It’s not that they’re less effective, it’s that the public should get some say in how the money is used. I don’t want a small group of people single handedly deciding the “most effective” way for them to use their wealth, because it inevitably leads to whatever allows them to continue holding power.

I’d rather money be used less efficiently, but in the public’s interest, than in the interest of a few powerful people. No matter how philanthropic they appear.

I don’t trust the US govt much. But I trust them to spend money in a way that’s, say, 15% more democratic than the Koch brothers would. That’s good enough for me.