Bruce Springsteen may decry the hardships of the working class at the expense of “robber barons†and flesh-eating “greedy thieves,†but, hey, even hedge fund managers like to rock out every now and then.
The Boss, the Rolling Stones and Kanye West weren't the only stars packed into Madison Square Garden on Wednesday night for 12-12-12: The Concert for Sandy Relief, a benefit that raised millions of dollars to help out victims of the hurricane. Many of Wall Street's top players were jamming along, too.
DealBook spotted David Einhorn of Greenlight Capital, Daniel S. Och of Och-Ziff Capital and Barry Sternlicht of Starwood Capital among the throngs lined up in front of the stage. Just behind them was Gary D. Cohn, the president of Goldman Sachs.
Just behind the front row stood Steven A. Cohen, the head of SAC Capital. (Does he know that Mr. Springsteen recently dedicated a performance of “Death to My Hometow n†to Preet Bharara, the federal prosecutor behind a crackdown on insider trading? That investigation has ensnared several former employees of Mr. Cohen's hedge fund.)
A contingent of JPMorgan Chase executives were on hand. Jamie Dimon walked around, dressed down in his customary off-duty outfit of leather jacket and blue jeans. Gordon A. Smi th, a co-chief of the firm's consumer & community banking arm, and Frank Bisignano, the co-chief operating officer, were taking in the performances from an upstairs suite, as was Douglas Braunstein, the outgoing chief financial officer.
And James E. Staley stood several rows from the front of the stage, looking relaxed in an untucked shirt alongside his wife.
Elsewhere in the crowd, DealBook was told, William A. Ackman of Pershing Square Capital Management was making his way through the packed floor of the Garden. Whitney Tilson of T2 was seen bopping along to the music as well. And Robert Kraft, the investor who owns the New England Patriots, was spotted sitting off to the side of the floor.
Among nonfinancial types, Millard S. Drexler of J. Crew was seen on the crowded floor.
Behind the attendance of many financiers - beyon d the desire to see Paul McCartney singing with a mostly reconstituted Nirvana - was the group that put on the 12-12-12 show, the Robin Hood Foundation. Mr. Cohen, Mr. Einhorn, Mr. Och, Mr. Staley and Mr. Sternlicht are all on the board of the nonprofit.
The reason for JPMorgan's big presence at the concert, besides being the event's presenting sponsor, had ties to Sandy as well. The bank brought about 100 employees who had been affected by the hurricane, either by being displaced or for exceptional efforts to help repair communities in its aftermath.
Some of the firm's employees took buses out to the Rockaways in Queens to assist in cleaning up the wreckage, while others helped organize food trucks like Korilla BBQ to trek to Staten Island. Still others drove around Lower Manhattan, installing generators at Chase branches to keep them open and let residents charge their phones.
At a dinner reception before the concert, Mr. Dimon thanked his employees for their efforts. While he was in Asia on business during the storm, he said he quickly heard of JPMorgan workers' volunteer initiatives.
“I am so damn proud of what you did,†he said.
Afterward, the employees - chosen by lottery - nibbled on pigs in blankets and sushi rolls and met with Tyson Chandler of the New York Knicks. But one employee apparently was more interested in an autograph from his boss, coming up to ask Mr. Dimon to sign his ticket.
The chief executive complied.
