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According to court filings, Caspersen in 2015 closed a major deal to recapitalize a private equity fund and then embezzeled an $8.1 million fee the fund had paid to PJT. To recoup the money owed to PJT, Caspersen defrauded Moore, which supports environmental nonprofits, into investing $25 million in the deal even though it had already been completed. The foundation sued PJT the following year, claiming the bank had been negligent in failing to more closely supervise Caspersen after he delayed in remitting the $8.1 million fee to the bank. Caspersen's fraud should have been foreseeable in light of the missing $8.1 million fee "and Caspersen’s purportedly sloppy attempt to cover up his embezzlement," Cannataro wrote. The case is The Moore Charitable Foundation v PJT Partners Inc, New York Court of Appeals, No.

Persons: Andrew Caspersen, Anthony Cannataro, Moore, Caspersen, PJT, Cannataro, Madeline Singas, Singas, Michael Garcia, Stephen Shackelford, Susman Godfrey, Aidan Synnott, Paul Weiss Rifkind Wharton, Garrison Read Organizations: Bank, NY, The New, Appeals, PJT Partners, Moore Charitable, Park Hill Group, Caspersen, New, Thomson Locations: The New York, PJT, Caspersen, New York

☆ Wall Street Journal: George Soros has handed control of his charitable and political activities to his son Alex
▼ + stars: | 2023-06-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Billionaire George Soros, a leading philanthropist and contributor to liberal political causes, has tapped his 37-year old son Alexander Soros to lead his charitable foundation and political action committee, according to the Wall Street Journal. In an interview with the Journal Sunday, Alexander Soros was revealed to be the chair of the Open Society Foundations, Soros’ main philanthropic organization. George Soros, 92, is worth an estimated $6.7 billion according to Forbes, but his foundations are worth far more than that. He has given $32 billion to his Open Society Foundations, according to its website. His political action committee, Democracy PAC, gave $81 billion in political donations during the 2019-2020 election cycle, according to Open Secrets, which tracks political donations and spending.

Persons: George Soros, Alexander Soros, Alex, Chuck Schumer, Luiz Inácio Lula da Silva, Justin Trudeau, Forbes Organizations: New, New York CNN, Wall Street, Sunday, Open Society, Soros, Biden Administration, Canada’s, Democracy PAC Locations: New York

☆ These rich and famous people got burned by investing hundreds of millions in Elizabeth Holmes' Theranos
▼ + stars: | 2023-06-04 | by ( Ryan Hogg | Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Here are some who got burned by Theranos, from the Walton family to Rupert Murdoch. Rupert Murdoch invested $125 million in Theranos. Julio Cortez/APThe DeVos familyThe DeVos family, who are heirs to the Amway empire and includes former US Secretary of Education Betsy DeVos, poured $100 million into Theranos. Joshua Roberts/ReutersThe Cox familyTheranos also got $100 million from the Atlanta-based billionaire Cox family, which owns the media and automotive company Cox Enterprises. The Cox family was the eight-wealthiest in the US as of 2020, with a net worth of $34.5 billion at the time, according to Forbes.

Persons: Elizabeth Holmes, Theranos, Walton, Rupert Murdoch, Holmes, Ramesh, Sunny, Balwani, Forbes —, Murdoch, Julio Cortez, Betsy DeVos, they're, Joshua Roberts, Cox, Carlos Slim Carlos Slim, América, Andreas Dracopoulos, Stavros Niarchos, Robert Kraft, It's, Kraft, Tom Brady, Matt Slocum, Alan Eisenman Alan Eisenman, Eisenman Organizations: Morning, Wall Street, Walmart, Forbes, Rupert Murdoch Media, Street, Amway, Cox Enterprises, Stavros Niarchos Foundation, Robert Kraft New England Patriots, Bloomberg, New England Patriots, CBS Locations: Theranos, Atlanta, Latin America, Mexico, FTX

☆ Ex-comic sets sights on Ukraine reconstruction after helping fund war effort
▼ + stars: | 2023-05-31 | by ( Dan Peleschuk | ) www.reuters.com time to read: +3 min

Now the comedian-turned-politician's charitable foundation is setting its sights on the next big battle: post-war reconstruction. Prytula, 41, led a campaign to acquire Turkish Bayraktar drones after Russia's full-scale invasion in February last year. The foundation also raised about $9.5 million for attack drones, which he said were ordered by Kyiv's military intelligence. After the war, Prytula wants to apply his crowdfunding acumen to help rebuild war-damaged parts of Ukraine. "All of this will need to be rebuilt, and after the war we'll begin measuring everything we've lost."

