For many, capitalism means unfettered greed. Philanthropy, it seems, is a legal way to dodge taxes instead of an exercise in social responsibility. In today’s economy, poverty is growing, the middle class is shrinking. Overall, the only people who are getting richer are the already rich. Fortunately, some of the very rich are quite willing to share in their wealth.
On Sunday’s 60 Minutes, Scott Pelley profiled the “Modern Day Robin Hood,” billionaire hedge fund manager, Paul Tudor. The goal of his “Robin Hood Foundation” is to end poverty in New York City. His board of directors is worth a whopping $25 billion.
With expenditures of over $130 million last year alone, Tudor’s organization funds over 500 projects with goals toward feeding, educating and housing the poor. His methods are not without controversy. He approaches his giving like he approaches business. For each dollar the organization gives, they expect a $15 benefit to the community. If an investment isn’t paying off, he pulls funding, presumably leaving an organization worse off than they were before he stepped in.
Watch this video from 60 Minutes and tell us your opinion of Tudor and the Robin Hood Foundation. What would you do if your business became that successful?