; outline: none;">Dr. Michael Gough of the Cato Institute is listed as the executive director of the CFIS</a>. Dr. Gough was a Director of <a href="http://www.sourcewatch.org/index.php?title=Advancement_of_Sound_Science_Center" style="text-decoration: none; font-weight: bold; outline: none;">The Advancement of Sound Science Coalition (TASSC)</a>, the discredited and defunct organization that Mr. Milloy ran out of his house for years and that I discussed in detail yesterday. <a href="http://www.cato.org/people/gough.html" style="text-decoration: none; font-weight: bold; outline: none;">Dr. Gough</a> is still associated with the Cato Institute as an adjunct scholar and worked with Mr. Milloy while Milloy was himself an adjunct scholar of the Cato Institute.While there’s a strong likelihood that JunkScience.com and DemandDebate.com are funded by some other individual(s) or organization(s), there’s always a chance that Mr. Milloy himself is the direct backer of both websites. Based on his various connections to foundations and securities, he certainly makes enough money to back both sites himself. Mr. Milloy is one of the directors of the Free Enterprise Education Institute, along with Thomas J. Borelli and Deneen Moore Borelli. The FEEI sponsors the website <a href="http://www.csrwatch.com/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">CSRWatch/SRIWatch</a>, a site devoted to opposing the corporate social responsibility movement as being too economically costly, and the <a href="http://www.freeenterpriser.com/FreeEnterpriser.aspx?name=guest" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Free Enterpriser</a> online publication. According to the FEEI’s 2005 IRS Form 990, their total operating expenses over several years equaled approximately $477,000, of which $355,000 was paid to “Steven J. Milloy” of Potomac, Maryland for consulting services. The next highest expense for FEEI was for “website expenses,” presumably for CSRWatch/SRIWatch. In addition, Mr. and Mrs. Borelli are both associated with National Center for Public Policy Research, Mr. Borelli as a senior fellow for the Center in general and <a href="http://www.nationalcenter.org/bios/P21Speakers_Borelli.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Mrs. Borelli</a> as a senior fellow for the Center’s <a href="http://www.nationalcenter.org/P21Index.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Project 21</a>. Mr. Borelli used to work as Philip Morris’ director of scientific affairs and <a href="http://legacy.library.ucsf.edu/action/document/page?tid=ylg52c00" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Mrs. Borelli used to be his secretary</a> at Philip Morris. In addition, Mr. Borelli was <a href="http://legacy.library.ucsf.edu/tid/qaf57d00/pdf" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">involved with TASSC while he worked at Philip Morris</a>. While at Philip Morris, Mr. Borelli received and acted upon letters like <a href="http://legacy.library.ucsf.edu/tid/ofw87d00/pdf" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">this one from the Competitive Enterprise Institute (CEI)</a>: <blockquote style="background-color: rgb(255, 255, 255);">This dichotomy [between public panic over toxins and chemicals vs. public acceptance of food risks] suggests a strategy for using our general acceptance of foods as a means of deflating fears of chemicals. At the same time, it might be used to deflate public trust of government risk assessment….Bottles of CEI’s “Vino Veritas-Freedom of Speech Wine” were prepared and distributed, carrying on their labels a statement that, despite its validity, is illegal under [Bureau of Alcohol, Tobacco, and Firearms, BATF] regulations: “There is significant evidence that moderate consumption of alcoholic beverages may reduce the risk of heart disease.”CEI’s position is that BATF policy prevents consumers from receiving truthful, useful information. BATF’s policy is illogical from the standpoint of public health, and illegal from the standpoint of the First Amendment. </blockquote>Mr. Milloy is presently an <a href="http://www.cei.org/dyn/view_Expert.cfm?Expert=71" style="text-decoration: none; font-weight: bold; outline: none;">adjunct scholar for the CEI</a>.While all of the FEEI’s financial backers are not available from the IRS Form 990, we know that the FEEI received $71,000 in 2005 – of which between $45,000 and $70,000 came from ExxonMobil, according to<a href="http://www.exxonsecrets.org/html/orgfactsheet.php?id=128#src4" style="text-decoration: none; font-weight: bold; outline: none;">ExxonSecrets.org research into ExxonMobil’s Form 990</a>. And we know that the <a href="http://www.sourcewatch.org/index.php?title=Claude_R.Lambe_Foundation" style="text-decoration: none; font-weight: bold; outline: none;">Claude R. Lambe Foundation</a> gave <a href="http://www.mediatransparency.org/recipientgrants.php?recipientID=8117" style="text-decoration: none; font-weight: bold; outline: none;">$30,000 to FEEI in 2004</a>. The Claude R. Lambe Foundation is one of the three <a href="http://www.mediatransparency.org/funderprofile.php?funderID=9" style="text-decoration: none; font-weight: bold; outline: none;">Koch family charitable foundations</a> that also fund the Cato Institute and <a href="http://www.freedomworks.org/" style="text-decoration: none; font-weight: bold; outline: none;">Freedomworks</a> among others (including, not coincidentally, many of the other organizations we’ll be discussing here). The <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=8" style="text-decoration: none; font-weight: bold; outline: none;">Claude R. Lambe Foundation</a> also generously funds the Reason Foundation (mentioned both yesterday and below), the Competitive