Persons: Serhiy Prytula, Mariia, Oleksandr, Prytula, Volodymyr Zelenskiy, Anna Gvozdiar, Gvozdiar, isn't, we've, Ivan Lyubysh, Timothy Heritage, Sharon Singleton Organizations: Reuters, Foundation, Bank, Thomson Locations: Ukraine, Kyiv, KYIV, Turkish, Finnish, Crimea, Sumy

☆ Jeffrey Epstein reportedly threatened Bill Gates with knowledge of the Microsoft billionaire's affair with a Russian bridge player
▼ + stars: | 2023-05-21 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

Bill Gates had an affair with a Russian bridge player around 2010, The Wall Street Journal reports. The woman later met Jeffrey Epstein in 2013 and he paid for her to attend a coding camp, per WSJ. Epstein reportedly asked Gates to repay him for the camp in 2017, implying he would expose the affair. Microsoft cofounder Bill Gates had an affair around 2010, The Wall Street Journal reports, and knowledge of the relationship was used by Jeffrey Epstein in a seemingly threatening email to Gates in 2017. "Mr. Gates met with Epstein solely for philanthropic purposes," a spokeswoman for Gates told the Journal.

☆ Silver Lake submits offer document for Software AG
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 17 (Reuters) - Silver Lake officially submitted its offer document for Software AG (SOWGn.DE) on Wednesday, almost a month after announcing a 2.4 billion euro ($2.64 billion) takeover bid. In its offer document, Silver Lake reiterated that it intends to delist Software AG as soon as practically possible after the transaction. It has secured 30.1% of the share capital through a binding agreement with company founder Peter Schnell's Software AG Foundation, a charitable foundation and longstanding anchor shareholder, and through purchases on the stock exchange. Software AG's management and supervisory boards support Silver Lake despite Bain's higher offer, drawing criticism from minority shareholders at the company's annual general meeting on Wednesday. Software AG's chairman of the board of directors, Silver Lake partner Christian Lucas, was absent from the AGM which was run by an external lawyer.

☆ Opinion | Read This Before Shopping for Your Bud Light Replacement Beer
▼ + stars: | 2023-04-29 | by ( Matthew Walther | ) www.nytimes.com time to read: +3 min

In the words of a television spot from 1979: “It’s not city beer. Rather than acknowledge Bud Light’s place in a faceless globalized chain of ownership, advertisements for the beer attempt to underscore its supposedly distinctive American and working-class character. Some years ago a series of advertisements featured the Bud Knight, a character who figured in faux-medieval settings alongside a royal personage known as the Dilly Dilly King. In one spot, the king enters a tavern and orders “Bud Lights for everyone,” eliciting cries of approval from the assembled crowd. The implication is that Bud Light is for ordinary decent people who just want to have a good time with their friends, not smug effete connoisseurs.

☆ Silver Lake adds to Software AG stake amid acquisition bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of 30 euros per share from existing shareholders. This adds to its agreement to buy a 25.1% stake in Software AG from a charitable foundation that is the principal shareholder in the company. The consummation of that agreement is not subject to Silver Lake's offer being accepted by a majority of Software AG's shareholders, Silver Lake said. Software AG has said it is "highly supportive" of Silver Lake's offer and intends to recommend it to the company's shareholders. Silver Lake also disclosed on Friday that it had secured debt financing for its offer for Software AG.

