Previous 'American Idol' Raised $76-Million for Poverty Relief; Second Effort Will Be Broadcast This Week |
Next |
April 7, 2008, 01:17 PM ET
Pittsburgh Foundation Takes Huge Hit in Slumping Market
The finances of the McCune Foundation, in Pittsburgh, have plummeted by nearly $100-million since 2007 as a result of heavy investment in shaky bank stock, reports The Pittsburgh Tribune-Review.
The foundation invests heavily in National City, a bank founded by its original benefactor, Charles L. McCune.
Since last year, National City stock has tumbled from $38.32 per share to $6.56 because of trouble in the mortgage market. The foundation’s holdings in National City dropped from $185-million to a low of $32-million before recovering to $48-million.
Other investments have buoyed the foundation’s endowment a little, but it still sank from $606-million last year to $515-million now.
The foundation has sought to diversity its stock portfolio, which at one point consisted of almost 30 percent National City stock. That stock now forms 11 percent, but the concentration in one stock is still much higher than at most foundations.
Add Your Comment
Commenting is closed.