The Robin Hood Foundation, which raises money from the rich to give to the poor, collected $56 million in a single night during their annual gala attended by hedge-fund managers and the New York glitterati. 3,700 Wall Street executives gathered to hear Sheryl Crow and Shakira sing and bid on celebrity packages donated by the likes of NBC and Nike. Bricks were sold for one million dollars apiece to be the cornerstones of new housing for the poor. The hedge-fund industry is off to its “worst start in almost two decades”, but this one event last night continues to be the strongest fundraiser of its kind in New York City, and proceeds raised will go to more than 240 local poverty-fighting programs. (Read a full report on Bloomberg)
Since 1988, Robin Hood has “targeted poverty in New York City by applying sound investment principles to philanthropy”. 100 percent of every donation goes directly to programs helping poor New Yorkers to change their fates. Visit the Robin Hood Foundation website for more.