November 28, 2008

Economic crisis hits do gooders hard

The right-wing US advocacy group Freedom's Watch is reportedly shutting down as its main funder, Casino magnate Sheldon Adelson, becomes one of the high-profile casualties of the global economic downturn....

Adelson contributed over 30 million dollars to Freedom's Watch in 2007 and 2008, but has had to cut back on his philanthropy as his net worth – estimated at 36 billion dollars in 2007 – shrunk by 13 billion dollars.

Let's get down to numbers. If Adelson put all his wealth in treasuries, even at current depressed yields his 23 billion would fetch over $700 million a year without him lifting a finger. Adelson also received about $10 million dollar a year in compensation for his hard labor. I assume now that his company has some problems, his bundle is going to shrink a little (and only a little).

The poor man! Who can afford to be charitable on such a meager income? I mean the guy cares about Israel. All right. But that's no reason to hit the dog food shelves.

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