Billions in Bonuses Could Mean Millions to Charities
January 2, 2007 | Read Time: 1 minute
Some of the more than $36-billion that top Wall Street investment banks gave to employees as holiday bonuses in 2006 has trickled down to charities, reports The Wall Street Journal.
One group, the UJA – Federation of New York, raised $21.5-million in one night with a “casino-themed after party,” where financial executives gambled and donated winnings to the organization. Many other New York groups have held or plan to hold banquets and breakfasts exclusively for financial executives.
Some investment firms have made giving mandatory: Bear Stearns requires that senior directors donate 4 percent of their total compensation to charitable causes. Sister Mary Alice Hannan, a nun who works at a soup kitchen the Bronx, told the newspaper that many charities are “doing good because Wall Street is doing good.”
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