Carly Fiorina Padded Her Resume by ‘Chairing’ a Foundation That Doesn’t Exist
As Carly Fiorina tried to put a good spin on the aftermath of her failure as Hewlett-Packard CEO, her 2010 Senate campaign website described her as “Chairman of the Fiorina Foundation.” Problem being that, as Olivia Nuzzi explains, there’s no such thing as the Fiorina Foundation, which seems to be what Fiorina chose to call a very different type of arrangement:
What Fiorina calls the Fiorina Foundation is in fact the name of the account she and her husband, Frank, have with The Ayco Charitable Foundation, a so-called “donor-advised fund,” through which they distribute undisclosed sums to undisclosed recipients at undisclosed times.
This seemed to be news to Fiorina’s own campaign, the deputy manager of which, Sarah Isgur Flores, repeatedly assured me that the Fiorina Foundation is a private foundation before following up to say that she had made a mistake.
Donor-advised funds are the sort of financial arrangement only used by rich people; they are “essentially holding cells controlled by money managers that permit donors to fork over cash or assets which they want to donate, immediately reap the tax benefits, and then determine later what charitable causes they actually want to give to.” What’s more: