NewsBits: Philanthropy and the Economic Crisis

Culled from around the Web, here are a few stories of interest.

from The BBC:

Madoff victims count their losses

Palm Beach is pure escapism – the wealthy elite’s retreat from colder climes and from the rest of us.

It’s an unreal world where cultures and egos clash and cachet comes from spending big – whether it’s on Ferraris or philanthropy.

from Yahoo Finance:

Madoff Victims Turn to IRS to Get Relief

Many investors burned by accused fraudster are hoping to get help from an unlikely white knight: the Internal Revenue Service.

from The New York Times:

Charities Now Seek Bankruptcy Protection

Charities rarely go bankrupt, although there have been scattered examples involving nonprofit hospitals and Catholic dioceses facing lawsuits stemming from the priest sexual abuse scandals. Traditionally, insolvent organizations have simply closed their doors and filed a plan of dissolution with the charity regulator in their state.

But in the last six months, nonprofit groups that include cultural institutions and social service agencies have filed to reorganize or liquidate themselves under the bankruptcy code.