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The Lehman gift that keeps on giving
DonorsChoose is one of more than 200 nonprofits that Lehman aids each year. Through corporate contributions and grants from its U.S. and European foundations, it [Lehman Foundation] distributed $39 million in the 12 months ended in November 2007, according to Lehman's Web site.
Melissa Berman, chief executive of Rockefeller Philanthropy Advisors, which advises individuals and corporations about giving away money, said the [Lehman] foundation must close -- eventually -- because it no longer has a corporation sustaining it. Yet its assets are protected from creditors, she said.
Here is the story. Here is a story on the Lehman art collection. Here are articles about how Lehman has several times won the Credit Derivatives House of the Year Award, including the Asia version of the award in 2008.
Posted by Tyler Cowen on September 23, 2008 at 05:50 AM in The Arts | Permalink
Comments
Seems like nobody cares about charity.
Posted by: IWantCookieNow at Sep 23, 2008 11:30:07 AM
Are the assets of all non-profits protected from creditors? I can't decide whether or not I like that.
Also, while it is a lot of money to me, I don't think not giving away that $39 Million would have done much to help out Lehman.
Posted by: d.cous. at Sep 23, 2008 12:33:56 PM
I care about charity, I just can't help but think that it might be less than optimal for the taxpayer to bailout Banks only to have the money pass through some shrinkage that allows the banks to give to all there fancy friends charities. I'm guessing that if one investigates one can probably find daisy chains of charity stretching from middle class taxpayers through 5 or 6 organization where about 1% of the original money actually reaches some needy person somewhere.
Posted by: Gabe at Sep 23, 2008 2:59:37 PM
... and if you want to read more about nonprofits feeling the pain of the current crisis, see Nonprofits Brace for Slowdown in Giving in the Wall Street Journal. If you want to see why this isn't as big a deal as the article implies, see our commentary here.
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