Wall Street Problems May Impact the Arts

Over the past several days Wall Street has witnessed the bankruptcy of Lehman Brothers and acquisition of Merrill Lynch by Bank of America. According to a Sept 16th NY Sun article by Kate Taylor, both Merrill Lynch and Lehman Brothers were large benefactors of the arts. Additionally, many of the officers of these two organizations were also supports and fund raisers for the arts as well as collectors. Now, due to the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch, much previously pledged funding may be in doubt.

The NY Sun article states "Among the other pressures already facing institutions have been the recent cuts in city funding, diminished earnings on endowments invested in the financial markets, and New Yorkers trying to save money by refraining from buying their usual subscriptions or by buying less expensive tickets."

Taylor of the NY Sun continues "And now the crises at two financial institutions that have been major supporters of the arts will reverberate across the cultural landscape. Lehman Brothers and Merrill Lynch have donated to many of New York's major cultural organizations, and Lehman Brothers also has supported smaller organizations that focus on arts education."

To read the full NY Sun article click HERE.