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Soros Helps New York Charity Raise Record With $50 Million Gift

By Patrick Cole

May 13 (Bloomberg) -- Billionaire hedge-fund manager George Soros pledged $50 million to the Robin Hood Foundation at its New York gala dinner, helping the charity raise a record sum last night to help the city’s poor.

The event took in $72.7 million, the most Robin Hood has raised in a single night, defying the slump in charitable giving caused by the current recession.

Hollywood met Wall Street as Oprah Winfrey, Tom Hanks, Anne Hathaway and New York Giants quarterback Eli Manning mingled with bankers. About 3,400 guests attended the event at the Jacob K. Javits Convention Center, dining on grilled shrimp and chicken a la Milanese as Aretha Franklin sang “Bridge Over Troubled Waters.” Black Eyed Peas also performed.

“The turnout is a testimony to the generosity of New Yorkers,” said Michael Boublik, a Morgan Stanley managing director, who said he gave money to the organization at the gala. “In times like this, it’s all the more important to support causes like Robin Hood.”

Robin Hood Foundation, founded 21 years ago by hedge-fund manager Paul Tudor Jones, channels Wall Street donations to various New York-based charities which help disadvantaged youths, the hungry, homeless and jobless.

Wireless Devices

To qualify for Soros’s gift of $50 million, Robin Hood has to raise an additional $150 million over two years. At last night’s event, diners gave about $27.7 million using wireless devices at their tables. Ticket sales raised an additional $17.3 million: Robin Hood charged $2,000 and $5,000 for individual tickets, and tables were priced at $30,000 to $250,000.

“People in New York are struggling, and it’s right that those with the ability to help should step forward,” said Soros, the 78-year-old philanthropist and founder of Soros Fund Management LLC in an interview.

The amount raised last night marked a rebound for Robin Hood, which saw its tally for the annual event drop to about $57 million last year from its previous record of about $71 million in 2007 in the wake of Bear Stearns & Cos.’s collapse.

“I was absolutely stunned by the generosity of those who gathered here this evening,” said Robin Hood Executive Director David Saltzman, in an interview after the event. “In this extraordinarily tough environment, people came together to save lives.”

Jon Stewart of “The Daily Show” was the compere. He took a jab at Bernard Madoff in a skit, speaking to an actor posing as the fund-manager while in prison. Madoff pleaded guilty two months ago to running the biggest Ponzi scheme in history.

Former NBC News anchorman Tom Brokaw, a Robin Hood board member, joined Stewart when it came time to prod those in the audience, including former tennis star John McEnroe and current NBC Nightly News anchor Brian Williams, to make additional donations to Robin Hood with their wireless devices.

When Saltzman announced the tally, Stewart said, “I guess the recession is over.”

To contact the writer on this story: Patrick Cole in New York at pcole3@Bloomberg.net.

Last Updated: May 13, 2009 06:44 EDT

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