Goals Reached, Donor on Right Closes Up Shop

Without it, the Federalist Society might not exist, nor its network of 35,000 conservative lawyers. Economic analysis might hold less sway in American courts. The premier idea factories of the right, from the Hoover Institution to the Heritage Foundation, would have lost millions of dollars in core support. And some classics of the conservative canon would have lost their financier, including Allan Bloom's lament of academic decline and Charles Murray's attacks on welfare.
Part Medici, part venture capitalist, the John M. Olin Foundation has spent three decades financing the intellectual rise of the right and exciting the envy of the left. Now the foundation is closing its doors. In telling the organization to spend his money within a generation, John M. Olin, a Midwestern ammunition and chemical magnate, sought to maximize his fortune's influence and keep it from falling into hostile - that is, liberal - hands.

From SourceWatch:

In 2001, the Foundation expended $20,482,961 to fund right-wing think tanks including the American Enterprise Institute (AEI), the Brookings Institution, the Center for Strategic and International Studies (CSIS), the Claremont Institute for the Study of Statesmanship and Political Philosophy, the Council on Foreign Relations (CFR), the Heritage Foundation, the Hoover Institution on War, Revolution and Peace, the Hudson Institute, the Independent Women's Forum, the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University, the Manhattan Institute for Public Policy Research, and the Project for the New American Century (PNAC). "The Foundation also gives large sums of money to promote conservative programs in the country's most prestigious colleges and universities."[3] [4] [5]
The Foundation is financed by the Olin chemical and munitions fortune with assets estimated at $90 million, $3 million of which goes to conservative advocacy groups. The Foundation "supported right-wing causes for many years but became more focused on grantmaking after William E. Simon took over as president in 1977." Simon, who had been chosen to lead the Foundation by Olin, was followed by Michael Joyce, who left Olin in 1985 to lead the Lynde and Harry Bradley Foundation. He has since returned to be Olin's president.[6]