Philanthropy | A giving recession? | The Economist

Philanthropy | A giving recession? | The Economist: "A giving recession?

Jan 6th 2009
From Economist.com
The downturn poses new challenges for philanthropy

AMONG the more difficult things to forecast for 2009 is what will happen to giving. On the one hand, the turmoil in financial markets has reduced the assets of many prominent givers, both foundations and individuals. Warren Buffett’s company, Berkshire Hathaway, has lost around one-third of its value in the past year. Sir Tom Hunter, a Scottish entrepreneur who had become one of the leaders in a resurgence of British philanthropy by pledging to give away a billion pounds over his lifetime, has lost a lot of money, and says his foundation will be “scaling back what we are doing this year”. The collapse of Bernie Madoff’s Ponzi scheme has dealt a devastating blow to Jewish philanthropy in particular, as so many wealthy Jews invested their money with him, hitting several charities very hard, including prominent non-profits such as Human Rights Watch."