Word: lehmans
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...Lehman Brothers CEO Dick Fuld may have helped ignite the financial apocalypse, but consider this: in 2006, through his Kathy and Richard S. Fuld Jr. Family Foundation, Fuld also gave away more than $5 million. The Lehman Brothers Foundation gave another $39 million last year to charity, either directly or by enabling the charitable giving of its workers - many of whom are now unemployed or considerably less secure about their financial futures...
That's bad news for the many nonprofits and smaller foundations that depended on Lehman's largesse. Indeed, as the financial crisis takes down some of the richest houses on Wall Street, the effects will ripple out to the charities that rely on them and serve the poorest in America's big cities and the rest of the world. The stock-market crash has already damaged the endowments of big foundations, universities and hospitals, while charitable giving from ordinary citizens seems to have decreased out of financial fear...
...from restaurants to the needy in New York City, collect the bulk of their donations during the holiday season, and with unemployment on the rise and 401(k) plans tanking, it's likely to be a blue Christmas. Over the past two years, City Harvest received $100,000 from Lehman alone - one of the charity's Top 5 donors. "We are obviously very concerned," says Jilly Stephens, City Harvest's executive director. "We have the bulk of our fund-raising ahead of us - between November and January we raise nearly 40% of our annual budget - and we don't know...
Nonprofits have long sensed trouble. In its most recent Philanthropic Giving Index - sort of a Consumer Confidence Index for donations - the Center on Philanthropy reported in July that nonprofits were feeling less optimistic than they had six months ago. And that was before Lehman, before AIG, before the S&P 500 Index dove off a cliff. Gregory Boroff, senior vice president for external relations at the New York Food Bank, notes that his organization's donations from direct mailings is down 27% from the same time last year. Like City Harvest, the New York Food Bank receives the bulk...
Since the Sept. 15 collapse of Lehman Brothers, the $2.6 trillion market for state and city bonds has been virtually frozen - partly because investors are scared to own anything more dangerous than Treasuries, and partly because interest rates that cities must pay to lure buyers have shot up 25% or more. As a result, some $15 billion worth of projects have been temporarily shelved in the past three weeks, according to the consultancy Municipal Market Advisors. Broward County, Fla., pushed back plans to borrow $170 million for new sewer and water lines. Maine held off on a $50 million bond...