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.
Seems like nobody cares about charity.
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.
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