Enterprise Institute, the <a href="http://www.perc.org/about.php?id=719" style="text-decoration: none; font-weight: bold; outline: none;">Property and Environment Research Center</a> (discussed in more detail below), and the <a href="http://www.nationalcenter.org/" style="text-decoration: none; font-weight: bold; outline: none;">National Center for Public Policy Research</a>, where Mr. and Mrs. Borelli are both senior fellows. Another donor to the National Center for Public Policy Research is the <a href="http://www.scaife.com/cartha06.pdf" style="text-decoration: none; font-weight: bold; outline: none;">Carthage Foundation</a>, part of the Scaife family foundations (some of the grants of the Sarah Scaife Foundation are covered below), and it granted $50,000 in 2006.Mr. Milloy and Mr. Borelli (and Mrs. Borelli too, via her husband) have worked together and in parallel since at least 1993, manipulating science to serve their ideological and political ends. During that time they’ve been funded by Philip Morris, Exxon Mobile, and some of the largest conservative foundations in the United States.But while they may not have worked alongside each other for much of that period, they do now: Mr. Milloy and Mr. Borelli are not only co-directors of the FEEI, but they’re both advisers for their politically conservative mutual fund,<a href="http://www.freeenterpriseactionfund.com/" style="text-decoration: none; font-weight: bold; outline: none;">the Free Enterprise Action Fund (FEAFund)</a>.As advisers to the FEAFund, Mr. Milloy and Mr. Borelli split a 1.25% commission. According to <a href="http://www.freeenterpriseactionfund.com/FEAF_Annual.pdf" style="text-decoration: none; font-weight: bold; outline: none;">the FEAFund’s annual report for 2006</a>, the commission was just over $75,000. While this is a significant amount of money, it’s in addition to the $355,000 Mr. Milloy earned via FEEI and to the estimated $130,000 earned annually by the law and business consulting firm “Steven J. Milloy Inc.” (data available from <a href="http://www.manta.com/" style="text-decoration: none; font-weight: bold; outline: none;">Manta.com</a>). When combined, Mr. Milloy’s approximately $500,000 income would be more than sufficient for him to “self-fund” both JunkScience.com,DemandDebate.com, and all his other web projects out of his own personal wealth. Whether he actually does so is an open question.As mentioned above, Mr. Milloy earned a hefty “consulting fee” from CFIS that was largely paid by ExxonMobil. Unfortunately, I haven’t been able to dig deeper into “Steven J. Milloy Inc.” to find out whom Mr. Milloy’s legal and consulting clients are. At least, not yet. But because it’s federal law that the identities of a mutual fund’s principle investors are public information, and because I hadn’t ever seen these investors detailed during my research, I chose totrack down the main sponsors of Mr. Milloy’s FEAFund. Their backing is what enables Mr. Milloy to earn an advisory commission on the FEAFund’s assets, and as such they qualify as indirect backers of Mr. Milloy’s efforts via JunkScience.com and DemandDebate.com.As of April 1, 2007, <a href="http://www.secinfo.com/dsVS7.u3Fe.htm#9jmi" style="text-decoration: none; font-weight: bold; outline: none;">SEC documents show</a> that there were eight investors who held more than 5% of the Free Enterprise Action Fund, of which seven held 9% or greater. These seven are William Dunn (19%), Arthur Dantchik (10%), Thomas L. Phillips (10%), Robert A. Levy (10%), the Claws Foundation (9%), The Randolph Foundation (9%), and Donors Capitol Fund (9%). These seven investors control a combined total of 76% of the total assets of the fund.The largest shareholder, William Dunn of Stuart, Florida, is the director of Dunn Capitol Management and the founder of <a href="http://dunns-foundation-for-the-advancement-of-right-thinking.idilogic.aidpage.com/dunns-foundation-for-the-advancement-of-right-thinking/" style="text-decoration: none; font-weight: bold; outline: none;">Dunn’s Foundation for the Advancement of Right Thinking</a>. William A. Dunn of Stuart, Florida is also a director of the <a href="http://www.cei.org/pages/bdunn.cfm" style="text-decoration: none; font-weight: bold; outline: none;">Competitive Enterprise Institute</a>. In addition, he is a Director and a member of the Board of Trustees for the <a href="http://www.reason.org/faqs.shtml" style="text-decoration: none; font-weight: bold; outline: none;">Reason Foundation</a> and a Director of the <a href="http://www.perc.org/about.php?id=719" style="text-decoration: none; font-weight: bold; outline: none;">Property and Environment Research Center</a>(PERC). If you’ll recall from yesterday’s post, Mr. Milloy’s associate Kenneth P. Green (currently of the American Enterprise Institute) used to work for the Reason Foundation and Mr. Milloy himself works with the Competitive Enterprise Institute.Dunn’s Foundation for the Advancement of Right Thinking gave away over <a href="http://dunns-foundation-for-the-advancement-of-right-thinking.idilogic.aidpage.com/dunns-foundation-for-the-advancement-of-right-thinking/index.b124.u138.htm#GranteesList" style="text-decoration: none; font-weight: bold; outline: none;">$3 million in grants in 2004 alone</a>, with much of that money going to organizations associated in some way with Mr. Milloy or people he knows: $445,000 to the CEI, $370,000 to the Institute for Justice (see Arthur Dantchik below), $370,000 to PERC, $308,000 to the Reason Foundation, $185,000 to the Cato Institute, and $25,000 to the AEI. Some of the other backers for both the CEI, PERC, and Reason Foundation have been the <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=9" style="text-decoration: