CLEVELAND, Ohio - Eaton Corporation, a power management company that moved its headquarters from Cleveland to Ireland almost a decade ago, had a roundabout role in providing a $1.6 billion windfall to a new conservative nonprofit group, according to a New York Times report last week.
An electronics manufacturing mogul named Barre Seid, who served as chairman and chief executive of a Chicago electrical device manufacturing company called Tripp Lite, donated his shares in the company to the non-profit Marble Freedom Trust, which is controlled by GOP activist Leonard A. Leo. Leo chairs the conservative Federalist Society.
Eaton acquired Tripp Lite a few months later, resulting in a $1.65 billion infusion for the nonprofit that appears to have avoided tax liablities, according to the New York Times report. The publication described it as one of the largest contributions ever to a politically focused non-profit and said it would cement Leo’s status as a conservative kingmaker.
ProPublica estimated the structure of the donation allowed Seid to avoid as much as $400 million in taxes, maximizing the amount of money at Leo’s disposal. It said Leo served as former President Donald Trump’s adviser on judicial nominations and directed multimillion-dollar media campaigns to confirm them.
“To my knowledge, it is entirely without precedent for a political operative to be given control of such an astonishing amount of money,” Brendan Fischer, a campaign finance lawyer at the nonpartisan watchdog group Documented, told ProPublica. “Leonard Leo is already incredibly powerful, and now he is going to have over a billion dollars at his disposal to continue upending our country’s institutions.”
Katy Brasser, a spokeswoman for Eaton, which maintains a corporate office in Beachwood, issued a statement to the New York Times that said: “We have no additional information to share regarding the acquisition that was announced last year.”
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August 30, 2022 at 04:14AM
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Eaton Corp. transaction helped fund conservative non-profit - cleveland.com
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