September 15, 2008 | Read Time: 1 minute
As Wall Street is rattled by the meltdown of the financial giants Merrill Lynch & Company and Lehman Brothers, the nonprofit world braced for what the fallout would mean for corporate giving.
According to The Chronicle’s survey of corporate giving, Merrill Lynch awarded $43.7-million in 2007 to charity, and Lehman gave $39-million in its fiscal 2007 year, which ended November 30.
On the survey, both companies predicted their giving would remain the same this year, but with Merrill being sold to Bank of America, and Lehman filing for bankruptcy, that philanthropy is in question. Recent press statements by Merrill Lynch and Lehman Brothers do not mention the future of their charitable giving.
The federal government’s takeover of Freddie Mac and Fannie Mae has raised similar concerns among charities that benefited from the two mortgage lenders’ giving.
What do you think? How will Wall Street’s turbulence affect charities?
