A group of billionaire philanthropists are to donate tens of millions more dollars to develop progressive political ideas in the US in an effort to counter the conservative ascendancy.
George Soros, who made his fortune in the hedge fund industry; Herb and Marion Sandler, the California couple who own a multi-billion-dollar savings and loan business; and Peter Lewis, the chairman of an Ohio insurance company, donated more than $63m (£34m) in the 2004 election cycle to organizations seeking to defeat George W. Bush.
At a meeting in San Francisco last month, the left-leaning billionaires agreed to commit an even larger sum over a longer period to building institutions to foster progressive ideas and people.
Far from being disillusioned by the defeat of John Kerry, the Democratic presidential candidate, the billionaires have resolved to invest further in the intellectual future of the left, one person involved said.
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