none; font-weight: bold; outline: none;">Charles G. Koch</a> and the <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=10" style="text-decoration: none; font-weight: bold; outline: none;">David H. Koch</a> Charitable Foundations. The Charles G. Koch foundation funds the CEI and PERC to the tune of almost $60,000 and $15,000 respectively. The David H. Koch foundation granted $315,000 to the CEI between 1995 and 2001 and over $1.5 million to the Reason Foundation between 1986 and 2001.The next largest shareholder in the FEAFund is Arthur Dantchik of Bela Cynwyd, Pennsylvania. Mr. Dantchik is one of the founders of the Susquehanna Investment Group and is a Director for the <a href="http://www.ij.org/profile/board/index.html" style="text-decoration: none; outline: none;">Institute for Justice</a>. He works with fellow FEAFund shareholder and Cato Institute director/senior fellow Robert A. Levy (see below) at the aforementioned Institute for Justice. In addition, he is on the board of directors for another FEAFund shareholder, the Claws Foundation. According to Claws Foundation’s 2006 IRS Form 990-PF, one of Mr. Dantchik’s fellow Claws Foundation directors is a co-founder of the Susquehanna Investment Group and director of the <a href="http://www.cato.org/people/directors.html" style="text-decoration: none; font-weight: bold; outline: none;">Cato Institute</a>, Jeffrey Yass. The other director of the Claws Foundation is Alan P. Dye, a director of<a href="http://www.freedomhouse.org/template.cfm?boardmember=12&page=10" style="text-decoration: none; font-weight: bold; outline: none;">Freedom House</a> and <a href="http://www.ronpaul2008.com/contact/" style="text-decoration: none; font-weight: bold; outline: none;">legal counsel to the Ron Paul for President campaign</a>. The Claws Foundation itself is not a political organization – it exists largely to fund medical research.Since 1999, Mr. Dantchik has given over <a href="http://www.opensecrets.org/indivs/search.asp?key=karmt&txtName=Dantchik,%20arthur&txtAll=Y&Order=N&Cycles=A&page=2" style="text-decoration: none; font-weight: bold; outline: none;">$263,000 to conservative causes, including approximately $22,000 to 2004 congressional candidates outside of his own state of Pennsylvania</a>. Mr. Dantchik’s Institute for Justice has received a total of <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=9" style="text-decoration: none; font-weight: bold; outline: none;">$265,000 in donations from the Charles G. Koch Charitable Foundation from 1986 through 2005</a>, another $1.35 million from the <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=10" style="text-decoration: none; font-weight: bold; outline: none;">David H. Koch Charitable Foundation</a> between 1995 and 2001, and over $1.1 million from the <a href="http://www.mediatransparency.org/recipientfundergrants.php?funderID=3&recipientID=170" style="text-decoration: none; font-weight: bold; outline: none;">Sarah Scaife Foundation</a> between 1992 and 2005. The Institute for Justice also received over $2 million from <a href="http://www.mediatransparency.org/recipientfundergrants.php?funderID=1&recipientID=170" style="text-decoration: none; font-weight: bold; outline: none;">The Lynde and Harry Bradley Foundation</a> between 1992 and 2005, a massive conservative foundation that has also given extensively to the AIE (over $17 million between 1987 and 2005), the National Center for Policy Analysis (nearly $1.5 million), the Reason Foundation (nearly $1 million), the Cato Institute (about $860,000), the CEI (about $770,000), PERC (about $600,000), and the Thomas L. Phillips’ Philips Foundation (about $560,000), all between the mid 1980s and 2005. Thomas L. Phillips, creator of the Thomas L. Phillips Revocable Trust of McLean, Virginia, is another principle investor. Mr. Phillips has donated some money to local <a href="http://www.city-data.com/elec/elec-MCLEAN-VA.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">McLean, VA political races</a> and is the CEO of Phillips International, the parent company to the <a href="http://www.thephillipsfoundation.org/" style="text-decoration: none; outline: none;">Phillips Foundation</a>, <a href="http://www.eaglepub.com/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Eagle Publishing</a>, and <a href="http://www.healthydirections.com/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Healthy Directions LLC</a>(formerly Phillips Health). The Phillips Foundation is a non-profit foundation that offers journalism fellowships for journalists “who share the Foundation’s mission to advance constitutional principles, a democratic society and a vibrant free enterprise system,” with special fellowships for writing on the environment from a free-market perspective. Most of the <a href="http://www.thephillipsfoundation.org/index.php?q=node/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Phillips Foundation trustees</a> are associated with Phillips International in some way. Thomas Phillips is obvious, but the president of conservative uber-publisher Regnery Publishing, Alfred S Regnery, is another trustee, as is Eagle Publishing director Thomas A. Fuentes. Eagle Publishing is the parent company for <a href="http://www.regnery.com/index.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Regnery Publishing</a>, the publisher of the “Politically Incorrect Guides” and books like <a href="http://www.regnery.com/books/unfitforcommand.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Unfit for Command</a> and <a href="http://www.regnery.com/books/meninblack.