Financiers and Wall Streeters like to tout their charitable giving. From the Robin Hood Foundation to the Goldman Sachs' charitable ventures, the titans of finance represent one of the most potent forces in philanthropy and give away billions every year.
Yet a new study says financiers may be growing too dominant in the nonprofit world, bringing values and priorities that may not be in the best interests of charity.
The paper, "The Wall Street Takeover of Nonprofit Boards," by Garry W. Jenkins at Ohio State University's Moritz College of Law, found that the percentage of nonprofit board members in the study who come from finance has doubled since 1989. They hold an even larger percentage of leadership positions on nonprofit boards. (Tweet This)
At liberal arts colleges and New York City nonprofits, financiers hold 44 percent of board leadership positions and 56 percent of leadership positions at private universities, both up dramatically since 1989, according to Jenkins, is a former chief operating officer of the Goldman Sachs Foundation.