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Wall Street plays Robin Hood

By Judy Martel · Bankrate.com
Monday, May 20, 2013
Posted: 6 am ET

The titans of Wall Street did their part to fight poverty in New York with a star-studded bash that raised more than $80 million this month.

Bono was among the performers at this year's Robin Hood gala.

Bono was among the performers at this year's Robin Hood gala.

The annual Robin Hood gala is the largest single-night fundraiser in New York City, raising a total of $1.25 billion since its inception in 1988. All of the donations go directly to efforts to alleviate poverty in the city, with the Robin Hood Foundation's board picking up administrative expenses. Last year, the event raised $59.2 million. In 2010, a huge donation by billionaire George Soros upped the total to $87.8 million.

Jeffrey Immelt, CEO of General Electric; Laurence Fink, chairman of BlackRock and Doug Morris, CEO of Sony, are on the board. This year's gala co-chairmen included actors Justin Timberlake and Jessica Biel, along with Robin Hood co-founder Paul Tudor Jones II, according to Bloomberg. Performers included Elton John, Bono and Mary J. Blige.

Cost of entry to the gala was steep: $3,000 per ticket or up to $250,000 for a table. Guests include top Wall-Streeters, such as hedge fund managers and bank executives, along with business magnates. Among this year's attendees were New York City Mayor Michael Bloomberg and Eric Schmidt, executive chairman of Google.

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