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Men in Black</a>. Eagle Publishing also publishes the Evans-Novak Political Report, conservative “news” source <a href="http://www.humanevents.com/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Human Events</a> (which counts Ann Coulter as the legal affairs editor and Ms. Coulter, Newt Gingrich, Pat Buchanan, Robert Novak, Sen. James Imhoffe, Rush Limbaugh, Phyllis Schlafly, Michelle Malkin, Bill O’Reilly, and other conservative luminaries as commentators), and runs the <a href="http://www.conservativebookclub.com/DefaultJoin.asp?" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Conservative Book Club</a>. In addition, Mr. Phillips has given significant support to <a href="http://www.nccfpac.com/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">the National Conservative Campaign Fund (NCCF)</a>, a group whose <a href="http://www.nccfpac.com/officers.cfm" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">directors and advisory board</a> are composed of <a href="http://www.hartwilliams.com/blog/2006/07/unlimited-terms-of-endearment-part-vii.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Phillips and most of the rest of the leaders of the Phillips Foundation</a>. Mr. Phillips’ connections at the NCCF are good enough to have had <a href="http://www.nccfpac.com/events.cfm" style="text-decoration: none; font-weight: bold; outline: none;">Vice President Dick Cheney to come over for an NCCF reception at the Phillips’ home</a>.Mr. Phillips has donated over $124,000 in support of conservative causes and elections since 1996, and his National Conservative Campaign Fund has given approximately $532,000 to Republican candidates since the 2000 election cycle (Source: <a href="http://www.opensecrets.org/pacs/lookup2.asp?strid=C00348359&cycle=2008" style="text-decoration: none; font-weight: bold; outline: none;">Opensecrets.org</a>). In 2006, the Phillips Foundation raised $68,000 from Phillips International, $10,000 from Foundation trustee Robert Novak, and $5,000 from the Randolph Foundation, another significant investor in the Mr. Milloy’s FEAFund, and it has also received over <a href="http://www.mediatransparency.org/recipientsoffunder.php?funderID=9" style="text-decoration: none; font-weight: bold; outline: none;">$107,000 from the Charles G. Koch Charitable Foundation from 2002 to 2005</a>.<a href="http://www.scholarsandrogues.com/2007/11/28/we-berate-you-deride-a-look-at-steven-j-milloys-current-affiliates-and-backers/" style="text-decoration: none; font-weight: bold; outline: none;">http://www.scholarsandrogues.com/2007/11/28/we-berate-you-deride-a-look-at-steven-j-milloys-current-affiliates-and-backers/</a> As I mentioned above, the <a href="http://www.mediatransparency.org/funderprofile.php?funderID=21" style="text-decoration: none; font-weight: bold; outline: none;">Randolph Foundation</a> is another significant investor in Mr. Milloy’s FEAFund.Randolph Foundation trustee James Q. Wilson is also Chairman of the AEI’s <a href="http://www.aei.org/about/filter.,contentID.20038142214500076/default.asp" style="text-decoration: none; font-weight: bold; outline: none;">Council of Academic Advisers</a>. The Randolph Foundation is a relatively new conservative foundation, so there’s not a lot of information on them available, but the 2005 Form 990 shows that the Foundation is a significant donor to the AEI ($50,000) and the CEI ($18,000) and, as mentioned above, a minor donor to the Phillips Foundation.And while we’re on the topic of the AEI, we should probably point out that another major conservative fund, the<a href="http://www.scaife.com/sarah06.pdf" style="text-decoration: none; font-weight: bold; outline: none;">Sarah Scaife Foundation</a>, gave the AEI $575,000 in 2006, along with $60,000 for the Cato Institute, $350,000 for the CEI, $125,000 for the <a href="http://www.ncpa.org/" style="text-decoration: none; font-weight: bold; outline: none;">National Center for Policy Analysis</a> (where Mr. Milloy’s associate and AEI “briber”Ken Green is an environment expert), and another $125,000 to the Reason Foundation.The second to last of the major investors is Robert A. Levy LLC, a business founded of Silver Spring Maryland. Robert A. Levy, <a href="http://www.washingtonpost.com/wp-dyn/content/article/2007/03/17/AR2007031701055_pf.html" style="text-decoration: none; font-weight: bold; outline: none;">formerly of Silver Spring</a> and presently residing in Florida, is the <a href="http://www.cato.org/people/levy.html" style="text-decoration: none; font-weight: bold; outline: none;">Senior Fellow in Constitutional Studies and a member of the Board of Directors at the Cato Institute</a>. Mr. Levy gave <a href="http://legacy.library.ucsf.edu/tid/cdj02d00/pdf" style="text-decoration: none; font-weight: bold; outline: none;">Congressional testimony regarding the global tobacco settlement</a>, specifically suggesting that the settlement was “a shameful document, extorted by public officials who have perverted the rule of law to tap the deep pockets of a feckless and friendless industry.” Given that Mr. Levy still works for the Cato Institute with Dr. Michael Gough, and Dr. Gough is associated with Mr. Milloy through CFIS, it’s not unreasonable that Mr. Levy would be in a position to become a major shareholder in the FEAFund.The last major investor is <a href="http://www.donorscapitalfund.org/home.