Clinton summit hopes for generosity amid turmoil

By Michelle Nichols

NEW YORK (Reuters) - The United States may be suffering its worst financial crisis since the Depression, but former President Bill Clinton hopes companies arrive in a generous mood for his fourth annual philanthropic summit.

Experts warn the economic woes will likely hurt charitable efforts by individuals and corporations but say it could lead to more creative humanitarian work and greater leadership by foundations that have benefited from years of asset growth.

More than 130 chief executives will mix with world leaders, humanitarians and celebrities such as U2 rocker Bono, performer Barbra Streisand and singer Bob Geldof, at the three-day Clinton Global Initiative starting on Wednesday.

"There's little question that this (turmoil) will impact some members' ability and inclination (to give)," Robert Harrison, the Clinton Global Initiative chief executive and a former partner at Goldman Sachs investment bank, told Reuters.

Clinton agreed that philanthropy could be hurt by the financial turmoil. "It could happen," he told reporters on Monday. "We will just have to see.

"You have to assume either the management of this issue, or maybe even other crisis' will come up in the next couple of years, which will constrain (public) money that might otherwise have been available for solving a lot of these problems in America and especially in other countries," Clinton said.

"If that is the case then this kind of work is even more important for the next two or three years than it would otherwise have been," said Clinton, whose humanitarian work saw him ranked No. 11 on Vanity Fair's 2008 top 100 leaders of the information age despite leaving office seven years ago.

Up to 1,200 people will attend Clinton's summit in New York, which seeks to address education, energy and climate change, healthcare and poverty. But the rules of attendance, which costs $20,000, are tough: Members must make and keep a pledge to be invited back.

MCCAIN, OBAMA TO APPEAR

Nearly 1,000 commitments were made during the past three years at the summit that the program values at more than $30 billion. These include funding of microfinance programs that lend money to small businesses in developing countries and efforts to enable more children to attend school worldwide.

Harrison said another 200 or so pledges are expected to be unveiled during the 2008 meeting.

Herman "Dutch" Leonard, co-chair of the Social Enterprise Initiative at Harvard Business School, said 2008 will generally not be a great for philanthropy and other socially oriented commitments because there will be less money available.

"But that may mean that people get more creative about the nonfinancial dimensions of their activities ... and that could lead to some new concepts and approaches that can leverage the remaining financial resources more effectively," he said.

Republican presidential nominee John McCain is among those who will address the summit, while Democratic nominee Barack Obama will speak via satellite.

Devin Stewart of the New York-based Carnegie Council for Ethics in International Affairs said the tough economic climate does not guarantee people will be less generous.