< 1 min read
January 27, 2014
Here's William Schambra's piece in Chronicle of Philanthropy on why foundations that bailed Detroit out might end up with a few regrets.
"When nine American foundations this month pledged $330-million to help Detroit emerge from municipal bankruptcy, they took an unprecedented plunge into the give and take of the city’s deeply contentious politics. The extraordinary 'give' is the commitment of private funds to sustain public pensions, the sort of grant making that foundations have resolutely refused to do in the past. This may come back to haunt them, with so many other American cities facing financial difficulties every bit as daunting as Detroit’s." -- William Schambra, the Chronicle of Philanthropy