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Donors Capital Fund (DCFund)</a>, a large fund associated with <a href="http://www.donorstrust.org/" style="text-decoration: none; font-weight: bold; outline: none;">Donors Trust</a>, a group that professes to be “the sole donor-advised plan dedicated to promoting a free society and serving donors who serve that purpose.” Several of the directors of DCFund have connections to groups that are related to Mr. Milloy directly or through other avenues. For example, two of the directors are associated with the American Enterprise Institute, namely <a href="http://www.donorscapitalfund.org/home.html?x=6" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">AEI’s President, Christopher DeMuth</a>, and <a href="http://www.donorscapitalfund.org/home.html?x=6" style="text-decoration: none; font-weight: bold; outline: none; background-color: rgb(255, 255, 102);">Steven F. Hayward</a><a href="http://www.donorscapitalfund.org/home.html?x=6" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">, the F.K Weyerhaeuser Fellow in Law and Economics</a>. DCFund co-founder and Executive Director Whitney L. Ball once served as the Director of Development for the Cato Institute, is presently associated with <a href="http://www.philanthropyroundtable.org/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">The Philanthropy Roundtable</a> and, via that association is also connected to <a href="http://www.philanthropyroundtable.org/content.asp?pl=406&contentid=434" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Philanthropy Roundtable Vice-Chairman</a> and Randolph Foundation director Heather R. Higgins. Director Walter H. Mellor is the co-founder and President of the Institute for Justice, the same organization that fellow FEAFund principle investor Arthur Dantchik is a director of. The President of Donors Trust, Kimberly O. Dennis, is also the Executive Director of the <a href="http://www.searlefreedomtrust.org/" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Searle Freedom Trust</a>, is Secretary for the Philanthropy Roundtable, and is a Director of PERC alongside fellow FEAFund principle investor William Dunn.In addition to all the personal connections between the various investors and the DCFund, the DCFund has also granted a total of $23,000 to the AEI, $44,000 to the Cato Institute, $36,000 to the Reason Foundation, and $12,000 each to the CEI and Institute for Justice in 2006 alone (from the 2006 Form 990).These connections are what I could find via the various foundations’ websites and public FEC, SEC, and IRS documents. However, over the years there have been many more connections between Mr. Milloy and various corporations, conservative individuals, and conservative foundations. Given Mr. Milloy’s history of working for businesses who want to discredit profit-suppressing scientific data and his connections throughout the entire conservative money machine, it’s probably reasonable to guess that his financial backers for any particular project are the groups or individuals with the most to lose – ExxonMobil and Shell Oil vs. global heating, Philip Morris vs. second-hand tobacco smoke, Monsanto et al vs. Horizon Organic, etc.Mr. Milloy’s connections to the tobacco lawsuits in the 1990s as an official supplier of deceit and “junk science” casts a long shadow over his credibility, but he could have escaped that shadow by now if he had ever chosen to do so. Instead, Mr. Milloy continues to associate with purveyors of scientific propaganda and disinformation such as Kenneth Green of the AEI, Thomas and Deneen Borelli of the National Center for Public Policy Research, Michael Gough of the Cato Institute, and both the Competitive Enterprise Institute and Fox News in toto. In addition, via what little we’ve been able to glean about who funds Mr. Milloy’s various websites and institutes, it’s obvious that he’s continued a pattern of working for corporations (and their direct representatives) who have a vested interest in manipulating and distorting science to their particular ends. As such, even ifDemandDebate.com’s survey of the IPCC “scientific consensus” were scientific, Mr. Milloy’s history and associations make him a dubious source for anything resembling real science, his publication of the ironically-titled <a href="http://www.junkscience.com/" style="text-decoration: none; font-weight: bold; outline: none;">JunkScience.com</a> notwithstanding.It’s important to understand that Mr. Milloy’s connections with the AEI, CEI, Cato Institute, Reason Foundation, and through them to the Randolph Foundation, Philanthropy Roundtable, Donors Capital Fund and Trust, the Phillips Foundation, PERC, et al doesn’t mean that Mr. Milloy is the guiding force behind these connections. He is a single thread, albeit an important one, in an intricate tapestry of denial and misrepresentation of science in the service of conservative ideology. Through the deep pockets of his various corporate and conservative supporters over the years, he’s become a very effective conservative soldier in the war for the minds, and votes, of the people.Mr. Milloy’s connections and access to money fostered over years make him a very effective conservative soldier in the culture wars. And he’s not alone – the very same people who back Mr. Milloy also back Ken Green, Tom and Deneen Borelli, Michael Gough, John Yoo, C. Boyden Gray, to name just a few. Backed by money from corporations and wealthy conservative foundations, Mr. Milloy and his ilk attempt to use propaganda to further their own ideological ends, in this case by fostering a false sense of scientific uncertainty over global heating when in fact there is a <a href="http://www.scholarsandrogues.com/2007/07/23/anti-global-heating-claims-a-reasonably-thorough-debunking/" style="text-decoration: none; font-weight: bold; outline: none;">great deal of certainty about the science of global heating</a>. And they won’t go away just because President Bush leaves office in January 2009 – they have too much to lose, ideologically and financially, to just roll over and go away when their <a href="http://www.whitehouse.gov/news/releases/2003/02/20030226-11.html" style="text-decoration: none; font-weight: bold; outline: none;">favorite President</a> has finished his second term.Next time you read about something from JunkScience.com, DemandDebate.com, StopLabelingLies.com, the Competitive Enterprise Institute, or watch Steve Milloy on Fox News, remember who the source is.Monday: <a href="http://www.scholarsandrogues.com/2007/11/26/we-berate-you-deride-demanddebatecoms-survey-on-the-scientific-consensus-surrounding-global-heating/" style="text-decoration: none; font-weight: bold; outline: none;">DemandDebate.comâ€™s survey on the scientific consensus surrounding global heating</a>
