The John M. Olin Foundation was a conservative American grant-making foundation established in 1953 by John M. Olin, president of the Olin Industries chemical and munitions manufacturing businesses. Unlike most other foundations, it was charged to spend all of its assets within a generation of Olin's death, for fear of mission drift over time and to preserve donor intent. It made its last grant in the summer of 2005 and officially disbanded on November 29, 2005. It had disbursed over $370 million in funding, primarily to conservative think tanks, media outlets, and law programs at influential universities. It is most notable for its early support and funding of the law and economics movement and the Federalist Society. "All in all, the Federalist Society has been one of the best investments the foundation ever made," wrote the Foundation to its trustees in 2003. Mission statement According to the official website, "the general purpose of the John M. Olin Foundation is to provide support for projects that reflect or are intended to strengthen the economic, political and cultural institutions upon which the American heritage of constitutional government and private enterprise is based. The Foundation also seeks to promote a general understanding of these institutions by encouraging the thoughtful study of the connections between economic and political freedoms, and the cultural heritage that sustains them." History From 1958-1966, the foundation was used to launder money for the Central Intelligence Agency, which funded covert anti-communist propaganda. The fund was largely inactive until 1969, when John M. Olin was disturbed by the Willard Straight Hall takeover at his alma mater, Cornell University. At the age of 80, he decided that he must pour his time and resources into preserving the free market system. The Foundation is most notable for its early support and funding of the law and economics movement, a discipline that applies incentive-based thinking and cost-benefit analysis to the field of legal theory. Olin believed that law schools have a disproportionately large impact on society given their size and to this end decided to focus the majority of his funding there. The executive director of the Foundation in its early years was conservative activist Michael S. Joyce, who left to head the similar Bradley Foundation. William E. Simon, a leverage buyout pioneer who was United States Secretary of the Treasury under Presidents Richard Nixon and Gerald Ford, was president of the Foundation from