Bloomberg and Soros Pledge $60-Million for N.Y. Program
By Caroline Bermudez
Contributor
August 21, 2011 | Read Time: 1 minute
How much: $60-million over three years
Who gave it: Michael Bloomberg, the mayor of New York and founder of the financial-data and news-service company that bears his name, and George Soros, the financier and philanthropist. Both are giving the money through their private foundations.
Who got it: The City of New York
What the gift will support: The Young Men’s Initiative, a wide range of programs that will provide young black and Latino men access to mentors and to educational and employment opportunities coordinated by more than 12 city agencies.
How the gift came about: Mr. Soros said the mayor invited him to lunch several weeks ago to discuss the project and ask for a donation. Enthusiastic about the mayor’s plan, Mr. Soros wrote in an e-mail to The Chronicle: “I was happy to join forces with him. He was knocking on an open door.”
Why they gave: To fight social inequality.
Expansion plans: Mr. Soros plans to embark on similar grant-making efforts in other cities. “I expect that this partnership will demonstrate that if we are committed to success, we can make real and lasting change in the educational outcomes of young black men in our cities. I intend to make a city-based approach a cornerstone of my philanthropy in the United States.”