Yesterday: <a href="http://www.scholarsandrogues.com/2007/11/27/we-berate-you-deride-a-closer-look-at-the-background-of-steven-j-milloy-executive-director-of-demanddebatecom/" style="text-decoration: none; font-weight: bold; outline: none;">A closer look at the background of Steven J. Milloy, executive director of DemandDebate.com</a>Many of the sources below were created specifically to enable citizens and patriots like all of us to track the influence of money on politics at all levels. They are relatively simple to use and enable anyone who is concerned about the corrupting influence of money on politics to hold their various political representatives’ feet to the proverbial fire. I used each of them repeatedly and regularly in the process of researching this series.<ul style="background-color: rgb(255, 255, 255);"><li><a href="http://www.sunlightfoundation.com/resources" style="text-decoration: none; font-weight: bold; outline: none;">Sunlight Foundation’s list of Insanely Useful Sites</a></li><li><a href="http://www.sourcewatch.org/" style="text-decoration: none; font-weight: bold; outline: none;">SourceWatch.org</a></li><li><a href="http://legacy.library.ucsf.edu/" style="text-decoration: none; font-weight: bold; outline: none;">The Legacy Tobacco Documents Library</a></li><li><a href="http://www.exxonsecrets.org/" style="text-decoration: none; font-weight: bold; outline: none;">ExxonSecrets.org</a></li><li><a href="http://www.guidestar.com/" style="text-decoration: none; font-weight: bold; outline: none;">Guidestar</a></li><li><a href="http://www.opensecrets.org/" style="text-decoration: none; font-weight: bold; outline: none;">OpenSecrets.org</a></li><li><a href="http://www.mediatransparency.org/" style="text-decoration: none; font-weight: bold; outline: none;">MediaTransparency.org</a></li></ul>
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SWThe Free Enterprise Action Fund is a mutual fund set up by <a href="http://www.sourcewatch.org/index.php/Steven_Milloy" title="Steven Milloy" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">Steven Milloy</a> and <a href="http://www.sourcewatch.org/index.php/Thomas_J.Borelli" title="Thomas J. Borelli" style="text-decoration: none; font-weight: bold; outline: none;">Thomas J. Borelli</a>.<a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_note-0" style="text-decoration: none; font-weight: bold; outline: none;">[1]</a> Milloy is a <a href="http://www.sourcewatch.org/index.php/Climate_skeptic" title="Climate skeptic" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">climate skeptic</a> and has been a Fox News commentator and a paid advocate for <a href="http://www.sourcewatch.org/index.php/Phillip_Morris" title="Phillip Morris" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">Phillip Morris</a>, <a href="http://www.sourcewatch.org/index.php/ExxonMobil" title="ExxonMobil" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">ExxonMobil</a> and other corporations. He is the founder of JunkScience.com. Borelli was formerly a tobacco scientist at Phillip Morris and is a senior fellow at the National Center for Public Policy Research. The Free Enterprise Action Fund aims to counter the trend by corporations to embrace <a href="http://www.sourcewatch.org/index.php/Corporate_Social_Responsibility" title="Corporate Social Responsibility" style="text-decoration: none; font-weight: bold; outline: none;">corporate social responsibility</a> and campaigns by activist groups seeking to shift corporate social and environmental policy.On its website it states that the group aimed "to keep businesses focused on business rather than activist-defined CSR, the Fund aims to promote more generally our system of free enterprise. The Fund will direct advocacy and education efforts at corporate managements, institutional shareholders, the media and the public."In the <a href="http://www.sourcewatch.org/index.php/2008_International_Conference_on_Climate_Change" title="2008 International Conference on Climate Change" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">2008 International Conference on Climate Change</a> organized by the <a href="http://www.sourcewatch.org/index.php/Heartland_Institute" title="Heartland Institute" style="text-decoration: none; font-weight: bold; outline: none;">Heartland Institute</a>, Milloy stated that the Fund aims to "be a problem for managements and shareholders", and that he and Borelli "primarily work through shareholder proposals" to "get the shareholders and CEOs to think about what they're doing". He also stated, "We have filed numerous shareholder proposals with companies in the US <a href="http://www.sourcewatch.org/index.php/Climate_Action_Partnership" title="Climate Action Partnership" style="text-decoration: none; font-weight: bold; outline: none;">Climate Action Partnership</a>".<a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_note-1" style="text-decoration: none; font-weight: bold; outline: none;">[2]</a>During 2005, the Fund underperformed the S&P 500 index by more than 50%, while rewarding its managers with above-average management fees of 2%.