As The Mighty Fall, so Does Their Philanthropy

NYTimes:

Several prominent foundations in the New York area have been particularly damaged by the recent collapse of Lehman Brothers and Bear Stearns and the difficulties of the American International Group. The biggest among them is the Starr Foundation, which held 15.5 million shares of A.I.G. in May. Its assets have fallen by at least $1 billion since the end of 2006, or by nearly one-third of its total value at that time.

Comments

[tom matrullo]

This pothole in the road of free market capitalism on the march is likely to have some small impact on certain think tanks...

It’s an interesting point about the think tanks, in general, which has to do with the fact that it does seem to take so much corporate welfare to keep these ideas alive, which would seem to be a contradiction of the core principle of free market ideology... NK

[Phil]

Thanks, Tom, blogged it.