the star of the show was money
http://blogs.wsj.com/wealth/2007/05/03/the-72-million-party/
The $72 Million Party
A week after being pilloried for their billion-dollar salaries, hedge =
funders came out in droves last night to try to shore up their =
reputations as philanthropists.
More than 4,000 people attended the annual fundraising bash for the =
Robin Hood Foundation, the charity founded by Tudor Investment Corp. =
founder Paul Tudor Jones II. The bash was held in the cavernous Jacob =
Javits Center in Manhattan =97 not the most glamorous ballroom, but one =
of the only spaces in Manhattan large enough to hold the event. =
Attendees paid between $3,000 to $25,000 a ticket =97 if you could get =
one.
“The Daily Show” funny guy Jon Stewart was the host and the musical =
guest was Aerosmith. But the real star of the show was money. =
According to people close to the foundation, the event raised $72 =
million. That’s as much as 30 times the usual amount raised at =
charity balls and far above last year’s Robin Hood total of around =
$48 million.
A big chunk of the money came from feverish bidding contests between =
the top hedge- funders to win trips, dinners, luxury goods and all =
manner of other high-end services. One of the biggest hauls of the =
night: a chance to sing with Aerosmith singer Steven Tyler. Two =
unknown bidders ended up paying more than $800,000 combined for the =
prize.
“I couldn’t believe the way these people were bidding,” said one =
attendee. “It was crazy.”
At least the donors know their money is being well-spent. Since all =
of Robin Hood’s administrative, marketing and other costs are paid by =
the board, every dollar donated last night goes to helping alleviate =
poverty in New York City.