Where Did the Money Go? A Closer Look at TGS's Tangled Web of Charity

Andrew J. Shechtel, C. Frederick Taylor, and David Gelbaum, the three co-founders of hedge fund TGS Management, have used a web of subsidiaries to hide billions in charitable giving. This diagram shows their foundations’ activities, based on their IRS filings between 2001 and 2012. Each rectangle represents one of the approximately 200 entities that has interacted with donations coming from Shechtel, Taylor, and Gelbaum. The paths between the rectangles are color-coded based on the likely source of the funds; a thicker path represents a larger donation.

Research into Huntington’s disease is one of the biggest targets for the TGS partners’ charitable dollars. Much of the rest goes to large charitable pools such as the Vanguard Charitable Endowment Program, where many of the ultimate beneficiaries can’t be determined.

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