A lack of sailing opportunities.

Yesterday afternoon a few dozen hedge-funders abandoned their desks to sail 12-Metre America’s Cup yachts on the Long Island Sound. The majestic boats made their way out of Indian Harbor Yacht Club in Greenwich, Connecticut, past the waterfront homes of Edward Lampert and Paul Tudor Jones and a replica of the Brooklyn Bridge (which doubles as a dock) at an estate that recently sold for $39.5 million. The weather cooperated beautifully, with bright sun and blue skies. A storm threatened but of course went somewhere else. A light rain finally came when the post-sail cocktail party was winding down.

The Connecticut Hedge Fund Association organized the event, which benefited the Young Mariners Foundation, a sailing program for underprivileged children in Stamford, Connecticut…Young Mariners teaches children water safety and how to swim, then enrolls them in a 5-week summer sailing program that they can stay in for three to five years. The organization serves 140 children annually, with a budget of $350,000. During a temporary break from crab cakes and crudites, Bruce McGuire, the founder and president of the Connecticut Hedge Fund Association, presented a $2,000 check to Paul Norton, the chairman of Young Mariners.

That’s right- $2,000. Let’s hope the children can appreciate the outpouring of generosity.

Hedge Funders Sail From Greenwich [Bloomberg]

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Comments (37)

  1. Posted by Backdoor Bess | July 27, 2011 at 7:47 PM

    It’s easy to grin / When your ship comes in / And you’ve got the stock market beat. / But the man worthwhile, / Is the man who can smile, / When his shorts are too tight in the seat.

  2. Posted by in love with pmco avatar | July 27, 2011 at 7:47 PM

    just what under privileged kids need, sailing lessons.u00a0 once they learn to sail, they will have no where to do it, as they will not be admitted into the clubs of the hedge fund managers.u00a0

  3. Posted by Anonymous | July 27, 2011 at 7:50 PM

    A Hedge Fund Associationu00a0writing a cheque for $2,000 to charity is the NKI.nnConfused Commenter likely has something to say about Bess being ornery.nnHey! Why didn’t we get a chance to contribute to a cause we could afford?n-UBS MDnn-Obvious Joke Guy Wearing / Doing Somethingu00a0That Makes Him Stand Outu00a0at Minetta’s

  4. Posted by Oooh Yeah! | July 27, 2011 at 7:58 PM

    “Keep sailing, BOB!”

  5. Posted by PasteSpecialFormats | July 27, 2011 at 7:58 PM

    Wind is to us what money is to life on shore.nn-Sterling Hayden

  6. Posted by Anonymous | July 27, 2011 at 8:02 PM

    My dad is an MD at UBS, I qualify for entry into the YMF, correct?nn- Kid who wonders what it would be like to have a “real” dad, so wants to spend the day on the water daydreaming.

  7. Posted by Kim Jong ILL | July 27, 2011 at 8:06 PM

    Bess, why so ornery?u00a0 Are you ronery?

  8. Posted by PMCOsucks_sucksbigtime_sucks | July 27, 2011 at 8:10 PM

    because you sail inside clubs, not on water?

  9. Posted by the truth | July 27, 2011 at 8:14 PM

    better give them some swim lessons too

  10. Posted by Wire | July 27, 2011 at 8:19 PM

    Did you miss this part: “Young Mariners teaches children water safety and how to swim”?

  11. Posted by Lloyd | July 27, 2011 at 9:42 PM

    Why sail on water when you can walk on it?

  12. Posted by Lbz360 | July 28, 2011 at 4:25 AM

    I thought #1 issue was fetal alcohol syndrome, now I know better thanks for the enlightenment!

  13. Posted by Nickmagos | July 28, 2011 at 1:36 PM

    wow I can’t believe that everyone emptied their pockets for the cause. Embarrassing that the event raised $2k. Is that all that could be coughed up?

  14. Posted by Tuckhead | July 28, 2011 at 2:33 PM

    I didn’t know there are underprivileged kids in Stamford.

  15. Posted by Bitchtern | July 28, 2011 at 3:16 PM

    Most people who sail always welcome young and eager crew. It’s tough to find people who can commit to a whole Saturday on the water and since most children/teenagers don’t have a lot they have to do they make perfect crew. Also, while they might not be able to admitted to the yacht clubs as members they would be welcomed as guests if they were sailing or working on the boats. If a yacht club didn’t extend that courtesy they wouldn’t have a lot of sailors as members. This would also be considered terribly tasteless. But, you already knew this.n-Bitchtern

  16. Posted by Bitchtern | July 28, 2011 at 3:16 PM

    Most people who sail always welcome young and eager crew. It’s tough to find people who can commit to a whole Saturday on the water and since most children/teenagers don’t have a lot they have to do they make perfect crew. Also, while they might not be able to admitted to the yacht clubs as members they would be welcomed as guests if they were sailing or working on the boats. If a yacht club didn’t extend that courtesy they wouldn’t have a lot of sailors as members. This would also be considered terribly tasteless. But, you already knew this.n-Bitchtern

  17. Posted by Footerstar16 | July 28, 2011 at 3:41 PM

    $2000 for the kids and no doubt about $5000 for the crabcakes. No doubt there’s some lobbyist there arguing for tax exemptions for the boats to go along with the one for the private planes.u00a0

  18. Posted by Footerstar16 | July 28, 2011 at 3:41 PM

    $2000 for the kids and no doubt about $5000 for the crabcakes. No doubt there’s some lobbyist there arguing for tax exemptions for the boats to go along with the one for the private planes.u00a0

  19. Posted by Email | July 28, 2011 at 6:53 PM

    Too Late.nnnnSMART YACHT OWNERSHIPnnnThe Congress 2010 u2018Tax Relief Actu2019 allows the entire cost ofna new yacht to be depreciated THIS YEAR. Taxes paid in 2009 /2010 can benrecovered, alternatively, the deduction can be applied to 2011 or carriednforwards. This Section 179 rule includes the 100% Bonus Depreciation Program.nn- U.S. taxpayer who has large tax obligations and is looking tonbuy a new yacht this year.nnn

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