Solid year for charity gala after hard year on Wall Street

Cash

A hard year for Wall Street is still a solid year for its biggest charity gala.

Bloomberg News reports that the Robin Hood Foundation, dedicated to fighting poverty in New York City, took in about $61m at its annual fundraiser with the help of wealthy donors from the financial industry and beyond. That’s less than last year’s $101m, when two donors chipped in $50m to smash the record. But it’s a bit more than the year before, when times were better by many measures. The decade’s low was $47m in 2011.

The daylong event dubbed “Night for NYC” culminated in a benefit dinner at the Javits Center in Manhattan on Monday. Wallets opened again this year despite a further slump in investment bank profits, a jump in hedge-fund withdrawals and a presidential race with candidates arguing over who’ll be toughest on the industry. As Katie Couric gave her opening remarks, she welcomed a crowd she called “Bernie Sanders’s worst nightmare.”

“We’ve weathered all the different points of economic cycles,” David Saltzman, the foundation’s executive director, said in an interview before the event. “What I’ve found to be truly remarkable about our donors is at the toughest times they continue to be generous, because they know they’ve been blessed by good fortune and they still want to be generous to others.”

To access the complete Bloomberg News article hit the link below:

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