<table id="toc" class="toc" style="padding: 0px; margin: 0px; border: 0px; border-collapse: collapse; background-color: rgb(255, 255, 255);"><tbody><tr style="padding: 0px; margin: 0px; border: 0px;"><td style="padding: 0px; margin: 0px; border: 0px;"><div id="toctitle"><h2>Contents</h2> [<a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#" class="internal" id="togglelink" style="text-decoration: none; font-weight: bold; outline: none;">hide</a>] </div><ul><li class="toclevel-1 tocsection-1"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#Finances" style="text-decoration: none; font-weight: bold; outline: none;">1 Finances</a></li><li class="toclevel-1 tocsection-2"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#Personnel" style="text-decoration: none; font-weight: bold; outline: none;">2 Personnel</a></li><li class="toclevel-1 tocsection-3"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#Contact_details" style="text-decoration: none; font-weight: bold; outline: none;">3 Contact details</a></li><li class="toclevel-1 tocsection-4"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#Other_SourceWatch_resources" style="text-decoration: none; font-weight: bold; outline: none;">4 Other SourceWatch resources</a></li><li class="toclevel-1 tocsection-5"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#Sources" style="text-decoration: none; font-weight: bold; outline: none;">5 Sources</a></li><li class="toclevel-1 tocsection-6"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#External_links" style="text-decoration: none; font-weight: bold; outline: none;">6 External links</a></li></ul></td></tr></tbody></table><h2 style="background-color: rgb(255, 255, 255);">Finances</h2>According to a January 26, 2006 report in the Chicago Tribune, "The fund's advocacy stance boils down to opposing many of the things supported by traditional 'social investment funds,' because issues like <a href="http://www.sourcewatch.org/index.php/Global_warming" title="Global warming" style="text-decoration: none; font-weight: bold; outline: none;">global warming</a> or corporate governance distract business from its real role of operating in the best interests of shareholders." However, its performance as an investment has been less than stellar.The Tribune called it the "Stupid Investment of the Week ... Strip away the rhetoric, and you're getting a very expensive, underperforming index fund, while Milloy and partner Thomas Borelli get a platform for raising their pet issues. ... An expense ratio capped at 2 percent--ridiculously high for a portfolio of corporate giants--makes stock market returns unrealistic. From inception on March 1 of last year through Dec. 31, Free Enterprise Action returned 2.32 percent; the S&P 500 returned 4.72 percent. That's ugly."<a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_note-2" style="text-decoration: none; font-weight: bold; outline: none;">[3]</a>In 2006, the Independent noted that: "The fund has about $6m (£4m) under management at the moment but claims to be growing fast" and "is supported by a network of right-wing think-tanks including the <a href="http://www.sourcewatch.org/index.php/Heritage_Foundation" title="Heritage Foundation" style="text-decoration: none; font-weight: bold; outline: none;">Heritage Foundation</a> and the <a href="http://www.sourcewatch.org/index.php/Cato_Institute" title="Cato Institute" style="text-decoration: none; font-weight: bold; outline: none;">Cato Institute</a>."<a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_note-3" style="text-decoration: none; font-weight: bold; outline: none;">[4]</a><h2 style="background-color: rgb(255, 255, 255);">Personnel</h2><ul style="background-color: rgb(255, 255, 255);"><li><a href="http://www.sourcewatch.org/index.php/Thomas_J.Borelli" title="Thomas J. Borelli" style="text-decoration: none; font-weight: bold; outline: none;">Thomas J. Borelli</a></li><li><a href="http://www.sourcewatch.org/index.php/Steven_Milloy" title="Steven Milloy" class="mw-redirect" style="text-decoration: none; font-weight: bold; outline: none;">Steven Milloy</a></li></ul><h2 style="background-color: rgb(255, 255, 255);">Contact details</h2>Free Enterprise Action Fund
P.O. Box 182490
Columbus, OH 43218-2490
Phone: 301-258-2852
Email: media AT freeenterpriseactionfund.com
Web: <a rel="nofollow" class="external free" href="http://www.freeenterpriseactionfund.com/" style="text-decoration: none; font-weight: bold; outline: none;">http://www.freeenterpriseactionfund.com</a><h2 style="background-color: rgb(255, 255, 255);">Other SourceWatch resources</h2><ul style="background-color: rgb(255, 255, 255);"><li><a href="http://www.sourcewatch.org/index.php/CSR_Watch.com" title="CSR Watch.com" style="text-decoration: none; font-weight: bold; outline: none;">CSR Watch.com</a></li></ul><h2 style="background-color: rgb(255, 255, 255);">Sources</h2><ol class="references" style="background-color: rgb(255, 255, 255);"><li id="cite_note-0"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_ref-0" style="text-decoration: none; font-weight: bold; outline: none;">↑</a> Kate Sheppard, <a rel="nofollow" class="external text" href="http://motherjones.com/environment/2010/11/tom-borelli-phillip-morris-climate-change" style="text-decoration: none; font-weight: bold; outline: none;">"Thank You for Global Warming,"</a> Mother Jones, November 22, 2010</li><li id="cite_note-1"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_ref-1" style="text-decoration: none; font-weight: bold; outline: none;">↑</a> <a rel="nofollow" class="external text" href="http://www.heartland.org/bin/media/newyork08/audio/Monday/milloy.mp3" style="text-decoration: none; font-weight: bold; outline: none;">"How to Stop Climate Change Legislation in the US",</a> Steven Milloy, March 2008.