The billionaire head of a Westport-based hedge fund who ran national ads urging Americans to donate to charities instead of buying Christmas gifts said today he won’t support the town’s First Night effort because “we have decided not to consider donation requests from people we don’t know.”
Rozanne Gates: Turned down by hedge fund exec. WN file photo
Ray Dalio, founder and chairman of Bridgewater Associates, made the statement in a comment posted on WestportNow in response to an earlier posting from Rozanne Gates, executive director of First Night Westport Weston, sponsor of the nonprofit, alcohol-free event on New Year’s Eve.
Gates, who was commenting on news story about Dalio’s donate-to-charities-instead-of-buying-gifts campaign, said she had tried unsuccessfully to get Dalio and Bridgewater Associates to become a sponsor of First Night and that a friend had told her, “Forget about it, he never gives to anything.” (See WestportNow Dec. 4, 2007)
In his comment, which he addressed “Dear Rozanne,” Dailo said: “Your posting suggests that I am not charitable and therefore implies that the Dalio Family’s ad campaign (which we tried to keep anonymous) to encourage people to consider making donations to people’s favorite charities as Christmas gifts is insincere.”
He went on: “I wouldn’t reply to your comments if they simply conveyed incorrect information about me because I’d much rather stay as private as possible.
“However, because I feel deeply that it would be great if people considered giving donations to people’s favorite charities as holiday gifts and fear that your misinformation could undermine the credibility of this effort, I thought I should correct some factual errors and explain why I didn’t donate to your and your friend’s charities.”
“Regarding, your comment ‘Forget about it, he never gives to anything,’ last year the Dalio Family Foundation and I donated approximately $5 million to 400 charities. Bridgewater and its employees also made a large number of charitable donations, though it is not my place to disclose their private information to you, so I won’t be more specific.”
Dalio, a Greenwich resident whose firm employs more than 300 people in Westport, said as to why he is not considering a donation to First Night, “You can’t possibly imagine how many requests my family and I get to donate to wonderful charities and how important it has been to create a process that focuses our limited time and resources efficiently.”
He added, “As part of the process, we have decided not to consider donation requests from people we don’t know. We only make donations to the people and charities that we have chosen, or to the worthy causes that are important to people we are close to. We find that, even when we limit the charities that we donate to in this way, we end up with hundreds and feel that our impact is too diluted.”
Dalio said he was “sincerely sorry” he could not consider Gates’s “worthy request.”
“I have learned that there is so much true need and such limited resources, which is why I hope that more people will divert some of the money that goes to wasteful things toward helping others,” he said.
Dalio added, “Of course, that doesn’t help you now. I’m sorry for that. Perhaps by asking people close to you and on this site to consider donating to your charity as a Christmas gift, you can raise money for it and add to the Christmas spirit. Anyway, give it some thought.”
He closed by wishing Gates “happy holidays” and urged her to “keep up your good work.”
Bridgewater Associates manages $150 billion in global investments. Dalio, 58, ranked 82nd in the Forbes 400 list of richest Americans in 2007, and is fourth wealthiest in Connecticut.
I do know that Ray Dalio has very generously supported the Susan Fund. The Fund is in memory of Susan Lloyd who died from cancer shortly after graduating from Staples in 1980. The Fund provides scholarship assistance to students from Fairfield County who have or had cancer.
I strongly disagree with Rozanne Gates. First Night is an important event to the local residents of Westport, but let’s be clear, it is not a charity. First Night does not feed any starving children or house the homeless. First Night is an event that entertains highly privileged children. Apparently Rozanne is either removed from the reality of much of the world, or insensitive to the suffering that people outside of Westport may experience.
Let’s work to wipe out hunger and suffering in the rest of the world before investing time enhancing the quality of life for those that already live better than 99% or the world.
There is a difference between a non-profit and a charity. I agree with Ray, there are too many causes that are more important in the world than fireworks for the wealthy.
In the past two years, First Night Westport/Weston has donated 1,228 First Night buttons through its Button Give Away Program to families and kids in need. The social service agencies distributing these buttons are the Human Services Department in Westport and Weston, the Human Services Council in Norwalk, Project Return, the Carver Community Center in Norwalk, CLASP Homes, the Westport-Weston Family Y, and the Norwalk Family Y. This program started when a wonderful lady who works in the Department of Human Services in Westport asked me if it would be possible to have some First Night buttons donated for the Westport families in need. I asked ignorantly,
Rozanne/Max: My criticism is not against First Night, it’s a great event that my kids love. You refer to First Night as a tradition not a cause, and that is exactly my point. Don’t get upset if some people, including myself, choose to support “causes” for those in need in Westport and elsewhere. I am offended to the insensitivity to real suffering versus lack of entertainment options. If you feel those in true need are better served by having free entry to a celebration in an upscale town, you may need to revisit your definition of need. As fun as First Night may be, I don’t feel nine hours of entertainment alleviates the suffering of those in need for the rest of the year.
Dear David-
I understand what you are saying that first night does help starving children, but first night
Dear Mr. Marlon, as someone sensitive to the suffering of less fortunate people you would love Rozanne Gates if you knew her which you obviously don
I am sure Rozanne is a compassionate individual and she runs a great event. I am not attacking Rozanne’s charcter or First Night. I do have an issue with you not having an comprehension of the decision making process people go through when determining how and who do donate to. There are many causes that compassionate and worldly people would find more worthy than First Night. First Night is a commercial event to promote commerce and culture in one of the wealthiest in one of the wealthiest counties in the country.
Regardless of someone’s net worth, the decision is the same. Dalio may choose to grow his money and donate more significantly at a later time, or he may choose to give to his family. Regardless it’s not for you and I to judge. What people should judge is their own conscious: Should I donate to face painting kids rather than feeding kids? Should I consider Westport a needier town than most? When most people that think charity don’t think “kids giggling and grown-ups laughing out loud, balloons, horse