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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.