100+ Losses

[prole]

This team was supposed to be going to the playoffs! How could so many predictions be so wrong? Looking forward to a Bavasi-free offseason.

[tvashtarkatena]

I thought this was about the stock market.

[prole]

Between the Seattle Mariners and WaMu, I'm sure there's a punchline at Seattle's expense somewhere.

[prole]

 

Unfortunately, it won't be that funny.

 

Charities face loss of WaMu giving; $48.6M donated last year

 

One day after Paul Chiocco heard about the sudden demise of Washington Mutual, he was trying to figure out how to fill a possible budget...

 

By Warren Cornwall and Kyung Song

 

Seattle staff reporters

 

One day after Paul Chiocco heard about the sudden demise of Washington Mutual, he was trying to figure out how to fill a possible budget hole if giving from WaMu dries up for the affordable-housing nonprofit where he works.

 

"I don't know that we have yet worked out how this will really impact us next year," said Chiocco, vice president of operations at Intercommunity Mercy Housing, which has received tens of thousands of dollars from WaMu in past years.

 

"What we don't know is, how will JPMorgan Chase react? How will they continue to support the organizations that WaMu has supported in the past?"

 

As the region reels from the loss of one of its corporate giants, that's a question confronting community groups and nonprofits that have benefited from WaMu's largesse.

 

Whether it's high-profile events such as the fireworks show over Lake Union, called the WaMu Family 4th, prominent charities such as United Way or lesser-known groups, the Seattle thrift was one of the region's most prominent givers.

 

Seattle isn't alone. The disappearance of storied Wall Street firms, coupled with broader concerns about the economy, is a worry for charitable groups across the country. Leaders of universities, theaters and foundations are wondering if pledges by companies that no longer exist will be honored by new owners.

 

JPMorgan Chase declined to comment on its plans, but stressed that it has a strong philanthropic record, giving $114 million to charitable causes last year.

 

The Seattle Art Museum said it's fine, despite the financial storm next door. The museum last year opened in its new downtown home, part of a joint development with WaMu.

 

The museum leases eight floors of the 16-story building to WaMu, which is based in a neighboring 42-story tower.

 

Whoever takes over the company also inherits the lease, museum spokeswoman Nicole Griffin said.

 

"We feel that we're pretty well taken care of," she said. "We'll just have to wait and see."

 

Regional fundraising experts say the loss of a corporate headquarters, particularly in such catastrophic fashion, can resonate through a region's nonprofits and civic events.

 

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"I think it's very sad," said Peter Donnelly, former head of the Seattle-based ArtsFund, which works closely with corporate donors to the arts. "JPMorgan, which has bought them, is a very generous company. At the same time, it's not the same as having a company which is headquartered and which the senior leadership is living in the town and feeling part of the community."

 

Woodland Park Zoo already was looking for a new title sponsor for what had been the WaMu ZooTunes, a summer series of outdoor concerts. The company's five-year contract ran out this year, and WaMu had indicated it might not renew the deal, zoo official Jim Bennett said.

 

One Reel, the company that produces the Fourth of July fireworks show at Lake Union, couldn't be reached for comment. And there was no word from the Seahawks about what would happen to the WaMu Theater at Qwest Field.

 

Corporate leaders can bring their moxie to governing boards of local charities, help spark community initiatives when they rub shoulders with other corporate titans, and — intentionally or not — steer the giving habits of a company, Donnelly said.

 

On the philanthropic side, WaMu focused on donations to affordable-housing and education groups. In 2007, those two areas received $33.6 million out of $48.6 million in nationwide charitable giving, according to the company.

 

But Jon Doll, vice president of fundraising for United Way, said the switch in corporate parents doesn't necessarily mean a huge hit in giving. Bank of America, which took over Seafirst Bank in the 1980s, or Macy's, which acquired The Bon Marché, largely have maintained their previous charitable involvement in the community, Doll said.

 

Beyond the corporate boardroom, the scope of the impact could depend on how many Seattle-based jobs are cut from the WaMu payroll — a figure still not known. The loss of those jobs likely will hurt more than the change in ownership, Doll said.

 

Last year, WaMu and its employees gave $2.1 million to United Way of King County, the fourth-highest total among all area corporations.

 

As dramatic as it is, Molly Stearns of The Seattle Foundation said the collapse of WaMu — or any other company — is far from a crippling blow to philanthropy. In the United States, individuals by far give most to charity, followed by foundations and, to a lesser extent, corporations.

 

Still, Stearns said, the job losses will sting. Pair that with the other woes assailing the U.S. economy, she said, and WaMu can't help but leave a philanthropic void.

 

"It's not likely that someone else is going to pick up the slack," she said.

 

Material from The Associated Press is included in this report.

 

So much for letting the market take care of the arts, community programs, and institutions. Thanks again "free marketeers" and "anti-communists". Assholes.

 

 

[StevenSeagal]

Between the Seattle Mariners and WaMu, I'm sure there's a punchline at Seattle's expense somewhere.

 

"My oh My" pretty much covers both. "WOOHOO!", maybe.

 

But whatever. Be gone, libturd! Leave sports to us REAL Americans.