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Web Editors' Choice 2012

By Bloomberg - 2012-12-24T16:25:34Z

Photograph by Zubin Shroff/Getty Images

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Making Profits From Non-Profits

The telemarketer for the American Cancer Society didn't ask for money, just if the person on the other end of the line would stamp and send 15 form letters to neighbors. Seventy-eight cents of every dollar raised would go to the Society, she said. Instead, more than half the money went to telemarketer InfoCision Management Corp. And that was low. Turns out that most -- and sometimes all -- of the money InfoCision collects under the name of major charities never pays for medical research or even reaches the charity, an investigation by David Evans for Bloomberg Markets showed. The money goes to InfoCision. U.S. Senators Richard Blumenthal and Herb Kohl called for an investigation and InfoCision's Chief Executive, Carl Albright, was replaced a month after Evan's story was published.