☆ Nazi Cloud Hangs Over One of the Largest Jewelry Sales in History
▼ + stars: | 2023-04-27 | by ( Zachary Small | ) www.nytimes.com time to read: +1 min

One standout piece, the “Briolette of India,” includes a 90-carat diamond and carries a high estimate of $7.8 million. They are among the 700 jewels from the estate of an Austrian heiress that will go on sale at Christie’s on May 3 as part of one of the largest jewelry sales in history. The proceeds are to benefit a charitable foundation established by Horten, whose husband, Helmut, was a German retailing billionaire whose specialty was department stores. “It’s one of the most beautifully curated collections that will ever come up in the jewelry world,” said Anthea Peers, president of Christie’s Europe, Middle East and Africa. That’s important for the estate and for us.”

☆ Leonardo DiCaprio testifies in Fugees rapper's lobbying trial
▼ + stars: | 2023-04-03 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +2 min

DiCaprio is one of several prominent figures linked to Low, who is suspected of embezzling $4.5 billion from Malaysia's 1MDB sovereign wealth fund. Michel faces 11 criminal counts for trying to influence the administrations of Obama and former President Donald Trump. Prosecutors said Michel agreed to funnel money into Obama's 2012 re-election campaign and hide the source of the funds. Prosecutors said Michel later waged an illegal influence campaign to persuade the Trump administration to stop investigating Low. Michel and other co-conspirators are also accused of lobbying the Trump administration at China's behest to return Guo to China.

☆ Trump charges follow criticism of Manhattan prosecutor for not acting sooner
▼ + stars: | 2023-03-31 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Trump's former lawyer Michael Cohen has said he made the payment to silence Daniels about an affair she says she had with Trump in 2006. Bragg's charges come at a critical time, as Trump is running for the Republican presidential nomination in 2024. A prosecutor leading that probe, Mark Pomerantz, resigned in February 2022 after Bragg declined to charge Trump himself with financial crimes. Pomerantz has publicly criticized Bragg's decision not to bring charges and published a book about the investigation. In the biggest trial victory so far in his tenure, his office last December won the conviction of the Trump Organization on tax fraud charges.

[1/2] Workers remove scaffolding at the New York Courthouse at 80 Centre Street where Manhattan District Attorney Alvin Bragg continues his investigation into former U.S. President Donald Trump, in Manhattan, New York City, U.S., March 18, 2023. Trump said on his Truth Social platform that he expected to be arrested on Tuesday and called on his supporters to protest. A prosecutor leading that probe, Mark Pomerantz, resigned in February 2022 after Bragg declined to charge Trump himself for financial crimes. Cohen previously testified that Trump directed him to arrange the payment, and Cohen pleaded guilty in December 2018 to campaign finance violations and other charges. In the biggest trial victory so far in his tenure, his office last December won the conviction of the Trump Organization on tax fraud charges.

☆ Trump probe follows criticism of Manhattan prosecutor for not acting sooner
▼ + stars: | 2023-03-10 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

Manhattan District Attorney Alvin Bragg has come under political pressure for not bringing charges against Trump earlier, but has now invited Trump to testify before a grand jury, according to Susan Necheles, a lawyer for Trump. The probe comes at a critical time, as Trump is running for the Republican presidential nomination in 2024. A prosecutor leading that probe, Mark Pomerantz, resigned in February 2022 after Bragg declined to charge Trump himself for financial crimes. A spokeswoman for Bragg, who could still decline to charge Trump, referred to Bragg's earlier statement. In the biggest trial victory so far in his tenure, his office last December won the conviction of the Trump Organization on tax fraud charges.

☆ Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker'
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Microsoft founder Bill Gates reacts during a visit with Britain's Prime Minister Rishi Sunak of the Imperial College University, in London, Britain, February 15, 2023. Justin Tallis//Pool via REUTERSAMSTERDAM, Feb 22 (Reuters) - Bill Gates has bought 3.76% stake in Dutch drinks giant Heineken Holding NV (HEIO.AS), although the billionaire founder of Microsoft has previously said he was "not a big beer drinker." Heineken Holding owns a controlling stake in brewer Heineken NV (HEIN.AS). A separate filing also dated Feb. 17 showed FEMSA sold all 18 million shares it held in Heineken Holding. Gates purchased 10.8 million shares, worth 883 million euros ($939.87 million) at current market prices, triggering a disclosure requirement under Dutch stock market rules.

