The foundation arm of General Electric Co. plans to announce today that, because of the recession, it is changing its philanthropic focus next year toward basic needs such as food, clothing and shelter, with $20 million to be redirected to those areas.
"With the credit crunch and recession in full swing, people are not necessarily worrying about putting their kids in college in 20 years but how they are going to pay rent next month," said Bob Corcoran, president of the GE Foundation and vice president of corporate citizenship at GE
"This is a significant recession, the likes of which we haven't seen. there are more and more people living at the edge of financial security," said Mr. Corcoran. "People showing up at shelters are looking a lot more like the people who live next door."
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