The founders of the Resolution Project don’t dwell on generosity or charity when they describe why their non-profit mentors and funds young leaders. They favour the language of finance.
'We get good yield,' said Andrew Harris, the group’s 31-year-old vice chairman, who advises private-equity firms at Forum Capital Partners in New York. 'We think it’s very different and, to use a Wall Street term, very differentiated.'
Bloomberg reports that without deserting careers, a new wave of young bankers is starting non-profits to help orphans, immigrants, veterans and students. They say they’re moved to mend the world using capitalism’s wisdom, not because of its shortcomings, preaching the power of dividends, due diligence, leverage and efficient allocation of resources. Some see themselves setting a new mould for post-crisis Wall Street philanthropy by not waiting to give away their money or leaving for full-time charity work.
'Among this generation - our generation - is a deep passion and interest in learning, earning and returning simultaneously,' said Andrew Klaber, 32, an analyst at hedge fund Paulson & Co. whose non-profit Even Ground provides education and care to African children affected by AIDS. 'You just see an unmet need in your research, and research is what we do on Wall Street'.
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