The John D. and Catherine T. MacArthur Foundation made headlines round the country week that is last unveiling the newest champions of its “genius” funds.
Earlier in the day this thirty days, the Chicago-based institution that is philanthropic among the country’s 10 biggest personal foundations, additionally was at the news headlines, but this time around the storyline was not therefore flattering. Bloomberg Information stated that the MacArthur Foundation had been one of the institutional investors in a private-equity investment that purchased into a business which had a community of payday-lending sites.
Payday loan providers have now been banned or restricted in many states, accused of preying on working those who battle to pay bills.
The investment was more than simply an embarrassment for MacArthur.