Topic: Robin Hood Foundation

A series of anecdotes explores the ethics of street begging and large-scale philanthropy. Stories include a confrontation with a truck driver in London over giving money to a beggar and descriptions of organized begging rings in India. The discussion transitions to the Robin Hood Foundation's handling of Superstorm Sandy funds, suggesting that large NGOs often act as financial vehicles for bankers rather than direct aid providers.

New York Attorney General Eric Schneiderman announced that nearly $238 million in donations intended for Superstorm Sandy victims is still being held by non-profit organizations. While the Robin Hood Foundation and the Red Cross raised hundreds of millions through high-profile concerts and campaigns, many victims in areas like Breezy Point have yet to receive assistance. Some charities reportedly intend to save the "Sandy" funds for future, unrelated disasters.

A 2007 Bloomberg report raised questions about the Robin Hood Foundation, a high-profile charity. The report alleged that half of the foundation's money was invested in hedge funds run by its own board members, who collected standard industry fees of 2% of assets and 20% of profits. The hosts characterize this as a "scam" benefiting wealthy donors.

The 12-12-12 Concert for Sandy Relief is criticized as a "circle jerk" for wealthy elites rather than an effective charity event. Financial analysis of the Robin Hood Foundation's Form 990 reveals high executive salaries, including over $1.2 million for CEO David Saltzman, and millions spent on "entertainment" for the performers. The hosts argue that the $50 million raised is a rounding error for sponsor JPMorgan Chase and that the funds are often invested in limited partnerships rather than distributed directly to victims.

The hosts criticize the "12-12-12" concert for Hurricane Sandy relief, noting it primarily benefits the Robin Hood Foundation rather than victims directly. They highlight the foundation's ties to Jamie Dimon and Chase Bank, questioning the ethics of a charity with over $300 million in net assets and high executive salaries.

Adam Curry examines the 2010 tax filings for the Robin Hood Foundation, revealing that Stevie Wonder was paid $500,000 for a performance. He lists several executives earning over $200,000 annually and notes the foundation's extensive investments in global stocks and bonds. The hosts argue that "100% of every dollar" claims are misleading when the money goes to other non-profits rather than individuals.

The hosts continue their critique of the Robin Hood Foundation, noting that it distributes funds to other organizations like the SEIU and the Audubon Society. They advise listeners to provide direct aid, such as water and blankets, to victims in New Jersey and Staten Island rather than donating to large, elitist foundations.