Robin Hood Raises $80.5 Million By Morning To Fight Poverty

Bloomberg

Last night, the Robin Hood Foundation, an organization dedicated to fighting poverty in New York, hosted its annual, star-studded fundraiser at the Jacob K. Javits Center in New York City. By 10pm, the event had raised $72,559,253, and by morning, $80.5 million according to Bloomberg. The night was kicked off by a $10,000 donation for William's Tie by Paul Tudor Jones of Tudor Investment Corp., and peppered with performances by Mary J. Blige, Justin Timberlake and Bono, Elton John, and Sting.

Among the 4,200 guests were Uma Thurman, Eric Schmidt (Google Inc. Executive Chairman), Jessica Biel, Eli Manning, and many more.

Robin Hood raises money to distribute to programs that work toward poverty relief, an effort that seems to need all the help it can get. According to the Robin Hood website, more than 20% of New Yorkers standing in line at soup kitchens are employed, 57% of which are employed full time. On any given day, 365,000 of the city's residents look for work and do not find it. However, Robin Hood claims to be making a difference where it counts.

They say that 92% of the people who enter a Robin Hood funded housing program do not return to homeless shelters, and that their educational programs increase the chance of passing the GED by 75%.

Eric Schmidt is quoted on their site saying, "There is literally no foundation, no activity, that is more effective."

Those words are no fluff, considering that last year, Robin Hood invested $132 million in more than 210 poverty-fighting programs in New York City, and since 1988, their total amount of money given has reached over $1 billion.

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