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December 17, 2008, 10:31 PM ET
Wall Street Donors Continue to Give Millions of Dollars, Despite Downturn
On a rainy Tuesday night, the United Jewish Appeal-Federation of Jewish Philanthropies of New York raised what officials called a “staggering” $18.8-million at the charity’s annual Wall Street Dinner.
That’s 13 percent less than $21.6-million raised at last year’s dinner, but Paul Kane, the federation’s chief fund raiser, said the returns were extraordinarily good. Given the one-two punch of Wall Street’s financial meltdown and the Madoff Ponzi scheme that has decimated several Jewish charities, Mr. Kane said, it could have been much, much worse.
The economy did have a major effect on the event itself, however, noted Mr. Kane. Because so many Wall Street workers and investors have suffered in the financial crisis, the federation got donations to pay for 50 tickets, at $300 apiece, for those who are now unemployed.
Another change in the event: Several Wall Street movers and shakers at the dinner offered to head up volunteer projects at local charities supported by the federation. Participants were asked to pull out their Blackberries and send an e-mail message indicating their willingness to participate. That part of the evening got a good response, Mr. Kane said, because so many people wanted “a chance to mingle with Wall Street leaders.”
“In September and October, people said ‘Maybe you should cancel,’” Mr. Kane said of the event. “But we said No.”
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