Barre Seid Donates $1.6 Billion to Leonard Leo Dark-Money Vehicle

ProPublica and The New York Times disclosed that Illinois electronics manufacturer Barre Seid transferred 100% of his company Tripp Lite to Marble Freedom Trust, a 501(c)(4) chaired by Leonard Leo. The trust then sold Tripp Lite to Eaton Corporation for $1.65 billion. The transfer was the largest known donation to a political advocacy group in U.S. history, and the structure let Seid avoid an estimated $400 million in capital gains taxes.