</li><li id="cite_note-2"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_ref-2" style="text-decoration: none; font-weight: bold; outline: none;">↑</a> <a rel="nofollow" class="external free" href="http://www.chicagotribune.com/business/chi-0601260062jan26,1,7543219.story" style="text-decoration: none; font-weight: bold; outline: none;">http://www.chicagotribune.com/business/chi-0601260062jan26,1,7543219.story</a></li><li id="cite_note-3"><a href="http://www.sourcewatch.org/index.php/Free_Enterprise_Action_Fund#cite_ref-3" style="text-decoration: none; font-weight: bold; outline: none;">↑</a> <a rel="nofollow" class="external free" href="http://news.independent.co.uk/business/news/article356920.ece" style="text-decoration: none; font-weight: bold; outline: none;">http://news.independent.co.uk/business/news/article356920.ece</a></li></ol><h2 style="background-color: rgb(255, 255, 255);">External links</h2><ul style=""><li style="background-color: rgb(255, 255, 255);">Larry Kudlow, "<a rel="nofollow" class="external text" href="http://www.csrwatch.com/Kudlow_interview.htm" style="text-decoration: none; font-weight: bold; outline: none;">Steven Milloy of the Free Enterprise Action Fund discusses his organization's work against corporate social responsibility</a>", Kudlow & Company, CNBC, March 28, 2005.</li><li style="">Kathleen Rhodes, "<a rel="nofollow" class="external text" href="http://www.cnsnews.com/ViewNation.asp?Page=%5CNation%5Carchive%5C200503%5CNAT20050328a.html" style="background-color: rgb(255, 255, 255); text-decoration: none; font-weight: bold; outline: none;">Free Enterprise Mutual Fund Seeks to Counter Leftist Influence</a>", CNSNews.com, March 28, 2005.</li><li style="background-color: rgb(255, 255, 255);">"<a rel="nofollow" class="external text" href="http://www.prwebdirect.com/releases/2005/4/prweb233691.htm" style="text-decoration: none; font-weight: bold; outline: none;">Free Enterprise Action Fund Requests Audit Committee Review of JP Morgan Chase Capitulation to Social Activist Demands:</a> Action Fund Management, LLC, the investment adviser to the Free Enterprise Action Fund, called for the Audit Committee review", Media Release, April 26, 2005.</li><li style="background-color: rgb(255, 255, 255);">Free Enterprise Action Fund, "<a rel="nofollow" class="external text" href="http://www.freeenterpriseactionfund.com/pdfs/free_enterprise_prospectus.pdf" style="text-decoration: none; font-weight: bold; outline: none;">Free Enterprise Action Fund Prospectus and Privacy Policy</a>", May 1, 2005.</li><li style="background-color: rgb(255, 255, 255);">Chuck Jaffe, "<a rel="nofollow" class="external text" href="http://www.chicagotribune.com/business/chi-0601260062jan26,1,7543219.story" style="text-decoration: none; font-weight: bold; outline: none;">When Making Money Takes Back Seat to Advocacy</a>," Chicago Tribune, January 26, 2006.</li><li style="">Simon English, "<a rel="nofollow" class="external text" href="http://news.independent.co.uk/business/news/article356920.ece" style="text-decoration: none; font-weight: bold; outline: none;">Tell Lord Browne that we are coming</a>," The Independent (UK), April 10, 2006.</li><li style="background-color: rgb(255, 255, 255);">Amity Shlaes, "<a rel="nofollow" class="external text" href="http://www.bloomberg.com/apps/news?pid=10000039&sid=af2YTlE9STiM&refer=columnist_shlaes" style="text-decoration: none; font-weight: bold; outline: none;">Mr. Immelt, Explain Yourself, Fund Says</a>", Bloomberg.com, April 5, 2006.</li><li style="">Daniel Gross, "<a rel="nofollow" class="external text" href="http://www.slate.com/id/2140997/" style="text-decoration: none; font-weight: bold; outline: none;">Thank You for Investing: A Very Curious Right-Wing Mutal Fund</a>," Slate.com, May 4, 2006.</li></ul>Published: 10 April 2006<div id="catlinks" class="catlinks" style="background-color: rgb(255, 255, 255);"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="http://www.sourcewatch.org/index.php/Special:Categories" title="Special:Categories" style="text-decoration: none; font-weight: bold; outline: none;">Categories</a>:<ul><li><a href="http://www.sourcewatch.org/index.php/Category:Front_groups_portal" title="Category:Front groups portal" style="text-decoration: none; font-weight: bold; outline: none;">Front groups portal</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Climate_change" title="Category:Climate change" style="text-decoration: none; font-weight: bold; outline: none;">Climate change</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Coal_Issues" title="Category:Coal Issues" style="text-decoration: none; font-weight: bold; outline: none;">Coal Issues</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Energy" title="Category:Energy" style="text-decoration: none; font-weight: bold; outline: none;">Energy</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Front_groups" title="Category:Front groups" style="text-decoration: none; font-weight: bold; outline: none;">Front groups</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Global_warming_fronts" title="Category:Global warming fronts" style="text-decoration: none; font-weight: bold; outline: none;">Global warming fronts</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Web_fronts" title="Category:Web fronts" style="text-decoration: none; font-weight: bold; outline: none;">Web fronts</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Consumer_fronts" title="Category:Consumer fronts" style="text-decoration: none; font-weight: bold; outline: none;">Consumer fronts</a></li><li><a href="http://www.sourcewatch.org/index.php/Category:Environment" title="Category:Environment" style="text-decoration: none; font-weight: bold; outline: none;">Environment</a></li></ul></div></div></div><div>==</div>