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The big money behind the 12-12-12 concert

By Laurie Bennett

December 13, 2012 at 2:25am

The names behind the Hurricane Sandy benefit Wednesday night include some of the wealthiest, most powerful people in New York.

The event, featuring performances by Kanye West, Bruce Springsteen, Paul McCartney, Mick Jagger and other top musicians, raised money for victims of the storm.

Proceeds go to the Robin Hood Relief Fund, run by an appropriately named foundation that counts seven billionaires on its board.

Paul Tudor Jones II
Paul Tudor Jones II

The Robin Hood Foundation formed 25 years ago to fight poverty in New York City. Hedge funder Paul Tudor Jones II, who still serves as a director, put in $3 million to launch the group. In the years since, the foundation has distributed more than $1 billion.

Last year, it raised more than $158 million, about half of it from directors.

The board includes a few celebrities, such as NBC anchor Brian Williams and actress Gwyneth Paltrow. But the big money comes from names not as well known. In addition to Jones, the billionaire directors are:

    • Steven A. Cohen - hedge fund manager; founder of SAC Capital Advisors
    • Glenn R. Dubin - founder of Highbridge Capital
    • David Einhorn - hedge fund manager; founder of Greenlight Capital
    • Kenneth G. Langone - co-founder of Home Depot
    • Daniel S. Och - chairman and CEO of Och-Ziff Capital Management Group
    • David A. Tepper - hedge fund manager; founder of Appaloosa Management

Note: One of our Twitter followers points out the perhaps unexpected number of people on the Robin Hood board who made big contributions to Restore Our Future, the super PAC supporting Mitt Romney’s presidential run.

Here’s a Muckety map showing those connections:

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