I sure love the Chronicle of Philanthropy’s “Give & Take” roundup of nonprofit blogs. Today I found a gem from fundraising consultant Tom Belford on the Madoff ponzi scandal.
Tom writes on a pretty obvious, but unspoken, double standard: every few years, nonprofits are called to account for their actions and donations but large players in the finance industry go free without regulation.
Today the press reports that the SEC chief admits that his watchdog agency never investigated Madoff’s activities despite years of complaints. But let one nonprofit emit an errant fart and grandstanding Members of Congress and the IRS would be all over it (the nonprofit, that is) like ticks on a hound.
He sure paints a picture with words! 🙂
How true and how sad– the unregulated hedge fund market has wreaked havoc on indivduals and on philanthropy– We have only begun to feel the effects