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Wall Street Pay Limits Could Diminish Charitable Donations

February 17, 2009, 12:28 pm

Charities that rely on the generosity of donors who work in the financial industry fear that new federal limits on executive pay for bailed-out banks could also put a dent in donations, according to The Wall Street Journal.

Wall Street executives and employees have been reliable supporters of food banks, antipoverty programs, museums, and libraries. With the federal government’s new economic stimulus package placing limits on how much executives of bailed-out financial firms can earn, the leaders of those charities are expressing worry about maintaining revenue.

“I hope we don’t vilify everybody in the financial-services sector,” says Lisanne Finston, executive director of Elijah’s Promise, a New Jersey soup kitchen whose revenue fell 19 percent last year while demand for its services spiked.

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