In last weekend’s reads, I linked to a fascinating Bloomberg Businessweek article, "The $13 Billion Mystery Angels." The article explained that “one of the largest pools of philanthropic funding in the U.S., bigger than the Carnegie and Rockefeller foundations combined ... had taken elaborate steps to make sure no one figured out where this money came from.”

As it turns out, it's harder to give away billions of dollars secretly than you might imagine. The complexity is mind boggling (click on the graphic for a bigger version):

Source: Bloomberg Businessweek
Source: Bloomberg Businessweek

P.S. Zachary R. Mider managed to find out exactly who the donors were. Perhaps the lesson here is that in the Internet age, even elaborate can't block a dedicated digger.

To contact the author of this article: Barry Ritholtz at

To contact the editor responsible for this article: Alex Bruns at