Posted 2 years ago on March 7, 2012, 8:02 a.m. EST by GirlFriday
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As the Koch brothers move forward with their attempt to gain control over the Cato Institute, details are emerging that show the rift among the founders has been building over the course of several years.
But what moved this from a hostile conversation to what Cato president Ed Crane has called a hostile takeover seems to center on making sure that President Barack Obama loses the 2012 election. http://www.washingtonpost.com/blogs/think-tanked/post/koch-brothers-vs-cato-nothing-good-happens-at-dulles/2012/03/06/gIQAzq2DvR_blog.html
The surprise is that a nonprofit group, particularly an organization with the public influence of the Cato Institute, can have private shareholders.
“You don’t see 501(c)(3)s with shareholders very often,” said Jeffrey S. Tenenbaum, chairman of the nonprofit practice at Venable LLP. (Tenenbaum, like other legal experts interviewed for this story, spoke about nonprofit law generally, rather than about the specifics of the Cato case.) http://www.forbes.com/sites/lauriebennett/2012/03/02/who-knew-that-cato-had-shareholders/