Bloomberg to Use Own Funds in Plan to Aid Minority Youth
Mayor Michael R. Bloomberg, in acknowledgment that thousands of young black and Latino men are cut off from New York’s civic, educational and economic life, plans to spend nearly $130 million on measures to improve their circumstances.
To pay for the endeavor, the city is relying on an unusual source: Bloomberg himself, who intends to use his personal fortune to cover about a quarter of the cost. A $30 million contribution from Bloomberg’s foundation would be matched by fellow billionaire, George Soros, a hedge fund manager, with the remainder being paid for by the city.
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%0D%0A%20%20To%20pay%20for%20the%20endeavor,%20the%20city%20is%20relying%20on%20an%20unusual%20source%3A%20Bloomberg%20himself,%20who%20intends%20to%20use%20his%20personal%20fortune%20to%20cover%20about%20a%20quarter%20of%20the%20cost.%20A%20$30%20million%20contribution%20from%20Bloomberg’s%20foundation%20would%20be%20matched%20by%20fellow%20billionaire,%20George%20Soros<%2Fa>,%20a%20hedge%20fund%20manager,%20with%20the%20remainder%20being%20paid%20for%20by%20the%20city.%0D%0A%0D%0A%0D%0Ahttps%3A%2F%2Fwww.nonprofitpro.com%2Faggregatedcontent%2Fbloomberg-use-own-funds-plan-aid-minority-youth%2F" target="_blank" class="email" data-post-id="17917" type="icon_link">
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