PHILANTHROPY: Faith & Charity

In 1948, Paul Gray Hoffman explained why he was willing to give up his $90,000-a-year presidency of the Studebaker Corp. to run the Economic Cooperation Administration at a salary of $20,000. "It may be the opportunity," he said, "to put up a fight for peace." This week, after spending 30 months and $10 billion presiding over the Marshall Plan, Hoffman resigned to carry his fight to another field. He was expected to become president of the Ford Foundation, the world's largest private charitable institution.

If he took the job, Hoffman would not lack...

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