Fidelity FMR
===
SEE FIDELITY CHARITABLE DAF
The Dirty Dozen Funders of Climate Misinformation
A dozen of the largest nonprofits donated $47.8 million to the leading climate denial organizations, accounting for 88% of the funds CMD was able to track down using FY 2014-20 federal tax returns.
Half of the traceable funding came from DonorsTrust and Donors Capital Fund, two donor-advised fund sponsors that pass along their clients’ donations to other charities approved by their boards of directors. While the two funds give exclusively to conservative causes, no restrictions are apparent within that ideology. For instance, CMD was first to report that DonorsTrust is by far the biggest known funder of American white nationalist hate groups.
Among the “Dirty Dozen” climate denial financiers are foundations established by the right-wing Bradley, Koch, Mercer, Searle, and Scaife families. The Kochs, Mercers, and other Republican megadonors pour additional money into political groups and electoral campaigns focused on electing right-wing candidates who oppose meaningful action on climate change and often support expanding and deregulating the fossil fuel industry.
The funders named in this report have also financed a broader right-wing political strategy to misinform the public about a number of issues and increase GOP voter turnout.
“Bad actors are using a tried and tested playbook to weaken public mandates and create confusion [about] viable solutions going forward,” notes Jennie King, head of civic action and education at the Institute for Strategic Dialogue, an independent nonprofit dedicated to protecting human rights and reversing polarization, extremism, and disinformation around the world. “This includes weaponizing climate response within a broader ‘culture wars’ frame and conflating it with any supposed controversy, from Covid-19 lockdowns and vaccine mandates to critical race theory, trans rights, or geopolitics.”
Leading non-ideological donor-advised fund sponsors connected to the Vanguard and Fidelity financial firms are also among the Dirty Dozen climate misinformation funders.
“We cannot solve the climate crisis until we solve the climate misinformation crisis,” U.S. Rep. Ro Khanna (D-Calif.) told CMD. “It is disappointing that mainstream organizations are still keeping ties with groups that have attacked climate science and legislative solutions. We need to be calling this behavior out publicly, so Americans know which organizations are linked to climate denial efforts.”
All nonprofits identified by CMD that gave $10,000 or more to the top climate misinformation groups from 2014–20 are listed in the table below.
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tABLE 2
Top Nonprofit Climate Denial Funders, 2014-20
Numerous charities, private foundations, and trade associations have bankrolled the climate misinformation movement.
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Table with 9 columns and 53 rows. Currently displaying rows 1 to 15.
Donor 2014 2015 2016 2017 2018 2019 2020 TOTAL
1 DonorsTrust/Donors Capital Fund $3,293,850 $3,816,850 $3,676,750 $2,422,000 $3,830,200 $2,101,732 $1,416,500 20,557,882
2 Searle Freedom Trust $839,500 $589,500 $1,140,000 $940,000 $1,096,000 $754,000 $985,000 6,344,000
3 Sarah Scaife Foundation $350,000 $610,000 $842,000 $875,000 $960,000 $715,000 $1,245,000 5,597,000
4 Mercer Family Foundation $885,000 $100,000 $1,075,000 $970,000 3,030,000
5 Dunn Foundation $1,200,000 $250,000 $325,000 $200,000 $350,000 $350,000 $350,000 3,025,000
6 Bradley Foundations $344,376 $318,876 $458,500 $519,000 $280,000 $475,000 $110,000 2,505,752
7 American Fuel and Petrochemical Manufacturers $365,000 $275,000 $470,000 $400,000 1,510,000
8 Koch Foundations $100,128 $431,891 $333,028 $413,016 $84,000 $99,049 $18,749 1,479,861
9 Vanguard Charitable Endowment Program $38,500 $228,500 $265,000 $230,000 $235,000 997,000
10 Fidelity Charitable Gift Fund $35,525 $21,350 $27,867 $241,355 $212,310 $231,055 $201,952 971,414
11 National Philanthropic Trust $150,000 $175,000 $175,500 $176,000 $200,000 876,500
12 Bartley J. Madden Foundation $45,000 $270,000 $270,000 $250,000 $30,000 865,000
13 Thomas W. Smith Foundation $150,000 $175,000 $200,000 $200,000 725,000
14 The 85 Fund $700,000 700,000
15 Ed Uihlein Family Foundation $10,500 $129,000 $35,000 $115,000 $115,000 $140,000...
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Fidelity Investments, also called FMR Corp., is a financial services conglomerate. It is one of the world's largest mutual fund companies. It has over 300 funds with 22 million individual and institutional investors. It manages mores that $1.2 trillion. It also has an online discount brokerage site and has investor centers throughout the U.S. and Canada and in Europe and Asia. FMR was founded by the Johnson family which currently controls most of the company. Abigail Johnson, one of the richest women in the U.S., is the daughter of and possible successor to Chairman and CEO Edward C. (Ned) Johnson III. [1]
In August 2005 O'Dwyers PR Daily reported that Fidelity Investments had hired Hill & Knowlton "as its lobbyist dealing with Securities and Exchange Commission regulations." It reported that the two H&K staff managing the account were Frank Mankiewicz and Gary Hymel and that the company was under investigation by the SEC over receiving gifts and gratuities from brokers.[2] In March 2008 the SEC "charged fund manager Fidelity Investments and 13 current or former employees including high-ranking executives for improperly accepting more than $1.6 million in travel, entertainment, and other gifts paid for by outside brokers courting the massive trading business Fidelity generates on behalf of the mutual funds it manages."[3]
Ties to the American Legislative Exchange Council
Fidelity Investments has been a corporate funder of the American Legislative Exchange Council (ALEC)[4], and was a "Vice Chairman" level sponsor of ALEC's 1998 Annual Meeting[5]. See ALEC Corporations for more.
| About ALEC |
|---|
| ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site. |
Political contributions
In 2004 James P. MacGilvray, then President of Fidelity Investments, was a Bush Pioneer (see Bush's Rangers) having raised at least $100,000 for Bush in the presidential election.
David C. Weinstein, Chief of Administration of Fidelity Investments, was another Bush Pioneer. [6]
In the 2006 election FMR gave $475,500 to federal candidates through its political action committee - 43% to Democrats and 57% to Republicans. [7]
Lobbying
The company spent $1,610,000 for lobbying in 2006. Seven lobbying firms along with in-house lobbyists were used. [8]
Personnel
Key executives: [9]
- Edward C. (Ned) Johnson III, Chairman and CEO
- Clare S. Richer, Executive Vice President and Chief Financial Officer
- Roger T. Servison, President, Fidelity Strategic New Business Development
Contact details
82 Devonshire St.
Boston, MA 02109
Phone: 617-563-7000
Fax: 617-476-6150
Web: http://www.fidelity.com
Resources and articles
Related Sourcewatch articles
References
- ↑ FMR Profile, Hoovers, accessed July 2007.
- ↑ "Fidelity Hires Hill & Knowlton", O'Dwyers PR Daily, August 25, 2005. (Sub req'd).
- ↑ [http://www.sec.gov/news/press/2008/2008-32.htm SEC Charges Fidelity, Executives and Employees for Improperly Accepting Lavish Gifts Paid For by Brokers"], Media Release, March 5, 2008.
- ↑ Defenders of Wildlife, Natural Resources Defense Council, "Corporations and Trades Associations that Fund ALEC," Corporate America's Trojan Horse in the States: The Untold Story Behind the American Legislative Exchange Council, online report, 2003
- ↑ American Legislative Exchange Council, 25th Annual Meeting, organizational brochure, August 18-22, 1998, archived in Tobacco Library, accessed April 2012
- ↑ Pioneers and Rangers, Texans for Public Justice, accessed July 2007.
- ↑ 2006 PAC Summary Data, Open Secrets, accessed July 2007.
- ↑ FMR Corp lobbying expenses, Open Secrets.
- ↑ FMR Key People, Hoovers, accessed July 2007.
| This article is a stub. You can help by expanding it. |
 Romney, Mitt | $234,020 | $234,020 | $0 |
|---|---|---|---|
 Brown, Scott | $205,055 | $200,055 | $5,000 |
 Republican National Cmte | $171,070 | $171,070 | $0 |
 National Republican Senatorial Cmte | $169,950 | $139,950 | $30,000 |
 National Republican Congressional Cmte | $81,000 | $51,000 | $30,000 |
 Obama, Barack | $70,612 | $70,612 | $0 |
 DNC Services Corp | $69,050 | $69,050 | $0 |
 Republican Governors Assn | $50,000 | $0 | $50,000 |
 Boehner, John | $43,550 | $33,550 | $10,000 |
 Democratic Congressional Campaign Cmte | $33,200 | $3,200 | $30,000 |
http://www.opensecrets.org/orgs/summary.php?id=D000021987&cycle=A
CONTRIBUTIONS
$10,028,868
since 2002
LOBBYING
$27,010,000
since 1998
OUTSIDE SPENDING
$0