Modern-day Robin Hood applies business skills to philanthropy

Billionaire Paul Tudor Jones' charity -- the Robin Hood Foundation -- fights poverty with the hard-nosed, business sense of Wall Street

The following is a script from "Robin Hood" which aired on May 5, 2013. Scott Pelley is the correspondent. Henry Schuster, producer.

Ask Wall Street bankers the net worth of Paul Tudor Jones, and they'll tell you, $3.6 billion. He's one of those hedge fund managers. But ask a homeless child or a struggling family and they'll tell you that a spreadsheet is no way to measure a man.

Paul Tudor Jones wonders that if billionaires, like him, are such geniuses, then why do nearly two million people live in poverty in New York City alone? In 1988, he started a charity called the Robin Hood Foundation. Twenty five years later, Robin Hood has given away more than one and a quarter billion dollars. It's become the city's largest private backer of charter schools, job training and food programs. Tudor Jones has learned hard lessons -- for a latter day Robin Hood, it turns out giving to the poor is harder than he thought. And as for taking from the rich? Well, he finds it's best to distract them.

For more information on the Robin Hood Foundation, click here

Arena concert. But it's a private party for the super rich. The Robin Hood Foundation's annual fundraiser seats 4,000 in Manhattan's convention center.

[Seth Myers: It's amazing who is here tonight, give yourselves a round of applause. It's like the one percent has its own one percent.]

They laugh, because it's true. Billionaires, stars and athletes are here for the 22nd year to lay credit cards at the feet of Paul Tudor Jones.

[Paul Tudor Jones: Brothers and sisters of Robin Hood, new ideas, different ideas, crazy ideas, those are the ones that change the world and boy, does the world outside these walls need changing.]

Scott Pelley: What do you see when you look around the city?

Paul Tudor Jones: I see people in pain, people in need, people at times without hope, looking for something that will give them some compelling future. I see too many people in homeless shelters, on food stamps. I think a lot of us don't like to focus on it, but it's a significant part of this country that needs to be addressed.

There was a time he was focused on himself. This is Paul Tudor Jones in the 1980s, age 32, in a documentary about Wall Street.

Paul Tudor Jones: My mother told me I was gonna be a preacher. I always wanted to be a millionaire or a movie director.

Scott Pelley: So you chose millionaire?

Paul Tudor Jones: I don't know if I chose millionaire, I ultimately got to that point, yes.

That point and far beyond. But his mother had seen something of a preacher and months after that documentary, Tudor Jones caught a glimpse of it too. It was 1986, one Sunday night.

[Harry Reasoner: Millionaire with heart of gold offers hope to ghetto kids...]

Harry Reasoner met Gene Lang, a millionaire who guaranteed college tuition for every kid in one Harlem class.

[Harry Reasoner: Are they good kids? Do you like them?

Gene Lang: Oh I love them. I look at them now, all of them, as an extension of my family.]

Paul Tudor Jones: Well, the second that program finished, I picked up the phone. I called Gene Lang. And I said I wanna do what you're doing.

Scott Pelley: You know, I'm curious what it was about that program and about where you were in your life that ignited that spark in that moment?

Paul Tudor Jones: There was probably a hole in my soul. And I didn't really know it at the time. And all of a sudden, here was this man that showed the joy of giving. So the lesson that I learned was that there was a whole new journey in my life that was ahead of me that I had not yet even realized was there.

So he adopted a school too, confident that if he showered it with money, the students would thrive.

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