Thursday, May 29, 2008
The downturn in the economy, layoffs on Wall Street, and the difficulties faced by hedge fund managers in the current market meant that the Robin Hood Foundation benefit was more subdued and raised less money this year than last. A New York Times article, "Gala Auction Feels a Chill from Wall Street Slump," describes the event. The rich and famous spent $3,000 per ticket to enjoy a lavish evening, but fewer people bid on the luxury packages in the auction and the bidding was less aggressive. Still, event organizers were pleased at the amount raised. As co-chair Barry Sternlicht said, "This is a New York-based kind of recession and it's not a good year for the hedge fund industry. But we were blown away by the response."