For a story that looks at how recent financial events are affecting our local economy, the Los Angeles Business Journal ponders the impact on philanthropic ventures. Their example: Local billionaire Eli Broad, who has helped fund recent projects including the Broad Contemporary Art Museum, the recently-opened Broad Stage at the Santa Monica Performing Arts Center, and that space-age downtown high school, owned about $800 million worth of AIG stock this summer. That stock is now worth about $72 million. "Such losses, if not recouped, could put a crimp in the L.A. philanthropic community, something Broad has been a leader in with donations to art museums, schools and other institutions." [LA Business Journal]
Copyright CURBL
