Paul Tudor Jones sounded sentimental when he took the stage Monday night at the Robin Hood Foundation’s annual benefit. There were sprouts and blooming flowers on the giant screens as he talked about a baby the organization had supported in its early days, who’s now a father and teacher.
(Bloomberg) — Paul Tudor Jones sounded sentimental when he took the stage Monday night at the Robin Hood Foundation’s annual benefit. There were sprouts and blooming flowers on the giant screens as he talked about a baby the organization had supported in its early days, who’s now a father and teacher.
Poverty takes generational change, Jones, 68, mused about a mission he started 35 years ago with a few others following the stock market crash of 1987. Robin Hood has since become a national leader in the fight against poverty, spending more than $3 billion to assist hundreds of nonprofits in New York City, seed new ideas and measure impact.
Then things got aggressive.
A wrestler dubbed the Impoverisher knocked Jones to the ground. And the billionaire stayed there, until WWE’s John Cena arrived, body-slamming the menace and getting Jones, founder of Tudor Investment Corp., to his feet.
The scene, typical of Robin Hood’s entertainment-filled benefits, was meant to sum up what it’s like to take on poverty: It’s persistent, and knocks you down, but with help you can get up and fight another round. Jones and Robin Hood have found creative ways to tell their story over the years — each time unlocking impressive sums of Wall Street dollars.
The secret to Robin Hood’s fundraising success starts with gathering in one room a few thousand people in finance, including some of the industry’s biggest names, alongside leaders in philanthropy and the arts.
How exactly does one socialize? “Randomly,” Ray Dalio said, “like a magnet to the people I love.”
A comedian and rock star are also a draw each year, in this case Jim Gaffigan and Brandi Carlile. “All of these lines across my face…” she sang for guests including Steve Schwarzman, Jim Simons, Boaz Weinstein and David Solomon.
Another high point is the end of dinner, before a second concert — this year it was Kendrick Lamar — when the total amount raised is announced. Robin Hood’s chair, Dina Powell McCormick, gave that number: $61.4 million.
Even still, the crowd acknowledged that private donations are just a start in making a difference in people’s lives.
“Philanthropy is not the answer. It takes policy,” Bill Ackman said. One example: Christine Quinn, head of shelter-provider Win and former New York City Council speaker, is advocating for a policy change that would allow housing vouchers to be disbursed to families before they spend a full 90 days in a shelter.
Robin Hood has also supported 177 charter schools because — as Rich Buery, head of Robin Hood, put it — low-income parents in New York City deserve a choice, like affluent parents have, about where they educate their kids. It also funds workforce development, as practiced by Antoinette Torres at Cooper Union, who helps immigrants trained as engineers secure licensure and employment — some with salaries over $100,000, Torres said.
If the Impoverisher once again shows up to wrestle Robin Hood’s poverty fighters to the ground, Steve Cohen said his Mets are ready to help.
“We’ve got enough bats,” he said.
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