Could foundations offering to help Detroit regret their decision?
As Detroit continues to move through the bankruptcy process, an outstanding issue is a plan to protect artwork at the Detroit Institute of Arts. A group of foundations and private donors have pledged over $300 million that would help cover city pensions and offset the need to sell the artwork.
A recent op-ed in the Chronicle of Philanthropy questions the wisdom of this plan. William Schambra is the director of the Hudson Institute’s Bradley Center for Philanthropy and Civic Renewal in Washington D.C. and he joined us today.