George Soros makes a $35 million gift through the Soros' Foundation to Promote Open Society to the state of New York to provide 850,000 low-income families with $200 of unrestricted cash. The gift will leverage stimulus funds and amount to a startling $170 million.
The funds are designed to be spent back-to-school supplies and clothing but Soros says the money is no-strings-attached.
His inspiration?
Years before Soros began masterminding his philanthropic operation, he received a 40 pound check from a Quaker organization while he was a struggling student at the London School of Economics.
Listen to Soros tell his tale and - perhaps even more interesting - discuss his interpretation of the ever-elusive term "leverage" with NPR.
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