☆ This biotech hedge fund has elite clients like Yale’s endowment, Tisch. Here are its top bets
▼ + stars: | 2023-02-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Baker Bros. Advisors, a secretive hedge fund that counts Yale University's endowment and the Tisch family as its clients, held onto a slew of its favorite biotech names last quarter. Its portfolio has grown to be the 15th-biggest among U.S. hedge funds through 2022, according to FactSet, despite its lack of notoriety. The hedge fund specializes in biotech investing as the founders, now in their 50s, take advantage of their educational background in immunology, riding on the explosive growth in the sector over the past decade. Meanwhile, Yale's charitable foundation has invested in 667 LP — a Baker Bros. vehicle — since at least 2009. The hedge fund slightly increased its exposure to Madrigal Pharmaceuticals and Rhythm Pharmaceuticals last quarter, the filing showed.

☆ Foundation empties coffers to fund Black paper in Baltimore
▼ + stars: | 2023-01-19 | by ( The Associated Press | ) www.nbcnews.com time to read: +8 min

She and Brandon Soderberg, a former Baltimore City paper editor, had tried to launch a new paper, the Baltimore Beat, but the publishing company that supported it pulled the plug. Decades ago, the Holofceners left Baltimore for the suburbs, like thousands of other white families, leaving the city with a depleted tax base. The large grant is an attempt to counter the idea that “any giving is good giving,” Holofcener says. “There’s a real opportunity for us to engage.”The problem was that none of the cousins actually had any say over how the family foundation doled out money. Instead, the pause gave the paper and the family time to thoroughly nail down their plans.

The Library of Congress named Medina the national ambassador for young people’s literature for 2023-24. Meg Medina. Medina is taking on the job in a political uproar over literature aimed at young people and in school libraries, largely with LGBTQ themes and characters. But to Medina's daughter, whose first language is English, the word means “story me,” said Medina, who now lives in Richmond, Virginia. She knew little about American literature, but she bought Medina the World Book Encyclopedia, on installment, and took her to the library.

Damar Hamlin's family thanked fans on Tuesday, saying they are "moved by the prayers" and "kind words" showered on the Buffalo Bills safety after his collapse on the field. The family also praised health care workers who immediately tended to the 24-year-old as he went into cardiac arrest during the Bills-Cincinnati Bengals game at Paycor Stadium. "We are deeply moved by the prayers, kind words, and donations from fans around the country." "We also want to acknowledge the dedicated first responders and health care professionals at the University of Cincinnati Medical Center who have provided exceptional care to Damar," the statement continued. In the hours after Hamlin's collapse, fans across the country donated money to his charitable effort.

☆ Fans donate to Damar Hamlin's charity toy drive after Bills player's collapse
▼ + stars: | 2023-01-03 | by ( Leila Sackur | ) www.nbcnews.com time to read: +3 min

An online toy drive fundraiser created by Buffalo Bills safety Damar Hamlin has been flooded with donations after he collapsed during a game Monday night. 3 Panthers jersey, and added: “Damar Hamlin is the best of us. Buffalo Bills safety Damar Hamlin during a game against the Cleveland Browns, on Nov. 20, 2022, in Detroit. NFL players joined in rallying around Hamlin as emotional fans gathered outside the hospital with candles, video from NBC affiliate WLWT showed. The Buffalo Bills tweeted “Bills Mafia is with you, @HamlinIsland,” referring to the player and a name for Bills fans.

☆ How Russian billionaire Roman Abramovich fell from grace after Putin's invasion of Ukraine
▼ + stars: | 2022-12-24 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +1 min

A few days after the start of the war, Abramovich said he was selling Chelsea FC, ending 19 years of ownership. Roman Abramovich celebrates Chelsea FC winning the Premier League in London, England, on May 21, 2017. Catherine Ivill/AMA/Getty ImagesAbramovich announced he was selling the Premier League soccer team on March 2. "Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine," he added.

