(Bloomberg) -- The Robin Hood Foundation, a poverty-
fighting New York charity that was criticized by lawmakers for
investing in hedge funds run by board members and donors, said it
would stop the practice.
David Saltzman, Robin Hood's executive director, said in a
letter to donors today that the charity had created a contingency
fund that was ``prudent, responsible and in keeping with best
practices.'' The decision to remove assets from hedge funds run
by people connected to the charity was made to avoid ``even the
appearance of any conflict,'' he said.
Read more at Bloomberg Exclusive News
fighting New York charity that was criticized by lawmakers for
investing in hedge funds run by board members and donors, said it
would stop the practice.
David Saltzman, Robin Hood's executive director, said in a
letter to donors today that the charity had created a contingency
fund that was ``prudent, responsible and in keeping with best
practices.'' The decision to remove assets from hedge funds run
by people connected to the charity was made to avoid ``even the
appearance of any conflict,'' he said.
Read more at Bloomberg Exclusive News
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