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September 30, 2008

Foundations Feel Wall Street Fallout

Several big foundations in New York are suffering from the recent collapse of Lehman Brothers and Bear Stearns and the government takeover of the American International Group, reports The New York Times.

The Starr Foundation, which held 15.5 million shares of AIG in May, has seen its assets fall by at least $1-billion since the end of 2006. As a result, the grant maker says it will postpone some planned grants. The personal foundations of Bear Stearns executives have also taken losses, and the future of Lehman Brothers Foundation is in question now that Lehman Brothers is bankrupt.

See The Chronicle’s article on the effects on philanthropy of the problems at AIG.

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Tuesday September 30, 2008 | Permalink

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