The Forgotten Squeeze
As Wall Street deals with its own issues, the needs of charities and the less fortunate may also suffer a painful blow.
March 31, 2008
When Bear Stearns became the latest casualty of the credit markets mess, the focus, rightly so, was on the stunningly low price being paid for the company, the role of the Federal Reserve in the transaction with JPMorgan, and the plight of thousands of the firm's employees, among other things. There was no mention, though, of Big Brothers Big Sisters of New York City, where many Bear Stearns employees have been mentoring troubled children, and how those kids will be affected. These and other charities and cultural institutions will likely be impacted by the credit crisis that has drained jobs and money from Wall Street.
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