Thursday, June 12, 2008
Philanthropy: How the Economy Is Hurting Donations | Newsweek Voices - Daniel Gross | Newsweek.com: "The latest victims of the sagging economy: charities. In May the annual gala of the Robin Hood Foundation, an event at which a few thousand hedge fund magnates and leveraged buyout titans conspicuously display their wealth and commitment to social justice while rocking out to A-list musical guests (Shakira, John Legend, Sheryl Crow), raised $56.5 million, down 21.5 percent from $72 million the year before. (Tom Wolfe profiled the 2006 gala in Portfolio.) No surprise here. Many of the regulars have seen their net worths crushed in the past year."