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Feb 29, 1996

The Speculator: Firm Foundations

There is an embryonic trend for foundations to take up the activist cudgel against corporations

A presumptuous (and presumably brave) Roman once took the Emperor Tiberius to task for drawing revenues from the public lavatories of Rome. The sensible potentate held a coin under his nose, sniffed and said, with eminent quotability, 'Non let.' Meaning, 'It doesn't smell.' Two thousand years later the charities and foundations of Britain and America are much more advanced. They think their money comes up smelling of roses. At least they did until recently; and they were traditionally happy to leave

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