by Robert Schmad, The Daily Caller:
Charitable foundations funded by credit card companies and managed by their executives are pouring millions of dollars into liberal advocacy organizations, tax filings show.
The American Express Foundation and the Visa Foundation, philanthropic arms of two of the largest credit card companies in the world, gave grants to several major left-wing groups between 2019 and 2021. Executives from Visa and American Express sit on the boards of their respective foundations, both of which have taken millions from the corporations that established them.
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Of the 14 individuals listed on the Visa Foundation’s most recent tax filing as “officers, directors, trustees [or] foundation managers,” all but three are executives at Visa Inc.
The American Express Foundation is subject to a similar degree of corporate control. All but one individual listed among the foundation’s leadership in its most recent tax filing serve as executives for American Express.
The Visa and American Express’ foundations have received millions of dollars from their corporate parents.
American Express gave its foundation $67.9 million between 2019 and 2021.
The Visa Foundation, which was founded in 2017, received an initial endowment of $191.6 million worth of Visa stock from Visa Europe Services. The following year, the foundation received an additional $195.3 million in Square stock from Visa International.
Tax filings don’t show Visa Foundation receiving funding from Visa or any of its subsidiaries since 2018.