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Charities Struggle With Smaller Wall Street Donations

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http://dealbook.nytimes.com/2011/08/30/charities-struggle-with-smaller-wall-st-donations/?ref=business

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“Companies don’t realize I’ve got payroll and lease payments just like they do,” said John Hope Bryant, who started Operation Hope after spending six years as a banker in Los Angeles.

While Wall Street has slowly returned from the depths of the financial crisis, nonprofit groups that have come to depend on the industry’s donations are still struggling. With the global market turmoil and the threat of a double-dip recession, many big banks are clutching their cash or rethinking their giving strategy to maximize their dollars.

.......

The pullback is most problematic for charities with a financial bent, like those that counsel low-income borrowers or train aspiring entrepreneurs. Wall Street has historically been the main source of money for such organizations.

Donations to the Sifma Foundation, which underwrites financial literacy programs for students, dropped in 2009 to $4 million from $4.7 million. With less money at its disposal, the foundation cut its grant-making 36 percent, to $420,000. The foundation is the charitable arm of the Securities Industry and Financial Markets Association, a Wall Street trade group.

Although Operation Hope received record donations in 2009, its financing dropped 20 percent earlier this year. In turn, the group had to dig into reserves to float projects that lost financing, lay off 14 people and shut its Boston counseling center in June.

In an era of cost-cutting and layoffs, Wall Street philanthropy is a delicate balancing act. Give too little, and banks are called greedy. Give too much, and it endangers the bottom line.

Can't see why the banks are objecting to charities who are counsel borrowers and tell them to sue the banks...

The bankers rely on people being financially illiterate, clearly they don't want educated borrowers.

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http://dealbook.nytimes.com/2011/08/30/charities-struggle-with-smaller-wall-st-donations/?ref=business

Can't see why the banks are objecting to charities who are counsel borrowers and tell them to sue the banks...

The bankers rely on people being financially illiterate, clearly they don't want educated borrowers.

What about the Glazers (who 'bought' Manchester United)?

http://en.wikipedia.org/wiki/Glazer_ownership_of_Manchester_United

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I can't see why banks would give to charity! What's the return on that? :huh:

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Donations to the Sifma Foundation, which underwrites financial literacy programs for students, dropped in 2009 to $4 million from $4.7 million. With less money at its disposal, the foundation cut its grant-making 36 percent, to $420,000. The foundation is the charitable arm of the Securities Industry and Financial Markets Association, a Wall Street trade group

It sounds like another charity owned by the banks. So that's where most of the charity bucket money goes :o

So it seems that none of the £$trillions of tax payers bailout money is finding its way to "the charitable arm".

Edited by billybong

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The pullback is most problematic for charities with a financial bent, like those that counsel low-income borrowers or train aspiring entrepreneurs. Wall Street has historically been the main source of money for such organizations.

Selling the banks financial products to low income individuals via "charities" - tax free.

Of course they'll need "donations" and "grants" from the banks in the first place and from time to time to get and to keep things (the "charitable" selling operation) up and running.

Edited by billybong

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  • 331 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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