Starr Foundation

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The Starr Foundation is one of the wealthiest private foundations in the United States, with assets of approximately $1.25 billion.[1] The Starr foundation was created by Cornelius Vander Starr, who is also the founder of the American International Group, better known as A.I.G. The Starr Foundation is led by former AIG Chief Executive Officer Maurice Greenberg. In September, 2010 it was reported that the Starr Foundation gave $18 million in loans and grants to the U.S. Chamber of Commerce's charitable, non-profit arm, the U.S. Chamber Foundation, to be used for lobbying.

Laundering funds

In September, 2010, the consumer watchdog group, U.S. Chamber Watch, filed a complaint with the Internal Revenue Service against the U.S. Chamber of Commerce alleging that the $18 million in loans and grants given to the U.S. Chamber Foundation by the Starr Foundation made its way into the coffers of the U.S. Chamber of Commerce, where it was illegally used for lobbying. U.S. Chamber Watch alleges that $12 million of the $18 million was given in the form of loans that have never been repaid, and that this money was apparently given to the Chamber Foundation to be used as unrestricted funds. The money was then, in turn, funneled towards support for legal tort reform, to shield companies like A.I.G. from liability. [2]

Sourcewatch resources

External resources

  • 2010 Complaint (pdf) to the Internal Revenue Service by U.S. Chamber Watch alleging that the Starr Foundation violated it's charitable status

Contact

The Starr Foundation
399 Park Avenue – 17th Floor
New York, NY 10022
Tel. (212) 909-3600
Fax (212) 750-3536
Web site:http://www.starrfoundation.org/index.html

References

  1. Starr Foundation Starr Foundation Home Page, accessed September 17, 2010
  2. Joshua Holland How the Chamber of Commerce Allegedly Laundered Millions in Charity Dollars to Beat Back Financial Reform and Reelect Republicans, Alternet.org/Economy, September 13, 2010