American Jewish leaders are bracing themselves for a drastic cut in donations following the near-total collapse of the Bear, Stearns brokerage firm, according to the New York Jewish News. The company has a long tradition of contributing generously to the local United Jewish Appeal (UJA). Former Bear, Stearns chairman Alan Greenberg encourages workers to give four percent of their salaries to charity and last hosted last October's UJA campaign with million dollar donors. "Each year, the partners of Bear Stearns contributed many millions of dollars to UJA-Federation," John Ruskay, the CEO and executive vice president of New York’s federation told the Jewish News.
The brokerage firm went nearly bankrupt and was bought out by a major bank for a paltry $2 a share, this week, pending shareholders' approval.
One UJA official noted that bankruptcy lawyers and investors who bet their money on the market going down made loads of money, enabling them to increase philanthropic contributions.