Monday, May 2, 2011

More Sad News in the Arts

If you need it, there's a round-up at Createquity. It's not all bad news, but there's a lot of closings. For instance, the Philadelphia Orchestra, which is a case study in large and complex balance sheets (run-down here). No debt, over $100 million in assets, and it's broke.

At any rate, it's a reminder of how slowly this financial crisis unfolds. We're used to thinking of it as a single, sharp event -- Lehman Brothers, Fannie Mae and Freddie Mac, sudden halts, some bailouts, and then the jobs picture turns around in 2010 and we're in 'recovery'.

But nearly a quarter of mortgages are still underwater. At least 14 banks closed in 2011. And as the Philadelphia Orchestra, the Initman, and other closures or crises show, the damage is still creeping through the arts world as well.

No comments: