Philanthropy

Digging deep

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Hedge fund philanthropists tap their personal resources to rebuild their foundations, but a lengthy recession, coupled with greater scrutiny of charitable activities by the federal government, could start to take a toll.

Hedge fund philanthropists tap their personal resources to rebuild their foundations, but a lengthy recession, coupled with greater scrutiny of charitable activities by the federal government, could start to take a toll

By Britt Erica Tunick

When oilman-cum-hedge fund manager T. Boone Pickens donated $165 million to his alma mater, Oklahoma State University, in 2005, he vowed to rebuild the university's aging football stadium and develop an athletic village next door. The plan stirred controversy in the small town of Stillwater, Okla., where opponents asked what would happen to all the