News That Rich People Can Use

I was astounded to watch a segment on the Newshour With Jim Lehrer tonight about the concerns of Seattle‐​area arts and public service organizations in the face of Washington Mutual’s acquisition by JPMorganChase, an annual donor of $100 million to nonprofits.


This was not a story about the loss of funds. It was a story about concerns with the potential loss of funds.


Colorful images of ballet dancers, a symphony orchestra, and stage actors in rehearsal flowed across the screen as non‐​profit heads fretted about the fate of their funding sources.


I enjoy the Newshour and its long‐​story format, but I’m aware of its government funding and it’s skew toward the wealthy and the politically liberal. And I have to say I can’t recall seeing a story more effete or more indulgent of this audience. The financial crisis — whither capitalism? — is causing arts agencies … concerns.


Something many people don’t seem to understand about mergers, acquisitions, and bankruptcies is that the assets involved in all these transactions don’t just go away. They continue in use under different owners or managers. That’s it! If philanthropy was a good idea before the acquisition of WaMu, it’s a good idea afterwards. If it wasn’t, it wasn’t, and it will go away as it should. I, for one, would rather get cheap or free checking than donate to other rich people’s arts organizations through my banking.


Will wealthy liberals lose corporate‐​subsidized access to ballet? Oh, I swoon!


Or, here’s an alternative: Get out your checkbooks, richies!


Surely, there are stories about the financial crisis with more substance than this. How about something on Franklin Raines, who headed Fannie Mae from 1999 to 2004 and received a slap on the wrist for accounting irregularities in an organization that we now know was a dumptruck careening toward a crowd of schoolchildren. There are a zillion stories more important than the nervousness of ballet directors in the northwest.


Rant over.