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| Ray Dalio |
Bridgewater Associates founder Ray Dalio and his wife Barbara have made a $10 million challenge grant to the Robin Hood Foundation, the hedge fund-heavy charity founded by Paul Tudor Jones and others in 1988 to combat poverty in New York City.
The gift has already been supplemented by an additional $10 million from Robin Hood’s board of directors so that every dollar donated to the charity in 2011 will be matched up to $20 million.
“We are in awe of the wisdom of the choices and the quality of the due diligence that Robin Hood has provided in support of the poor in New York,” said Ray Dalio in a statement released by the foundation. Bridgewater declined to comment beyond the statement.
“I have been fighting poverty in New York City for more than 25 years and I have never seen it this bad. Poor people are getting crushed by the economy,” said Robin Hood director David Saltzman in a statement announcing the gift.
In April, the Dalios announced their commitment to the Giving Pledge, an effort by Bill Gates and Warren Buffett encouraging America’s wealthiest families to give more than half of their wealth to charity.
Robin Hood’s board of directors includes such hedge fund heavyweights as Lee Ainslie of Maverick Capital Management, Daniel Och of Och-Ziff Capital Management Group, Steven Cohen of SAC Capital Advisors, Glenn Dubin of Highbridge Capital Management, David Einhorn of Greenlight Capital, John Griffin of Blue Ridge Capital, Larry Robbins of Glenview Capital Management and David Tepper of Appaloosa Management.
See also:
David Tepper joins Robin Hood board, mulls donating majority of fortune
