Some tainted money better than others?

Many non-profits have long refused money from funders who do not pass ideological muster. Many won’t take money from tobacco companies, Nestlé or Wal-Mart for instance. With the global finance crash laid largely at the feet of bad mortgage loans in the US, will the people who made billions from creating and selling those loans join the tainted money list? It’s a particularly interesting question because one of the largest foundations created recently is that of Herbert and Marion Sandler, with more than $1 billion in assets. The Sandlers’ fortune was built at Golden West Financial, a company that created and sold what is now often called ‘financial toxic waste’ – mortgages that allowed buyers to borrow far more than they would be able to afford if the housing market didn’t keep going up. Will the liberal NGOs the Sandlers have long supported start returning their cheques – or is some tainted money better than others?

Next News to read

Conferences November 2008 – January 2009

Alliance magazine