NEW YORK (
) -- As the temperature in the Northeast drops, hedge funds and private equity titans are dialing up on their efforts to provide relief to areas still reeling from the impact Hurricane Sandy nearly a week after the storm devastated coastal states and left millions without power.
Still, as relief efforts across the U.S. and Corporate America materialize, it's too be seen whether Wall Street contributions will be seen as matching the size and scope of the storm's damage -- or the industry's fortunes.
Just prior to Sandy's landfall, embattled hedge fund billionaire John Paulson of Paulson & Co. donated
to the preservation of New York's Central Park. In late September,
co-founder William Conway donated $1 billion to
aimed at improving the fortunes of the poor.
Whether individual and collective contributions for Sandy relief reach such levels remains to be seen, as momentum builds for fund-raising efforts.
On Friday night, a
telethon presented by the American Red Cross targeted at U.S. TV viewers and featuring performances by Bruce Springsteen, Billy Joel, Christina Aguilera, Jon Bon Jovi, Mary J. Blige and Sting raised $23 million, and
is planning a similar relief pitch, according to media reports. NBC's Hurricane Katrina telethon raised $40 million in 2005.
Over the weekend,
The Robin Hood Foundation
, an over two-decade old
created by hedge fund titan Paul Tudor Jones to fight poverty said it's upped efforts to raise money and provide relief to the East Coast as many remain without power or a permanent home.
On Sunday, Robin Hood's chairman Lee Ainslie said the foundation will disburse $3 million in immediate aid to regions impacted by Hurricane Sandy by Tuesday. Meanwhile, Ainslie, who is also CEO of hedge fund Maverick Capital Management, told
that the popular charitable organization on Wall Street has raised $8 million in a relief fundraising effort since Friday.
According to a Sunday statement from Robin Hood, the foundation re-launched its
-- initially created to help New York City recover from the terrorist attacks of 9/11 - in a move to target resources towards Sandy recovery work.
Ainslie also said Robin Hood has been in contact with New York state and city officials since Wednesday on how to distribute aid, money and other resources.
Media reports across New Jersey, New York and Connecticut signal that millions in the Northeast remain without power as temperatures begin drop near, or in some cases, below freezing.
State governors have relaxed oil and gas import restrictions, and in some instances, resorted to rationing programs as a gas shortage curtailed recovery efforts. Meanwhile New York City Mayor Mike Bloomberg said over the weekend that a
, as thousands across the city's five boroughs face the prospect of having lost their homes.
Insured losses tied to Hurricane Sandy are already projected in the
, and some industry insiderssay victims may face lengthy challenges for
on whatever damage is covered. The
Federal Emergency Management Agency
has taken to airwaves and social media to alert people of ways to register for federal aid.
signals workers at its relief fund have already combed flood stricken New York boroughs like Staten Island for ways to aid recovery efforts and the fund has contributed food, energy and shelter at sites funded by the foundation like a Henry Street Settlement on Manhattan's Lower East side.
the fund had also made and delivered gas purchases in states like New Jersey facing a shortage.
said it is giving $1 million to Hurricane Sandy relief efforts, donating to the Robin Hood Foundation, the American Red Cross and other local charities.
The Robin Hood Foundation, a staple of Wall Street charitable giving, counts hedge funders Daniel Och of Och-Ziff Capital Management, David Tepper of Appaloosa Management, Barry Sternlicht of Starwood Capital, Steven A. Cohen of S.A.C. Capital Advisors and Glenn Dubin of Highbridge Capital Management as board members.
Other board members include CEO's like Laurence Fink of
, Jeffrey Immelt of
, in addition to Jes Staley who heads
investment bank and David Solomon, the co-head of Goldman Sachs's investment banking unit.
Actress Gwyneth Paltrow, NBC anchor Brian Williams and film producer Harvey Weinstein, are among the non-Wall Streeters on Robin Hood's board.
Private equity giants also are making a push to contribute resources to Hurricane Sandy relief.
Henry Kravis, the co-founder of
a multi-million dollar fund aimed at developing New York City businesses
in the aftermath of Sandy. The fund - called the Partnership for New York City Fund - has invested $119 million in New York businesses, according to its Web site, and Kravis told Bloomberg it will look to invest $35 million on revitalization efforts.
Investment banks ranging from
have already begun to lend resources and money to relief efforts, and funds like the Robin Hood foundation and PNYCF are likely to take big Wall Street contributions.
Goldman Sachs said it will donate up to $5 million in financial relief efforts, with employees making a matching contribution. Citigroup has earmarked millions for charities like the American Red Cross, and JPMorgan CEO Jamie Dimon said the bank would give up to $5 million to support the region it calls home. Other financial institutions have launched similar charitable efforts.
chronicled the efforts of a
saleswoman to trade by day and
, as the city continues to struggle with supply shortages and power outages.
For more on how to help in the wake of Hurricane Sandy President Barack Obama, Republican presidential candidate Mitt Romney and scores of elected officials have called for those across the country to
, if they have resources. The relief agency is also
-- Written by Antoine Gara in New York