☆ Google cofounders Larry Page and Sergey Brin gave $438 million to charities through their foundations last year. Here's where the tech gurus' huge donations went.
▼ + stars: | 2022-12-14 | by ( Rob Price | Hugh Langley | ) www.businessinsider.com time to read: +8 min

In 2021, Google's cofounders, Larry Page and Sergey Brin, collectively gave away nearly half a billion dollars from their philanthropic foundations. 2 moguls, 2 different approaches to charitiesBrin's personal foundation, the Sergey Brin Family Foundation, disbursed roughly $250 million in both 2020 and 2021. The Sergey Brin Family Foundation lists three key officers. Brin's and Page's philanthropic donations, while extensive, represent a fraction of their net worths. Brin donates directly to the Sergey Brin Family Foundation, while Page's contributions to the Carl Victor Page Memorial Foundation are routed through a limited-liability company named Florida LLC.

☆ Herschel Walker had ties to two charities that appear to have engaged in little, if any charity
▼ + stars: | 2022-12-05 | by ( Hanna Kang | ) www.businessinsider.com time to read: +11 min

He was also featured in marketing material for the Livio Cares Foundation and was listed as a Livio Cares Partner. However, there is no evidence Livio Cares engaged in philanthropic activities. According to ProPublica's Nonprofit Explorer, Walker was listed as the director of VMP Nutrition Foundation in Fort Worth, Texas. According to the Texas Comptroller of Public Accounts website, the right to transact business in Texas for VMP Nutrition as well as VMP Nutrition Foundation is listed as "forfeited." In 2017, VMP Nutrition and its founder Rodriguez settled a lawsuit filed by Southside Bank for an alleged failure to repay a $2,795,534 lien.

☆ Berkshire Hathaway says Warren Buffett donates shares to family charities
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

Nov 23 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said Warren Buffett has donated more of his fortune to four family charities, without disclosing whether the billionaire chairman made a new donation to the Bill & Melinda Gates Foundation. Buffett donated 1.5 million shares to the Susan Thompson Buffett Foundation. Another 900,000 shares were split evenly among charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation. Buffett has since 2006 donated more than half of his Berkshire shares, worth more than $46 billion at the time of the donations. According the Buffett family foundation websites, the Howard G. Buffett Foundation works to alleviate hunger, mitigate conflicts and improve public safety around the world.

☆ Fact Check-TOGETHER Trial says involvement with FTX began after testing that found ivermectin ineffective
▼ + stars: | 2022-11-22 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

Amid news surrounding failed cryptocurrency firm FTX, social media users are pointing to FTX having funded the TOGETHER Trial, a research consortium that studied ivermectin as a COVID-19 treatment and found it to be ineffective. But FTX did not interact with the research group until after the ivermectin trial was over, a TOGETHER Trial spokesperson told Reuters. An Instagram user shared an image that said, “Holy crap look who funded the trial that said Ivermectin didn’t work” (here). Similar claims surrounding FTX’s involvement with the TOGETHER Trial are viewable (here) and (here). FTX is not named as a contributor to the ivermectin trial because they weren’t involved, according to Mills, who added that the same is true of hydroxychloroquine and the other medications TOGETHER Trial investigated during the pandemic.

☆ ‘I believe movement is life,’ says Didier Drogba, the winner of inaugural CNN ‘Off the Pitch’ prize at Dubai Globe Soccer Awards
▼ + stars: | 2022-11-16 | by ( Eoin Mcsweeney | ) edition.cnn.com time to read: +5 min

CNNTo recognize the foundation’s achievements, Drogba has been awarded the inaugural CNN “Off the Pitch” prize, in partnership with Dubai Globe Soccer Awards. Now in its 13th edition, this year’s ceremony on November 17, comes just three days before the beginning of the 2022 Qatar World Cup. “It means a lot to me and to the people working at the foundation,” Drogba told CNN’s Becky Anderson. So, the more you move, the more you are active, the more you are healthy,” Drogba told CNN. So that’s the impact, a message like this one from a football player can achieve [that],” Drogba told CNN.

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